BEIJING — China spent more than 400 billion yuan ($61.73 billion) of fiscal funds on fighting COVID-19 by the end of November 2020, the Ministry of Finance said.

The fiscal system has given top priority to funds for fighting COVID-19 so that people will not be deterred by the cost of medical treatment, said Finance Minister Liu Kun in an online speech released on Jan 20. Due to the availability of funds, Liu added, local governments will not be hampered by the cost of medical treatment and epidemic control.

Facing remarkable challenges in 2020, the fiscal system has explored ways to mitigate the impact of the pandemic on the economy, Liu said.

China set a 2020 fiscal deficit of at least 3.6 percent of GDP, up from the previous year's 2.8 percent. It has issued 1 trillion yuan of government bonds for COVID-19 control to release more funds for companies and individuals.