BEIJING, Feb. 1 -- China's fiscal expenditure on science and technology development has increased by 6.4 percent annually on average over the past six years, according to the Ministry of Finance.

From 2018 to 2023, the country's sci-tech expenditure has grown from 832.7 billion yuan (about 117.2 billion U.S. dollars) to nearly 1.06 trillion yuan, Vice Minister of Finance Wang Dongwei told a press conference on Thursday.

While ensuring strong fiscal expenditure, financial departments have been actively supporting innovation through tax incentives, government procurement, asset management, as well as fiscal and financial policy tools, Wang said.

The vice minister added that more effective measures will be adopted to promote the building of a modern industrial system led by sci-tech innovation, as well as develop new productive forces.

Pilot reforms will be advanced to stimulate the enthusiasm and creativity of scientific researchers, Wang said, adding that in terms of the use of funds, efforts will be made to deepen the reform of the allocation and use mechanism of science and technology funds.