Skip to content

Chinese Ministry of Finance: Government Should Lead in Financially Tight Days

Well-known Chinese news site Sina recently reported that Liu Kun, the Chinese Minister of Finance, represented the State Council and delivered a Report to the People’s Congress on the budget and China’s spending status. The Report indicated that the central government will lead the way to work hard to reduce its operational costs and that not a single penny can be wasted. Liu also called for a massive tightening-up on the local government level. The Report listed the key areas in which the entire government system should cut spending, including office operations, logistics, domestic conferences and travel spending, hospitality, and international business trips. The central government is aiming at a ten percent budget reduction and local governments are required to deliver a five percent cut and should attempt to reach the ten percent mark. More regulations on waste control will be established and maintained for the long term.

Source: Sina, August 24, 2019