Page 31 - REPORT ON THE EXECUTION OF THE CENTRAL AND LOCAL BUDGETS FOR 2022 AND ON THE DRAFT CENTRAL AND LOCAL BUDGETS FOR 2023

promises beyond our means or provide excessive support. We will strictly enforce
the requirement for Party and government organs to tighten their belts and
practice economy in all activities. We will make budgets more binding, strengthen

oversight and inspection regarding the execution of financial and economic
regulations, the implementation of major fiscal and tax policies, and the use of

government funds, and further tighten up financial and economic discipline. We
will work to forestall and defuse local government debt risks, and ensure steady
operations in primary-level public finances. We will see that responsibilities are

fulfilled by all stakeholders to ensure no systemic risks arise.
3. Main revenue and expenditure policies for 2023

1) Giving play to the role of public finance in stabilizing investment and
promoting consumption in a bid to boost domestic demand

We will work to restore and expand consumption. Giving priority to restoring and
expanding consumption, we will enhance the roles of social security and transfer

payments in regulating income distribution, and increase personal income through
multiple channels, so as to unleash consumption potential. In line with the trend
toward the upgrading of consumer spending, we will work faster to foster and

develop areas of consumption growth related to culture, tourism, and elderly care
services. We will make good use of the funds for developing the service sector,

work to enhance the efficiency of logistics, and promote the expansion and
upgrading of consumption. We will support major cities in strengthening the

goods distribution and supply system to enhance their capacity for guaranteeing
the supply of daily necessities. We will support more national comprehensive

freight hubs in shoring up weak links to ensure smooth logistics. We will continue
to support the development of county-level commercial systems and fully harness
the consumption potential of county and township residents. Localities where

conditions allow will be encouraged to provide subsidies and interest-subsidized
loans for purchases of green and smart home appliances, green building materials,

and energy-saving products.
We will strengthen the role of government investment in guiding and stimulating

nongovernmental investment across the board. More government investment will be
used to lay strong foundations, deliver long-term benefits, shore up weak spots,

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