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Supply-side reform, business environment notably progress: auditor general

Updated: Jun 27,2019 10:12 AM     Xinhua

BEIJING — China’s supply-side structural reform made notable progress and the business environment further improved in 2018, said Hu Zejun, auditor general of the National Audit Office (NAO), on June 26.

Entrusted by the State Council, Hu made an audit report on the enforcement of central government’s 2018 budget and other fiscal revenue and expenditure at the bimonthly session of the Standing Committee of the National People’s Congress.

The country reduced more than 35 million tonnes of capacity in the steel industry and 270 million tonnes of capacity in the coal industry in 2018, meeting the goals set in the 13th Five-Year Plan (2016-2020) two years earlier, Hu said.

In 2018, through administrative and tax reforms, the tax and fee burden on enterprises and individuals was reduced by around 1.3 trillion yuan ($189.22 billion), according to her report.

In 2018, the government spending in key sectors was fulfilled and people’s livelihood continued to improve while problems exposed by the previous audit report were effectively addressed, Hu said.

However, the NAO also found problems concerning poverty alleviation, tax and fee reduction and rural vitalization.