From December 23 to 24, the national fiscal work conference was held in Peking. The conference pointed out that 2024 is a critical year for achieving the goals and tasks of the 14th Five-Year Plan. The conference stated that in 2025, a more proactive fiscal policy will be implemented, with continuous efforts and greater strength, to effectively utilize a combination of policy tools. First, the fiscal deficit rate will be increased, spending intensity will be strengthened, and the pace of spending will be accelerated. Second, a larger scale of government Bonds will be arranged to provide more support for stabilizing growth and adjusting structure. Third, optimizing the spending structure vigorously and enhancing precise allocation will focus more on benefiting people’s livelihoods, promoting Consumer spending, and increasing momentum. Fourth, continuous efforts will be made to prevent and resolve risks in key areas, promoting stable fiscal operations and sustainable development. Fifth, further increase of transfer payments to localities will enhance local financial capacity and ensure a solid bottom line for the grassroots "three guarantees".