On December 26, Huang Hanquan, director of the Macroeconomic Research Institute of the National Development and Reform Commission, stated in his keynote speech at "China National Radio's Annual Economic Dialogue 2024" that it is extremely important to carry out economic work for 2025. The guiding role of economic system reforms should be leveraged to implement landmark reform measures effectively. Huang pointed out that the fiscal policy in 2025 will shift from "proactive" to "more proactive," which is both necessary and feasible. In terms of overall scale, next year will see an increase in the deficit rate, additional issuance of ultra-long-term special government bonds and local government special Bonds, and an expansion of budgeted investment. In terms of usage, next year will expand the areas of local government special Bonds and the scope for project capital to better leverage fiscal funds in attracting social capital. Regarding expenditure structure, next year will focus on benefiting people's livelihoods, encouraging Consumer spending, and increasing the potential for growth while ensuring the bottom line of the three guarantees at the grassroots level. (Securities Times)