China's general public budget revenue increased 5.5 percent year on year in the first 10 months of 2024, with the growth rate further accelerating, official data showed on Monday.
Date from the Ministry of Finance showed that from January to October, the total national general public budget revenue reached 18.4981 trillion yuan (about 2.55 trillion U.S. dollars), maintaining stable growth after excluding the impact of special factors.
Simultaneously, expenditure in the national general public budget reached 22.1465 trillion yuan (around 3.06 trillion U.S. dollars), rising 2.7 percent over the same period of the previous year, ensuring support for spending on basic livelihood and other key sectors.
Till the end of October, local governments have cumulatively issued 3.9 trillion yuan in new special bonds, with an issuance progress of 98 percent.
These funds have been directed towards over 30,000 projects with significant economic and social benefits, promoting stable development of local economies and societies.
General public budget revenue refers to income for government finance through participation in the distribution of social products. It is the financial guarantee to ensure government functioning.
China's general public budget revenue up 5.5 pct in Jan-Oct
Government officials from developing countries have praised China's experience and achievements in poverty alleviation and expressed their interest in collaborating with China in this area.
Fighting hunger and poverty has been a key focus at this year's G20 meeting in Brazil.
In 2021, China, with over 1.4 billion people, announced the eradication of extreme poverty after decades of efforts, serving as an example for many countries seeking to address poverty and pursue better development.
At a recent promotion event about Global Alliance Against Hunger and Poverty in Rio de Janeiro, Brazil's Minister of Development and Social Assistance, Wellington Dias, highlighted that China's poverty reduction not only stabilized food supply but also boosted business and employment. He expressed Brazil's desire to further collaborate with China on these issues.
"When we look back at the beginning of the century, Brazil and China celebrated a partnership of experiences. Brazil, especially, on food security and eradicating poverty. China, when we look at this aspect, has advanced. China not only improved its food scenario, but also developed employment opportunities and entrepreneurship. How to work together in order to better support small businesses is an important area for the partnership between Brazil and China," said Dias.
For Lynett Ochuma, Director of Social Development of Kenyan State Department for Social Protection, China's efforts in poverty alleviation are deeply integrated into the communities at the grassroots level, and have empowered these communities to take action and improve their own conditions.
"China contributed a lot for poverty alleviation, just before I came to Brazil I met a Chinese team that is participating in the clean energy, providing people and training them with skills on clean energy. And that is one way of empowering the community. They even train them on solar energy, so that they can drive their basics using solar, empowering the women and youth at the grassroots level," she said.
As a global leader in poverty alleviation and economic growth, China has become an inspiration for many developing countries, with some of them seeing valuable opportunities in collaborating with China and learning from its experience.
"In fact, we have had the opportunity to closely observe China's experience in reducing extreme poverty. Through our cooperation with China in Peru, whether at Chancay port or in other areas, we see significant opportunities. I believe that together, we will be able to face major challenges, and China's contributions, as well as what we can learn from its experience, will be extremely important," said Jessica Nino de Guzman Esaine, Vice Minister of Social Benefits of Peruvian Ministry of Development and Social Inclusion.
Officials from developing countries hail China's poverty alleviation achievement
Officials from developing countries hail China's poverty alleviation achievement
