China front-loads 2023 central budget funds

BEIJING -- China has allocated multiple funds from its 2023 central budget in advance to support local government work, the Ministry of Finance said Thursday.

Specifically, a total of 211.5 billion yuan ($29.2 billion) of transfer payments have been prearranged to ensure food security and stabilize agricultural production, according to the ministry.

With regard to poverty alleviation and rural vitalization, the country has allocated subsidies worth 148.5 billion yuan from the central budget.

It has earmarked 94.1 billion yuan to bolster the construction of water conservancy projects nationwide.

The ministry added that funds to subsidize basic pension insurance and employment, as well as those aiming to boost the development of inclusive finance, have also been allocated.