Living standards makes up 75% of 2018 Hangzhou public budget

Three quarters of the public budget in Hangzhou, Zhejiang province was spent on improving people's living standards in 2018, a government report revealed at a conference on Jan 21.

In 2018, Hangzhou witnessed a steady and healthy economic growth with fiscal revenue hitting 182.5 billion yuan ($26.88 billion), a year-on-year increase of 12.5 percent.

Fiscal expenditure in Hangzhou also saw an 11.4 percent increase to 171.7 billion yuan, of which 133.3 billion yuan was spent on projects related to improving living standards, accounting for more than 75 percent of the total expenditure.

Education, social insurance, transportation, healthcare and medical services, housing security, and administrative reforms were among the most heavily invested areas.

Looking ahead, Hangzhou will make continuous efforts to seek high-quality development by placing people's living standards as a top priority. The total fiscal expenditure in 2019 is expected to reach 183.7 billion yuan, up 7 percent year on year.

The local government will also sharpen focus on the development of the city's digital economy, with a 500-million-yuan special fund being granted to support key areas, platforms and projects of the digital economy.

A boost to the development of private enterprises, companies in manufacturing industries as well as small and micro businesses are expected to benefit from tax reduction and lower administrative fees in 2019.