How China’s Government Plans to Spend 28.5 Trillion Yuan in 2024

Key Takeaways

• At the Two Sessions Conference, China released its 2024 government budget. Generally conservative, it provides support for supply side reforms outlined in the Government Work Report.
• Increases in central expenditures track with prior years. New tools such as ultra-long-term bonds were introduced to provide further support to sci-tech innovation.
• The central government has pledged to take on more local debt obligations, a signal that China’s planners are increasingly concerned about local debt.