BEIJING — China will further cut government funds to reduce financial burden on the public, according to the Ministry of Finance (MOF).
The government cut, streamlined and optimized a total of 13 government funds in early February. Moves of such kind will reduce financial burdens worth 26 billion yuan ($3.96 billion) for enterprises and individuals this year.
Government funding is set up to support public infrastructure development and public services by charging enterprises and individuals.
The government has been cutting unnecessary government funds in recent years, whose number fell from 327 items in 2000 to 28 items now.
China will also cut illegal funds set up by local governments this year, according to Shi Yaobin, deputy head of MOF.