China's general public budget revenue increased 6.4 percent year on year to exceed 21 trillion yuan (about 2.96 trillion U.S. dollars) in 2023, according to a press conference Thursday.

Official data also shows that the country's general public budget spending expanded 5.4 percent year on year to 27.46 trillion yuan in 2023.

Sectors related to social security and employment, and science and technology, registered relatively faster growth of 8.9 percent and 7.9 percent respectively in fiscal spending, while the education sector saw a fiscal spending increase of 4.5 percent, according to the ministry.

Efforts had been made to mitigate risks through transfer payment, with the country's volume of such payment amounting to 10.29 trillion yuan in 2023.

The financial transfer payment refers to the funds that higher-level governments allocate to lower-level governments free of charge. It is an important policy tool mainly used for addressing regional financial imbalances and promote the equalization of basic public services between regions.

On the fiscal work in 2024, Vice Minister of Finance Wang Dongwei told the press conference that China's fiscal revenue growth will continue to recover with solid support from macro-regulation policies as well as the country's high-quality development.

Wang added that fiscal expenditure in 2024 will maintain its needed scale while the amount of transfer payment will also be properly maintained.