China's Ministry of Finance is implementing a series of comprehensive measures to ensure the annual budget targets are met this year, said Finance Minister Lan Fo'an at a press briefing in Beijing on Friday. The country's fiscal revenue has shown strong signs of recovery, with central government general public budget revenue reaching 1.07 trillion yuan (149 billion U.S. dollars) in October, up 7.9 percent year on year.
The growth rate marked a significant improvement from September's 2.4 percent increase, Lan said.
From January to October, central government general public budget revenue totaled 8.2 trillion yuan, showing a narrowing decline compared to the January-September period, indicating a recovery trend.
For the last months of 2024, Lan outlined a series of robust measures to maintain fiscal stability. These include arrangements for relevant central government units to contribute specialized revenue and strengthened management of fiscal expenditures to ensure full implementation of central-to-local transfer payments.
In a significant move to support local governments, the ministry has allocated a 400-billion-yuan debt limit to bolster local fiscal capacity, Lan added.
"From the prospective of local governments, we have set aside 400 billion yuan on the balance of local government debt to replenish the overall financial capacity of local governments. We encourage qualified local governments to put their existing resources and assets to good use, strengthen management of state capital returns, and meet the needs of government expenditures. If it is really necessary, local governments still have stock funds such as budget stabilization funds that can be used. In general, we have sufficient policy tools and resources to ensure that national fiscal revenue and expenditures remain balanced this year, with key expenditures unabated," he said.
China has sufficient toolbox to ensure fiscal balance in 2024: minister
China has sufficient toolbox to ensure fiscal balance in 2024: minister
To meet the timeline of starting independent customs operations by the end of 2025, the government of south China's Hainan province issued a series of regulations to stipulate import and export management of Free Trade Port (FTP), with two major documents on environmental safety and medicine import put into effect recently.
To further explain the effects and scope of the two documents, the local government held press conferences on Monday and Tuesday.
The "Several Provisions on the Management of Entry Environmental Safety Access in the Hainan Free Trade Port" took effect on Wednesday, which clarified the scopes and responsibilities regarding potential environmental issues of vessels and import products.
"The document regulates the access management of special items such as hazardous waste, remanufactured products, carry-on items of entry personnel, and radioactive materials. Meanwhile, it clarifies that the storage sites for transit goods should meet environmental safety management requirements, to avoid environmental pollution," said Di Weijie, deputy director of the Department of Ecology and Environment of Hainan Province.
In addition, the administrative rule on zero-tariff import of medicines and medical devices in Hainan Free Trade Port was put into effect on Tuesday, stipulating that before Hainan FTP starts independent customs operations, medical institutions, higher medical education institutions, and pharmaceutical research institutes registered in the Hainan's Boao Lecheng Pilot Zone with independent legal status and approved eligibility can import designated pharmaceuticals and medical devices under the zero-tariff policy.
"The scope [of medicines and medical devices imported under 'zero-tariff' policy] consists of two categories: imported pharmaceuticals and medical devices already approved for registration in China, and specially licensed pharmaceuticals and medical devices for the Boao Lecheng Pilot Zone," said Jia Ning, director of Hainan Boao Lecheng International Medical Tourism Pilot Zone Administration, during the press conference.
With policy supports and related efforts like the Ever Lasting International Innovation Medicine Exhibition held in the Boao Lecheng Pilot Zone, medicine and health care is expected to be a new pillar industry for Hainan.
New regulations clarify environment, medicine import issues in Hainan Free Trade Port
