China's Ministry of Finance released a report on fiscal policy implementation in the first half of 2023 on Wednesday.
The report showed that government revenue during the January-June period reached 11.92 trillion yuan ($1.6 trillion), rising 13.3 percent from the same period last year. Meanwhile, public expenditure totaled 13.39 trillion yuan, up 3.9 percent year on year.
The ministry pointed out that in the next half of the year, it will focus on expanding domestic demand, boosting confidence and mitigating risks, in order to drive the sustained improvement of economic performance.
Additionally, the ministry said it will accelerate local government special bond issuance and fund utilization, as well as guide private investment.
In supporting the real economy, efforts will be directed towards guiding small and medium-sized enterprises to develop into specialized and innovative enterprises. Effective utilization of special funds is needed to stabilize the foundation of foreign trade and investment.
Further, the ministry will pay heed to strengthening cross-departmental supervision, enhancing monitoring, prevention and resolution of local government debt risks, and further solidifying local and departmental responsibilities. It aims to steadily advance the supervision of local government debt consolidation and promote the establishment of a unified long-term regulatory framework.