China to expand fiscal spending in 2025
BEIJING, Dec. 25 (QNA) – China’s Ministry of Finance has vowed to step up fiscal spending and bond issuance in 2025 and provide stronger support to strengthen economic stability.
China will adopt a more active fiscal policy next year to ensure fiscal policy continues to be strong and influential, Finance Minister Lan Huo’an said at the two-day National Fiscal Work Conference. Ta.
The fiscal policy stance is consistent with recent tone-setting Central Economic Work Conference announcements. During the meeting, policymakers decided to implement a “moderately accommodative” monetary policy in 2025, a sharp departure from the “cautious” policies of the past 14 years, according to Xinhua news agency.
Lan said the country will set a higher fiscal deficit-to-GDP ratio in 2025, increase the intensity of fiscal spending, ensure faster deployment of funds, and focus more on improving people’s welfare and promoting consumption. He said the government would optimize the structure of fiscal spending. and maintain growth momentum.
According to a statement released after the Fiscal Work Conference, the country’s main fiscal priorities for next year include expanding domestic demand, building a modernized industrial system, improving national welfare, and supporting integrated urban and rural development. This includes building an environmentally friendly civilization and promoting economic development. High level of openness.
Lan said the country will continue to work on risk prevention and mitigation in key sectors and continue to increase transfer payments to local governments.
He said the country will step up efforts to curb the new increase in local government “hidden debt” and accelerate the reform and transformation of local government financing platforms. (QNA)
