China pledges stronger fiscal policies for high-quality development

China will continue to improve its proactive fiscal policies, boost consumption and investment, and help businesses further to support high-quality development this year, officials from the Ministry of Finance said on March 1, 2023.In 2022, transfer payments from the central government to local governments hit 9.71 trillion yuan (1.4trillion U.S. dollars), up 17.1%year on year, providing stronger support for social security projects at the grassroots level, Chinese Finance Minister Liu Kun said at a press conference.