Beijing will tighten financial output this year

A bird's-eye view of Beijing on Dec 8, 2018 [Photo/IC]

Beijing's municipal fiscal revenue will slow down in 2019 and the government will cut the regular expenditures by no less than 5 percent this year, said Chen Jining, mayor of the capital on Monday.

He disclosed the plan while delivering the Government Work Report at the opening ceremony of the second session of the 15th Beijing People's Congress.

He said Beijing is facing challenges of the contradiction between the economic downturn and increasing foreseen expenditures in 2019.

According to the municipal government budget report, the national taxes reduction policy which has been carried out starting from this year is expected to result in a cut of fiscal revenue of 30 billion yuan ($4.44 billion).