China says government revenue and spending forecasts are “very serious”

Delegates attend the opening session of the National People’s Congress in Beijing today. (AP photo)

BEIJING: The Finance Ministry said Friday in its annual budget report that the outlook for Chinese government revenues and expenditures this year was “very serious”.

“On the whole, expectations of government revenues and expenditures in 2021 appear to be very serious, with more difficulty in balancing the budget and risks in key areas such as debt that cannot be tolerated,” she said in the report issued at the beginning of the report. Annual meeting of the Chinese Parliament.

The ministry said the growth of available funds that could be used this year would be modest due to a smaller deficit ratio and fewer funds carried over from previous years, as well as the lack of private Covid-19 Treasury bonds issuance.

At the same time, increased financial spending is seen as inevitable amid the growing need for financing in various areas and interest payments on debt that need to be backed by stronger collateral.

The Finance Ministry said it will work to improve fiscal sustainability by improving the way funds are allocated and further tightening government spending.

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