(Yicai Global) Dec. 30 -- China will increase fiscal spending next year with priority given to measures to help the country meet its economic growth targets, said Finance Minister Xiao Jie.
China will continue its program of replacing business taxes with value-added tax to lower the tax burden, Xiao said at the national financial conference held in Beijing. It will also implement new tax cut measures, further review and regulate funds and charges, and in the meantime further cancel, adjust and regulate a batch of administrative and undertaking charges collectible.
The authorities concerned will disclose the charging catalogs of both central and local governments and prudently implement other policies reducing taxes and cutting fees that have been put into force. Apart from tax reduction and fees cutting, active fiscal policies will also cover expenditures.
Xiao noted that 2017 will see a proper increase in expenditures and central and local financial organs will maintain current spending and for the meantime increase actual expenditure by rationally arranging revenue budgets and comprehensively invigorating inventory funds. The spending increase mainly aims to ensure the expense demands in key sectors.