China will allocate more of its fiscal spending this year towards human capital and social safety nets, as Beijing seeks to boost domestic demand and unlock new growth through “investing in people”.
“Efforts must be sustained to optimise the expenditure structure, with greater emphasis on supporting the boosting of consumption, investing in people, and safeguarding people’s livelihoods,” Premier Li Qiang said in his annual work report, delivered during the opening session of the National People’s Congress on Thursday.
Incorporated into China’s 15th five-year plan, the “investing in people” concept reflects Beijing’s shift in approach as it places greater reliance on the domestic market for future expansion amid global…
