SZ to spend more on citizens' well-being

Shenzhen's estimated general public budget revenue is expected to reach 425.3 billion yuan (US$62.39 billion) this year, an increase of 6% over the actual number in 2022, according to calculations based on data released by the Shenzhen Municipal Finance Bureau.

Expenditure on improving people’s well-being will account for nearly 70% of the city’s total public budget expenditure in 2023, Shenzhen Special Zone Daily reported, quoting the finance bureau data. Shenzhen will continue to intensify efforts to pursue innovation-driven and high-quality development this year and accelerate its pace to become a globally influential economic center and a modern international metropolis, the Daily report said.

Nine categories of expenditure related to people’s well-being will amount to 319.24 billion yuan, making up 65.3% of the general public budget expenditure.

Nanshan District lawmakers at a panel discussion to deliberate the government work report during the annual session of the city’s legislature at the Civic Center in Futian District on Tuesday. He Long

As Shenzhen aims to achieve its goal to become a competitive manufacturing powerhouse, it will spare no efforts to promote transforming and upgrading traditional industries and cultivating strategic emerging industries, according to the report.

For 2023, the city will set aside 31.96 billion yuan for industrial development, focusing more on key works such as strengthening the industrial chain’s weak links and promoting industrial upgrading.

Shenzhen also plans to allocate 41.27 billion yuan in fiscal funding to speed up efforts to build the city into a globally influential sci-tech innovation center.

Fiscal spending on energy conservation and environmental protection is expected to hit 14.35 billion yuan this year, data showed.

Last year, against the backdrop of a complex and severe domestic and international situation, Shenzhen implemented proactive fiscal policies and focused its fiscal expenditure efforts on stabilizing the economy. Data showed that Shenzhen’s general public budge revenue in 2022 was 1.1075 trillion yuan, up 3.6% year on year after deducting tax rebates.