Economic Theme Press Conference: Fiscal Policy to Intensify Efforts and Improve Quality and Efficiency
On March 6, the Second Session of the 14th National People’s Congress held a press conference to discuss various issues related to development, reform, fiscal budget, business, and financial securities. Minister of Finance Lan Fo’an emphasized the importance of scientific and effective macro-control for stable economic and social development.
The Party Central Committee has decided to strengthen counter-cyclical and inter-cyclical adjustment of macro policies in 2024. This decision includes continuing with proactive fiscal policies while also improving quality and efficiency. The goal is to anchor high-quality development as the primary task and address the current opportunities and challenges faced by economic development.
The fiscal policy for this year will see an increase in efforts and a focus on improving quality and efficiency. The government plans to expand the deficit rate to 3%, with a deficit of 4.06 trillion yuan. Fiscal expenditures will also see a significant increase, reaching 28.5 trillion yuan to support key strategic tasks and promote economic growth.
Additionally, the scale of government bonds will increase, with 4.9 trillion yuan allocated for new local government special bonds and ultra-long-term special treasury bonds. The government will also implement structural tax and fee reduction policies to support technological innovation and manufacturing development.
The focus on improving quality and efficiency involves optimizing fiscal management, strengthening policy coordination, and enhancing the effectiveness of fiscal policies. The financial department aims to implement proactive fiscal policies in line with the Party Central Committee’s decisions to support economic recovery.
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