Central Government Departments Heed Call to Tighten Their Belts
Multiple central government departments have decided to cut their general spending budgets this year as Beijing pushes for governments at all levels to tighten their belts.
Of the 102 central government departments that released their 2019 budgets on Tuesday, nearly half, or 46, reduced their general public spending budgets from what they actually spent last year, according to Caixin’s calculation based on official data (link in Chinese). However, 49 departments increased their budgets compared with last year’s actual spending. Seven departments did not provide such figures.
The budget reductions by some departments came after Beijing promised to cut taxes and fees this year by nearly 2 trillion yuan ($297.8 billion) in order to lighten the burden on businesses struggling amid the economic slowdown.
The Ministry of Education, for example, has cut its budgets for both training and subsidies for certain companies by 10%. The Ministry of Ecology and Environment has reduced its total budget by 7% and plans to spend less on construction projects and major science and technology projects than it did last year.
In contrast, the Ministry of Veteran Affairs increased its general budget by 58% as it plans to spend more on administrative affairs and new staff.
This year’s government work report specifically instructed governments at all levels to reduce their spending on official overseas trips, vehicles and hospitality by about 3% from the previous year. A majority of the 102 departments have adhered to the guidelines. The Ministry of Emergency Management, the National Radio and Television Administration and the Ministry of Natural Resources, for example, cut their budgets for these expenditures by 57%, 35% and 14%, respectively, according to official data.
In addition to budget cuts, Beijing is also seeking larger dividends from centrally administered financial institutions to offset the losses from the tax and fee cuts.
Contact reporter Timmy Shen (firstname.lastname@example.org)
Jul 10 19:00
Jul 10 18:54
Jul 10 17:22
Jul 10 16:31
Jul 10 13:03
Jul 09 19:19
Jul 09 19:10
Jul 09 18:49
Jul 09 16:40
Jul 08 18:10
Jul 08 15:57
Jul 08 13:46
Jul 07 18:50
- 1For Electric-Vehicle Maker Nio, Government Tie-Up Has Its Benefits
- 2Tencent’s PUBG Mobile Game Hits $3 Billion Milestone
- 3Zoom Investment Grew From Li Ka-shing’s Disgust at Pricey Video Gear, Says His Tech-Savvy Companion
- 4In Depth: CATL Loses Electric-Car Battery Crown as Foreign Firms Muscle In
- 5Trending in China: Outrage Ensues as Updated U.S. Student Visa Policies Force International Students into a Dilemma
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas