China's finance minister sets 2024 priorities for high-quality development

BEIJING - China's Minister of Finance Lan Fo'an has outlined the ministry's major tasks for advancing the country's high-quality development in 2024.

The ministry will accelerate the development of new quality productive forces, increasing financial support for innovation, industrial upgrades, and the cultivation of future industries, Lan said at the China Development Forum 2024 that opened in Beijing on Sunday.

The ministry will also focus on expanding profitable investments and driving potential consumption to enhance the role of domestic demand in boosting economic growth, the minister said.

In this regard, the ministry will support the large-scale renewal of equipment and the trading-in of consumer goods. It will treat all types of businesses fairly in terms of tax relief and government procurement, Lan added.

Additionally, the ministry will allocate more financial resources to education, healthcare, social security, and environmental protection, while intensifying communication with other major economies concerning macroeconomic policies, he said.

Efforts will also be made to advance the country's financial and tax reforms, the minister added.

China has set its deficit-to-GDP ratio at 3 percent for 2024, which means 4.06 trillion yuan (about $572 billion) in deficit, according to this year's government work report. This figure is 180 billion yuan more than that projected at the beginning of 2023.