China budget spending grows by 7t yuan in Q1 ’24

China’s Ministry of Finance reported on Monday that general public budget spending grew by 2.9 per cent year-on-year to nearly 7 trillion yuan ($985 billion) in the first quarter of 2024, Xinhua reported.

This increase comes despite a 2.3 per cent decline in overall revenue compared to the same period last year, as per the statement.

Several sectors witnessed significant growth in fiscal spending. Agricultural, forestry, and water conservancy projects saw the highest increase at 13.1 per cent.

Spending on urban and rural communities followed closely at 12.1 per cent, and housing guarantees also saw a notable rise of 7.8 per cent.

Social security and employment programs received a 3.7 per cent increase in funding, while education spending grew by 2.5 per cent. These figures highlight the government’s continued focus on social welfare and education.

This data aligns with the government’s work report presented earlier this year, which pledged to maintain a proactive fiscal policy and a prudent monetary policy throughout 2024.

(1 United States dollar = 7.24 Chinese yuan)