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China will trim the fiscal deficit and the issuance of treasury bonds moderately this year as part of its efforts to pursue prudent macro-economic policies and achieve stable yet fast economic growth.

 

Budgeted fiscal deficit is set at 295 billion yuan (US$36.7 billion), 5 billion yuan (US$622 million) less than that in 2005, while 60 billion yuan (US$7.46 billion) in long-term treasury bonds will be issued in 2006, 20 billion yuan (US$2.5 billion) down from last year, according to a report submitted by the Ministry of Finance to the National People's Congress (NPC) which opened yesterday in Beijing.

 

The reduction will drag down the ratio of outstanding debt and deficit in the central government budget to 1.5 percent of GDP, down from 1.6 percent in 2005 and 2 percent in 2004.

 

"The current ratio is appropriate," said Xiao Zhuoji, economist with Peking University and member of the Chinese People's Political Consultative Conference (CPPCC). "I expect it will decline further in the future. Last year's fast growth in fiscal revenue enabled the central government to cut the deficit."

 

Last year, fiscal revenue jumped 19.8 percent to 3.16 trillion yuan (US$393 billion). This year, 12 percent growth is projected to bring budgeted income to 3.54 trillion yuan (US$440 billion).

 

In expenditure allocation, priority will be given to development in rural areas, creating jobs in urban areas, fostering independent innovation and promoting regional development.

 

Investment in scientific and technological development will see the sharpest increase of 19.2 percent to 71.6 billion yuan (US$8.9 billion), the highest since China's opening and reform in late 1970s.

 

The ministry said the aim was to "encourage the whole society to put more emphasis on scientific and technological innovation and to increase investment in science and technology."

 

Exchange rate

 

In another development, Zhou Xiaochuan, governor of the People's Bank of China, said yesterday that China will continue to gradually increase the flexibility of the renminbi exchange rate.

 

The central bank governor said the present floating scope of the renminbi exchange rate is "adequate."

 

But "this floating range can be expanded ... it has to be based on the actual situation both at home and internationally," said Zhou.

 

(China Daily March 6, 2006)