(Yicai) Feb. 1 -- China's fiscal spending reached a record high last year even though growing slower than predicted, according to a high-ranking official.

China’s general public budget expenditures, comprising of social security transfers and payments to maintain roads, schools, and public hospitals, reached CNY27.46 trillion (USD3.87 trillion), a new high and an increase of 5.4 percent from 2022, and the nation's proactive fiscal policy has contributed to the economic recovery, Li Xianzhong, director of the finance ministry's treasury department, said at a press conference today. The figure rose slightly slower than the forecasted 5.6 percent.

Such spending grew slower last June and July, mainly because of a momentarily high baseline of 2022, but this was expected, per Li.

This year, the government will make good use of treasury bonds, continue to arrange special bonds for local governments, appropriately increase the scale of investment in the central budget, and give full play to the amplifying effect of government investment, per Wang Dongwei, vice minister of finance.

On the whole, the public budget fulfilled the annual target last year, which effectively promoted an economic rebound, Wang said. China's general public budget revenue, mainly consisting of taxes and fees, exceeded CNY21 trillion, an increase of 6.4 percent. The scale and growth rate were slightly lower than the expected 6.7 percent.

Hou Junming, director of an asset management department at the ministry, answered a question about pensions. The balance of basic pension funds of employees across the country approached CNY6 trillion (USD837 billion) late last year, ensuring that pensions will be paid in full and on time, Hou said.

Editor: Emmi Laine