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BEIJING, Aug. 17-- China will take further measures for the increased fiscal funds to directly benefit businesses and the people in a bid to enhance the foundation for the economic recovery and growth and ensure full delivery of the financial policy measures to support the real economy and help market entities through difficulties. A host of steps were adopted at the State Council's executive meeting chaired by Premier Li Keqiang on Monday. The special transfer payment mechanism, designed to channel this year's increased fiscal funds straight to prefecture and county-level governments and directly benefit businesses and people, is an important step in supporting primary-level governments in maintaining stability in the six key areas and enhancing protections in another six priority areas. Premier Li Keqiang has required establishing an effective and secure special transfer payment mechanism for all new fiscal funds to go straight to prefecture and county-level governments at the earliest possible time. By early August, among the two trillion yuan of increased fiscal funds, 300 billion yuan had, in large measure, been used for tax and fee cuts; and out of the 1.7 trillion yuan under the special transfer payment framework, apart from the reserved fund of a set proportion raised from the special treasury bonds for COVID-19 control, 97.8 percent of the funds had been distributed to prefecture and county-level governments. The enforcement of this policy has effectively boosted tax and fee cuts, and bolstered fiscal resources at the primary-level. The policy is making a difference in supporting market entities, stabilizing jobs and ensuring people's livelihood, and has driven the economic rebound. | 
