Ministry of Finance: Will implement a more proactive fiscal policy by 2025

From: Guangming Online

Beijing, December 24th (Reporter Lu Yuanzhen) On December 23rd and 24th, the national fiscal work conference was held in Beijing. Minister of Finance, Lian Fo’an, stated at the meeting that a more proactive fiscal policy should be implemented by 2025, with continued and intensified efforts, to effectively play the policy ‘combination punch’.

Specifically, first, increase the fiscal deficit ratio, increase the intensity of expenditure, and accelerate the progress of expenditure. Second, arrange for a larger scale of government bonds to provide more support for stabilizing growth and adjusting structure. Third, vigorously optimize the expenditure structure, strengthen precise investment, pay more attention to benefiting the people’s livelihood, promoting consumption, and increasing momentum. Fourth, continue to prevent and resolve risks in key areas, and promote the smooth operation and sustainable development of finance. Fifth, further increase transfers to local governments, enhance local financial resources, and consolidate the bottom line of the “three guarantees” at the grassroots level.

What are the key areas of focus for next year’s fiscal policies? In this regard, the meeting emphasized six aspects of work. In terms of supporting the expansion of domestic demand, it is necessary to appropriately increase the basic pension for retirees, raise the basic old-age pension for urban and rural residents, and increase the financial subsidy standards for urban and rural residents’ medical insurance; increase the support for trading in old for new consumer goods, improve the financial guarantee mechanism for public cultural services, and promote the implementation of a new round of national comprehensive freight hub strengthening and improvement actions; actively expand effective investment, reasonably arrange bond issuance, and use government investment to effectively drive more social investment.

In terms of supporting the construction of a modern industrial system, efforts are being made to enhance technological innovation capabilities and fully support key core technology breakthroughs; accelerate the promotion of industrial transformation and upgrading, and implement policies to support the development of specialized, refined, distinctive, and new small and medium-sized enterprises. Strengthen support for enterprises in distress and resolutely prevent problems such as arbitrary charges, fines, and levies.

In the aspect of supporting and ensuring the improvement of people’s livelihood, the priority is given to employment, supporting the construction of a strong education nation, improving the policy system for population development support, promoting the development of health care, weaving a tight social security net, and promoting the resolution of urgent and difficult issues concerning the people.

In supporting the integrated development of urban and rural areas, ensuring national food security, continuously consolidating and expanding the achievements of poverty alleviation, orderly promoting rural development and construction, vigorously promoting new urbanization, and promoting coordinated regional development.

In terms of supporting the construction of an ecological civilization, we will deepen the construction of horizontal ecological protection compensation mechanisms; strengthen ecological protection and restoration, and continue to support the fight for blue skies, clear waters, and clean land; steadily promote carbon peaking and carbon neutrality, and promote the green and low-carbon transformation of key industries.

In terms of supporting high-level opening to the outside world, actively participating in global economic governance, participating in in-depth discussions on multiple bilateral and multilateral financial and economic issues; improving tariff and other import and export tax policies, and deepening cooperation with countries along the Belt and Road.

《Guangming Daily》(December 25, 2024, Page 10)

[Editor: Zhang Yuexin]

Source: Sina

Author: Media Rolling