This morning at 10 a.m., the State Council Information Office held a press conference, where Minister of Finance Lian Weiman introduced the relevant situation of "increasing the intensity of fiscal policy countercyclical adjustment and promoting high-quality economic development", and answered questions from reporters.
Blue Buddha An stated that in 2023, the scale of the general public budget expenditure reached 28.55 trillion yuan for the whole year, maintaining a high level of expenditure intensity, providing favorable support for high-quality development.
Since this year, the fiscal department has adhered to an active fiscal policy, appropriately increased efforts, improved quality, actively expanded domestic effective demand, issued 3.6 trillion yuan of new special bonds from January to September, supported over 30,000 projects, and used project capital exceeding 260 billion yuan.
In 2024, the central finance will arrange for local transfer payments to exceed 10 trillion yuan, using more funds to supplement local financial resources, and support local efforts to secure the basic "three guarantees" at the grassroots level.
Greater support for basic livelihood guarantees, with the central government releasing 66.7 billion yuan in employment subsidy funds this year. From January to September, national education expenditure exceeded 3 trillion yuan. To respond to changes in population development and the diverse needs of the people, further increase expenditure in relevant areas to better benefit livelihoods.
Overall easing of local debt risks, with phased achievements in debt-to-equity swaps.
China's finance has enough resilience, and through comprehensive measures, it can achieve a balance between revenue and expenditure and meet the annual budget targets.
Blue Buddha An further stated that the Ministry of Finance will use additional tools such as local governments to support stabilizing the real estate market.
Counter-cyclical regulation is by no means limited to these areas, and other policy tools are being studied, with ample room for central finance to increase its deficit.
As early as the end of September, the Central Political Bureau meeting stated that the basic fundamentals of China's economy, the wide market, strong economic resilience, and great potential have not changed. At the same time, new situations and issues have emerged in the current economic running. This meeting explicitly emphasized the need to increase the intensity of fiscal and monetary counter-cyclical regulation, ensure necessary fiscal expenditures, and effectively carry out grassroots"three guarantees" work. We need to issue and make good use of ultra-long-term special national bonds and local government special bonds to better leverage the role of government investment.
Editor/Somer
