On February 21st, Finance Minister Lan Fo’an published an article in People’s Daily titled “Implementing More Active Fiscal Policies to Promote Continuous Economic Recovery and Improvement”. It is mentioned that we will fully implement the fiscal work tasks for 2025. Vigorously promote scientific management of finance and enhance the efficiency of fiscal governance. Implement the decision and deployment of the Third Plenary Session of the 20th Central Committee of the Communist Party of China on deepening the reform of the financial and tax system, formulate opinions on improving the modern budget system, deepen the reform of zero based budgeting, promote the relocation and decentralization of the consumption tax collection process for some items, and optimize the policy of retaining and refunding value-added tax. Further streamline the financial relationship between the central and local governments. Implement a comprehensive debt policy, accelerate the reform and transformation of local government financing platforms, and effectively prevent and resolve local government debt risks. Intensify financial and accounting supervision, and seriously investigate and punish prominent violations of financial discipline.
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