Ministry of Finance: Will Reasonably Increase the Proportion of Public Service Expenditures in Total Fiscal Expenditures

At the China Development High-Level Forum 2026 Annual Meeting held today, Minister of Finance Lan Fuan stated that over the next five years, efforts will be increased to invest in people, and the proportion of public service spending in fiscal expenditure will be reasonably raised. Lan Fuan said, “During the 14th Five-Year Plan period, China’s fiscal investment in people’s livelihoods approached 100 trillion yuan, accounting for over 70% of fiscal expenditure, and efforts have been made to build the world’s largest education system, social security system, and healthcare system.” In the next five years, the proportion of government investment in people’s livelihood projects will be increased, expanding development space while meeting people’s livelihood needs. He also mentioned that policies investing in people will be continuously improved, including providing elderly care service consumption subsidies for the “elderly and children” groups, implementing child-rearing subsidy systems, improving free preschool education policies, and supporting the expansion of inclusive childcare and elderly care service providers. Multiple measures will be taken to reduce family costs for elderly care and child-rearing. (CCTV News)