China Enhances Fiscal Transparency and Support for SMEs Amid Economic Challenges
Recent developments in government budget disclosure and new regulations for timely payments highlight China's efforts to bolster economic resilience.
BEIJING, March 26 -- China is advancing its commitment to fiscal transparency as the Ministry of Finance announces significant improvements in government budget disclosure practices.
Central government departments have released their 2025 budgets, marking the 16th consecutive year of such transparency since the initiative launched in 2010. An official from the Ministry stated that budget disclosure is essential for enhancing governmental accountability and effective budget management.
In recent years, the ministry has prioritized timely budget disclosure while creating a dedicated platform for central budget and final account disclosures, thereby enabling greater public scrutiny of government expenditures.
Furthermore, the official highlighted that the introduction of public performance targets enhances access to information and improves fiscal transparency.
Since the release of project performance targets began in 2017, the number of targets disclosed has surged from 10 to 796 by 2024. The ministry has committed to expanding these disclosures to enhance quality and transparency further.
In related developments, Premier Li Qiang has signed revised regulations governing timely payments to small and medium-sized enterprises (SMEs).
The amendments to the previous regulations, established in 2020, outline departmental responsibilities, set clear payment deadlines, and enhance supervisory oversight, including stricter penalties for violations.
These new regulations, which will come into effect on June 1, mandate that large enterprises must pay SMEs within 60 days following the delivery of goods or services.
The revisions also aim to improve complaint resolution processes, ensuring SMEs receive timely payment.
At the Boao Forum for Asia (BFA), the Regional Comprehensive Economic Partnership (RCEP) was noted as a critical stabilizing force for global free trade during a time of rising protectionism.
According to participants, RCEP has progressed the integration of regional markets, fostering economic globalization in the Asia-Pacific region.
In its third year post-implementation, intra-regional trade under RCEP saw a 3% year-on-year increase in 2024, signaling resilience despite global economic challenges.
The RCEP, comprising ten ASEAN nations and five of its free trade partners, has emerged as the world's largest trade agreement, facilitating cross-border capital flows and highlighting the region's economic dynamics.
As Asia remains a crucial growth engine for the global economy, a report presented at the BFA indicates a projected weighted real GDP growth rate of 4.5% for the region in 2025. Notably, the report affirms that despite uncertainties, Asia, led by China and ASEAN countries, is nurturing new opportunities and has demonstrated resilience in trade and regional integration.
Moreover, during the China Development Forum 2025, global business leaders expressed confidence in the potential of the Chinese economy, emphasizing the importance of market openness and cooperative growth.
The forum gathered approximately 720 participants, featuring executives from notable corporations such as Apple and Pfizer, underscoring the continued global interest in China's market landscape.
Premier Li Qiang reaffirmed China's commitment to fostering a conducive environment for international business and addressing global economic challenges cooperatively.
In a more localized context, the approach to spring tourism in China embodies the ongoing economic vitality felt throughout the nation.
As the season unfolds, activities reflecting a booming 'spring economy' are emerging, with tourism in diverse regions witnessing increased engagement.
Reports highlight vibrant springtime activities, from flower-viewing events to various recreational outings, signaling a robust recovery in domestic tourism and consumer engagement across the country.
Central government departments have released their 2025 budgets, marking the 16th consecutive year of such transparency since the initiative launched in 2010. An official from the Ministry stated that budget disclosure is essential for enhancing governmental accountability and effective budget management.
In recent years, the ministry has prioritized timely budget disclosure while creating a dedicated platform for central budget and final account disclosures, thereby enabling greater public scrutiny of government expenditures.
Furthermore, the official highlighted that the introduction of public performance targets enhances access to information and improves fiscal transparency.
Since the release of project performance targets began in 2017, the number of targets disclosed has surged from 10 to 796 by 2024. The ministry has committed to expanding these disclosures to enhance quality and transparency further.
In related developments, Premier Li Qiang has signed revised regulations governing timely payments to small and medium-sized enterprises (SMEs).
The amendments to the previous regulations, established in 2020, outline departmental responsibilities, set clear payment deadlines, and enhance supervisory oversight, including stricter penalties for violations.
These new regulations, which will come into effect on June 1, mandate that large enterprises must pay SMEs within 60 days following the delivery of goods or services.
The revisions also aim to improve complaint resolution processes, ensuring SMEs receive timely payment.
At the Boao Forum for Asia (BFA), the Regional Comprehensive Economic Partnership (RCEP) was noted as a critical stabilizing force for global free trade during a time of rising protectionism.
According to participants, RCEP has progressed the integration of regional markets, fostering economic globalization in the Asia-Pacific region.
In its third year post-implementation, intra-regional trade under RCEP saw a 3% year-on-year increase in 2024, signaling resilience despite global economic challenges.
The RCEP, comprising ten ASEAN nations and five of its free trade partners, has emerged as the world's largest trade agreement, facilitating cross-border capital flows and highlighting the region's economic dynamics.
As Asia remains a crucial growth engine for the global economy, a report presented at the BFA indicates a projected weighted real GDP growth rate of 4.5% for the region in 2025. Notably, the report affirms that despite uncertainties, Asia, led by China and ASEAN countries, is nurturing new opportunities and has demonstrated resilience in trade and regional integration.
Moreover, during the China Development Forum 2025, global business leaders expressed confidence in the potential of the Chinese economy, emphasizing the importance of market openness and cooperative growth.
The forum gathered approximately 720 participants, featuring executives from notable corporations such as Apple and Pfizer, underscoring the continued global interest in China's market landscape.
Premier Li Qiang reaffirmed China's commitment to fostering a conducive environment for international business and addressing global economic challenges cooperatively.
In a more localized context, the approach to spring tourism in China embodies the ongoing economic vitality felt throughout the nation.
As the season unfolds, activities reflecting a booming 'spring economy' are emerging, with tourism in diverse regions witnessing increased engagement.
Reports highlight vibrant springtime activities, from flower-viewing events to various recreational outings, signaling a robust recovery in domestic tourism and consumer engagement across the country.
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