chinas finance ministry said thursday that it would ramp up spending next year to bolster the economy giving priority to tech advancement and key strategic areas the country will extend and improve its tax and fee cuts next year to support businesses and optimize policy tools including fiscal deficit special bonds and interest subsidies to back the countrys major strategic projects the finance ministry said in a statement published thursday the ministry said it would proactively support key areas including tech innovation rural vitalization and green development it also said it would boost fiscal transfers to local governments and promote equitable access to basic public services china will continue its crackdown on illegal fiscal borrowing and resolve hidden debt risks of local governments putting local governments financial vehicles under tighter scrutiny and preventing systematic risks the ministry said in 2022 china largely resorted to fiscal stimulus to shore up its economy with inflation at bay the worlds second largest economy has avoided rate hikes adopted by global central banks to tame rising prices earlier this month beijing abruptly dismantled its strict covid19 containment regime leaving the country struggling with waves of infections that have temporarily disrupted business activities which analysts say will continue to pressure the economy in the coming months for most of the year china had been grappling with economic shocks induced by the governments restrictive covid19 measures and a property slump in addition to slowing global demand for chinese products in an agendasetting meeting this month chinas leadership pledged to refocus on kickstarting economic growth and boosting domestic demand next year echoing the announcement the finance ministry said in the statement that it would seek to stabilize investment and promote consumption by giving a full play to fiscal policies