China to increase support for poor regions as gov’t agencies continue frugality

China’s government will continue frugality measures during the country’s 14th Five-Year Plan period from 2021 to 2025, but spending in less developed and poor regions will grow, the Ministry of Finance said.

China will optimize the composition of government spending during the period, assistant finance minister Ou Wenhan shared.

Government agencies will continue “tightening belts” and curb general spending, but the country’s central and western regions, as well as other poor areas, will receive bigger transfer payments.

Financial resources will, to the maximum degree, percolate down to the country’s primary levels to ensure livelihoods, salary and operations.

Meanwhile, China will ramp up spending on science and technology and guide companies to invest more in research and development.

As China recently eradicated absolute poverty and transitioned to rural vitalization, government support for this endeavor will be enhanced.

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