BEIJING, Oct. 21 (Xinhua) — Chinese Premier Li Keqiang on Wednesday called for further efforts to implement the mechanism that ensures the fiscal funds would directly benefit businesses and people and give full play to the country’s proactive fiscal policies.
Li made the remarks while presiding over an executive meeting of the State Council.
Implementation of the mechanism has effectively replenished the fiscal strength of local authorities, boosted tax and fee cuts, as well as supported the construction of major projects and poverty eradication, according to the meeting.
As of the end of September, some 1.57 trillion yuan (about 235 billion U.S. dollars) worth of fiscal funds had been directly channeled to the related city and county-level authorities, while the newly-added tax and fee cuts in the first three quarters had totaled over 2 trillion yuan.
Next, China should maintain the continuity of macro policies, continue to advance the implementation of the mechanism, and improve the efficiency of fund usage, Li said.
Efforts should be made to expand the direct allocation of fiscal funds and optimize the fund management, he said.
The premier also stressed deepening reforms to streamline administrative approvals, delegate power to lower levels, and improve regulations and services.