China reports generally stable growth in final accounts for 2023

BEIJING -- China's final central government accounts for 2023 were generally stable, with notable progress achieved in the areas of financial reform and development, according to a report delivered to the country's top legislature on Tuesday.

Finance Minister Lan Fo'an, representing the State Council, delivered the report during the ongoing National People's Congress Standing Committee session.

The central government's general public budget revenue totaled 9.96 trillion yuan ($1.4 trillion), which is equivalent to 99.4 percent of the budget, and general public budget expenditure came in at 14.11 trillion yuan, or 97.9 percent of the adjusted budget, Lan said.

By the end of May, China had transferred payments totaling approximately 8.84 trillion yuan from the central government to local governments this year, constituting 86.6 percent of the annual budget.

The minister said that next, China's financial departments will focus on implementing fiscal policies, bolstering basic livelihoods, and refining the management of local government debt.