Main goals for economic and social development in 2019
China will pursue a proactive fiscal policy with greater intensity and enhance its performance. Deficit-to-GDP ratio this year is projected at 2.8 percent, a 0.2-percentage-point increase over that of last year. The budgetary deficit is projected at 2.76 trillion yuan, with a central government deficit of 1.83 trillion yuan and a local government deficit of 0.93 trillion yuan.
Government expenditure is budgeted at over 23 trillion yuan, a 6.5 percent increase. The central government's transfer payments to local governments for equalizing access to basic public services will increase by 10.9 percent.
The prudent monetary policy will be eased or tightened to the right degree. Increases in M2 money supply and aggregate financing should be in keeping with nominal GDP growth to keep major indicators within an appropriate range.
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