Li Yang, a member of the Chinese Academy of Social Sciences, discussed at the 2025 Financial Annual Meeting the viewpoint that "the fiscal deficit should not exceed 3% of GDP and the government debt balance should not exceed 60% of GDP." He pointed out that many view it as a golden rule; in fact, it's not only an empirical figure but also based on European circumstances. More importantly, "not a single country in Europe adheres to it." "We treat it as a doctrine, declaring that we cannot exceed 3%" Li Yang said, noting that since it has surpassed 3% this year, many will likely provide arguments. However, this has long been a doctrine that should be discarded. (Insight)