On December 31st, Han Wenxiu, Deputy Director in charge of daily work at the Central Finance Office and Director of the Central Agriculture Office, issued a document stating that a more proactive fiscal policy should be implemented by 2025. We will make overall arrangements for revenue, bonds and other financial funds, make good use of tax, deficit, transfer payments and other financial policy tools, and ensure that fiscal policies continue to be stronger and more awesome. We need to increase the rate and scale of fiscal deficits, issue extra long term special treasury bond and special bonds of local governments, increase the intensity of fiscal expenditure, and ensure that economic growth is strongly stimulated. At the same time, the focus of policies should be more precise, placing greater emphasis on benefiting people’s livelihoods, promoting consumption, and increasing momentum. We need to optimize the structure of fiscal expenditure, strengthen guarantees in key areas, and improve the efficiency of fund utilization. Make good use of transfer payment policies and funds, strengthen dynamic monitoring and graded warning, and secure the bottom line of grassroots “three guarantees”. Expand the investment scope of local government special bonds and use them as project capital, and play a greater role in addressing weaknesses, strengthening strengths and weaknesses, and preventing risks.
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