Guan Tao, the global chief economist at BOC Securities, said that the 3% deficit rate is the same as the previous year and lower than the previous market forecast of about 3.5%. However, considering the following factors, the actual fiscal expenditure intensity is higher than last year: first, it is planned to issue ultra-long-term special treasury bonds for several consecutive years starting this year, earmarked for implementation of major national strategies and security capacity building in key areas; second, it is proposed to arrange 3.9 trillion yuan of local government special bonds, an increase of 100 billion yuan over the previous year; and third, an additional 1 trillion yuan of treasury bonds will be issued in the fourth quarter of last year, and 500 billion yuan will be carried over to this year. It is expected that fiscal revenue will continue to grow this year. In addition to transfers of funds, etc., the general public budget expenditure is 28.5 trillion yuan, an increase of 1.1 trillion yuan over the previous year. Therefore, after the draft budget was revealed, the market was not disappointed.