Report: Chinas epidemic prevention expenditure last year was at least 3520 billi

(Beijing Reuters) The annual budget reports of many provinces and regions and municipal governments in China show that local governments spent at least 352 billion yuan (RMB, Same as Sim, Sim of 68.8 billion yuan) in 2022 to curb the spread of crown diseases.At the age of economic growth, this expenses have put pressure on the financial stress.

There are more expenditures in rich provinces

According to Reuters, at least 20 of the 31 provinces, autonomous regions and municipalities in China, currently announced the local anti -epidemic expenditure last year, of which wealthy provinces have the most expenditures.

As China's largest provincial economy, Guangdong spent a total of 711.14 billion yuan last year.Expenditure items include vaccination, nucleic acid testing, and subsidies for medical staff.This number is the largest of the 20 provincial economies that have announced resistance, an increase of 56.8 % over 2021, and more than double the spending in 2020.This has made Guangdong's total anti -epidemic expenditure in the past three years reaching 146.8 billion yuan.

Jiangsu's second -largest provincial economy Jiangsu's anti -epidemic expenditure reached 42.3 billion yuan last year, 27 times more than in 2021.Beijing, which suffered two waves of epidemic last year, invested about 30 billion yuan; Shanghai, which was forced to block the city last spring, spent 16.77 billion yuan.

China has implemented a zero -zero policy for nearly three years on January 8 this year.The official media Xinhua News Agency explained the transformation of official epidemic prevention ideas, and pointed out that "the social costs and costs of the difficulty of clearing zero and the prevention and control of epidemic conditions have become higher."

The decline in land sales revenue, weak economic growth, and reduced taxation have also exacerbated the financial difficulties of local governments.

Moody's: Chinese local government will be negative in 2023

Moody's analysts predict that due to the continued weakness of land sales income, the fiscal deficit remains high, direct debt and or liabilities continue to grow, and the credit rating of Chinese local governments will turn in 2023.

However, with the gradual recovery of China's economy and the decrease in tax cuts, local government revenue will gradually rise.