Page 12 - REPORT ON THE EXECUTION OF THE CENTRAL AND LOCAL BUDGETS FOR 2022 AND ON THE DRAFT CENTRAL AND LOCAL BUDGETS FOR 2023

yuan.
Providing support to stabilize investment and boost consumption
In the fourth quarter of 2021, 1.46 trillion yuan in local government

special-purpose bonds for 2022 was approved ahead of time according to law. By
the end of March 2022, a total of 3.45 trillion yuan of special-purpose bonds in

project funding had been fully approved. By the end of June, local governments
had basically finished issuing these bonds. A carryover quota of 502.9 billion yuan
in local government special debt was also put to good use in accordance with the

law, and the issuance of relevant bonds was generally completed.
We released central budgetary investment at an accelerated pace, with more

investment going to key areas such as food and energy. We provided policy
support to subsidize interest payments on equity investments of policy-backed and

development-oriented financial instruments and on loans for upgrading and
renovating facilities in manufacturing, the service sector, and social services. We

temporarily reduced purchase tax for certain passenger vehicles, continued to
implement the policy of exempting purchase tax on new energy vehicles, and
waived vehicle and vessel tax on new energy vehicles.

 We strengthened funding guarantees for epidemic prevention and
control to effectively coordinate epidemic prevention and control with economic

and social development.
Giving full support for epidemic prevention and control

The central government promptly allocated subsidies to support local
governments in effectively addressing local outbreaks and resolving

epidemic-induced difficulties in people’s daily lives. We supported border areas in
more effectively responding to Covid-19 and ensuring stability. We saw that the
epidemic control funding needs of customs and immigration service agencies were

met. We worked to support Covid-19 vaccination by providing a 30% subsidy for
Covid-19 vaccine and inoculation fees covered by medical insurance funds, with

the central government delivering 30%, 40%, and 50% subsidies to the eastern,
central, and western regions respectively. We made every effort to guarantee

necessary spending on patient treatment and other epidemic control efforts,
providing eligible frontline medical workers and epidemic prevention workers

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