China Dips Into 2023 Budget to Boost Governments

China is pulling out more than 400 billion yuan ($58 billion) from next year’s budget to help local governments cope with costs such as tax breaks and fee cuts aimed at helping businesses recover from the Covid-induced economic slowdown, Caixin Global reported.

Advance release of these funds points to an aggressive approach by China’s government to boost smaller local economies while large provincial centres reel under the impact of stringent Covid-19 curbs, the report added.

Read the full report: Caixin Global.

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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.