China boosts fiscal support to strengthen economic resilience: finance minister

China's more proactive fiscal policy this year is marked by expanded funding, robust policy support and enhanced coordination, aimed at effectively mitigating short-term fluctuations and strengthening economic resilience, Minister of Finance Lan Fo'an said at a news conference on Friday.

The fiscal policy will continue to follow a more proactive stance, maintaining its strength from last year's expansion, Lan stated during the ongoing annual session of the 14th National People's Congress, the country's top legislature.

"This arrangement fully takes into account the complex and profound changes in the current domestic and international situation, while also addressing the need for both counter-cyclical and cross-cyclical adjustments," he added.

According to Lan, China has maintained a deficit-to-GDP ratio of around 4 percent and a deficit scale of 5.89 trillion yuan ($855 billion).

Notably, the national general public budget expenditure is projected to exceed 30 trillion yuan for the first time, hitting a historic high, Lan said.

The scale of new government bonds this year is expected to reach 11.89 trillion yuan, Lan noted, representing the most significant fiscal effort in recent years, enabling the country to boost domestic demand, stabilize growth and drive transformation.

Moreover, the senior official said that transfer payments from the central government to local governments is expected to reach 10.42 trillion yuan, marking the fourth consecutive year that the total has exceeded 10 trillion yuan.

Highlighting the coordination of macro policies, Lan announced the introduction of new tools this year to further boost domestic demand.

These tools are designed to channel financial resources and large-scale social funds into the real economy, further enhancing the multiplier effect of fiscal spending, Lan added.