Li: Aid must go directly to beneficiaries

Key meeting emphasizes importance of oversight of increased fiscal funds

China will set up a special transfer payment mechanism to ensure that newly increased fiscal funds this year will directly benefit businesses and people. A host of related arrangements were given a green light on Tuesday at the State Council's executive meeting, chaired by Premier Li Keqiang.

It also was emphasized at the meeting that it is an important mission for the government this year to advance the six priorities where stability is key and the six areas where protections are needed. Areas that primarily rely on prefecture and county level governments are efforts to support jobs, people's basic living needs and businesses.

This year, the government will reduce tax and fee payments on enterprises by 2.5 trillion yuan ($353 billion). This will effectively ease difficulties on businesses－particularly micro, small and medium-sized ones－and meet pressing demands from vulnerable individuals. Yet it will also lead to sizable shortfalls in the fiscal resources for prefecture and county governments.