China Embraces Thrift With Vow to Stem Wasteful Budget Spending

China will root out wasteful spending and strive to boost government revenue, Finance Minister Lan Fo’an said on Friday, sending a strong message of frugality soon after unveiling a more modest fiscal stimulus package for this year.

“China’s government doesn’t have unlimited funds,” he told reporters at a briefing in Beijing on the sidelines of the ongoing session of the National People’s Congress, the country’s parliament. “We must significantly cut inefficient expenditure. We won’t spend a penny on anything without return on investment,” he said, adding the government aims to “get more things done with less money.”