Fiscal budget sees decrease of US$42.55 mn

More than 90 central government departments have released their fiscal budgets for the year ahead, marking a decrease of 267 million yuan (US$42.55 million) for a total amount of 5.88 billion yuan (US$937.47 million), National Business Daily reported.

According to a relevant source in charge of the Ministry of Finance, under the premise that the budget can only decrease, the 2018 fiscal plan will focus on guaranteeing the implementation of the “One Belt and One Road” initiative, major national strategies such as big country diplomacy and participating in international sports events.

Also, the ministry has selected 26 major projects for 2018, compared to last year’s 10 programs.

Among them, “Made in China 2025” is an important project for the transformation and upgrading of the Chinese industrial sector, with the aim of promoting smart and green manufacturing.

In addition, 1.7 billion yuan of the budget is being allocated for building manufacturing innovation centers and new material platforms.

(ASIA TIMES)