September 27 2021

China steps up fiscal support for Yangtze River Economic Belt

Source: Xinhuanet

China will provide fiscal incentives to support the high-quality development of the Yangtze River Economic Belt, with funds set aside to finance green projects, the Ministry of Finance said Friday.

According to the detailed plan released on its website, the ministry will increase transfer payments to key areas of ecological significance in the region, guide funds to support pollution control, and direct investments from the National Green Development Fund into green projects in the region.

The ministry also vowed to improve infrastructure in the region, and it plans on mobilizing investment from the central budget to finance local water conservancy and waterway construction projects.

Local governments are encouraged to issue bonds for major public welfare projects under the premise that risks are under control, the ministry said.

It also voiced support for accelerated development of opening-up platforms and faster transition towards innovation-driven development in the region.

The Yangtze River Economic Belt covers nine provinces and two municipalities, accounting for more than 40 percent of the country's population and economic aggregate.

China's top leadership has called for efforts to turn the economic belt into the country's main focus for green development, the major artery for a smooth "dual circulation" of domestic and international markets, and the main force spearheading high-quality economic development.