During the municipal two sessions, Hangzhou released the budget report for 2024. In 2024, Hangzhou’s general public budget revenue is 276.17 billion yuan, and the expenditure is 271.3 billion yuan. More than two thirds of additional financial funding will be allocated to enhance people’s livelihood.
In education, 10.75 billion yuan will be allocated to support the development of compulsory education and high school education. In elderly care and childcare, 3.24 billion yuan will be allocated to enhance policy support and public facility upgrade for the elderly. In employment and social security, 5.47 billion yuan will be allocated to focus on key groups and innovation & entrepreneurship, and increase basic pension of old-age insurance.
In economic development, 5.52 billion yuan will be allocated to boost the construction of scientific research platforms and the upgrading of Chengxi Sci-tech Innovation Corridor. In the aspect of deepening reform and strengthening foundation, 3.73 billion yuan will be allocated to advance the digital economy and new-type industrialization, and 4.82 billion yuan will be used to attract talents at home and abroad.
In urban construction, 17.35 billion yuan will be allocated to promote the construction of rail and public transport, government-subsidized houses, public infrastructures, major water conservancy projects, schools, and hospitals; 3.45 billion yuan will be used to launch the normalized tests for public facilities such as bridges and underground pipes to ensure the urban security.
In addition, the government will cut back on forums, exhibitions, and festival activities to reduce the public expenditure.