Fiscal moves to cut risks, spur growth

Steps to boost policy sustainability over the medium term, says MOF

China's fiscal measures will focus on balancing economic growth and preventing risks, with an eye on enhancing fiscal sustainability over the medium term, senior officials from the Ministry of Finance said on Wednesday.

Fiscal policy will be enhanced to stabilize economic growth, with a focus on countercyclical adjustments. At the same time, efforts will also be stepped up to improve the midterm management of fiscal plans and the cross-year balancing of fiscal budgets, Ou Wenhan, assistant minister of the Ministry of Finance, said during a news conference.

The ministry will ensure fund injections for significant technology innovation projects and adopt tax incentives to encourage enterprises' investment in basic research. Efforts will be made to support the construction and operation of national laboratories. In addition, the policy will support a pilot project for insurance compensation as part of the efforts to promote innovation, said Ou.