Following the convening of the Central Economic Work Conference, the Party Leadership Group of the Ministry of Finance also held a meeting, emphasizing the importance of addressing local fiscal difficulties, ensuring the bottom line of the "Three Guarantees" at the grassroots level (guaranteeing basic people's livelihood, wages, and normal operations), making full use of various government bond funds, and issuing ultra-long-term special treasury bonds.
As announced on its official website, the Ministry of Finance of China stated that Lan Fo'an, Secretary of the Party Leadership Group and Minister of the Ministry of Finance, presided over a meeting of the Party Leadership Group on Friday (December 12) to convey and study the spirit of the Central Economic Work Conference and discuss the fiscal authorities’ work on implementing the conference’s requirements.
The meeting stressed that to do a good job in fiscal work next year, efforts should be made to better coordinate domestic economic work and international economic and trade struggles, better balance development and security, continue to implement a more proactive fiscal policy, support the sustained expansion of domestic demand and supply optimization, improve the efficiency of incremental funds and revitalize stock funds, develop new productive forces in light of local conditions, further advance the construction of a unified national market, continuously guard against and defuse risks in key areas, focus on stabilizing employment, enterprises, markets and expectations, drive the economy to achieve effective qualitative improvement and reasonable quantitative growth, promote the maintenance of social harmony and stability, and secure a good start for the 15th Five-Year Plan period.
The meeting proposed that fiscal authorities should accurately grasp the overall requirements and policy orientation of economic work next year, maintain a necessary fiscal deficit, total debt scale and expenditure volume, and enhance the precision and effectiveness of policies. They should make full use of various government bond funds, issue ultra-long-term special treasury bonds, and continue to support the construction of "Two Priorities" (implementation of major national strategies and capacity building for security in key areas) and the promotion of "Two New Initiatives" (large-scale equipment renewal and consumer product trade-in programs). Appropriate increases will be made to the scale of central budgetary investment, the implementation of "Two Priorities" projects will be optimized, the management of the use of local government special bonds will be refined, the driving effect of government investment will be better exerted, and efforts will be made to reverse the downward trend in investment and stabilize it.
The meeting also proposed actively and steadily resolving local government debt risks, urging local authorities to take the initiative to deleverage, and strictly prohibiting the illegal accumulation of new hidden debts. Fiscal discipline will be strictly enforced, and Party and government organs must adhere to the principle of practicing strict economy. Mechanisms for expectation management will be improved to boost social confidence. Early planning should be made for all fiscal work next year and policies should be implemented in detail to further enhance the effectiveness of fiscal macro-control and strongly promote the sustained and healthy development of the economy and society.

Following the convening of the Central Economic Work Conference, the Party Leadership Group of the Ministry of Finance also held a meeting, emphasizing the importance of addressing local fiscal difficulties, ensuring the bottom line of the "Three Guarantees" at the grassroots level (guaranteeing basic people's livelihood, wages, and normal operations), making full use of various government bond funds, and issuing ultra-long-term special treasury bonds.
As announced on its official website, the Ministry of Finance of China stated that Lan Fo'an, Secretary of the Party Leadership Group and Minister of the Ministry of Finance, presided over a meeting of the Party Leadership Group on Friday (December 12) to convey and study the spirit of the Central Economic Work Conference and discuss the fiscal authorities’ work on implementing the conference’s requirements.
The meeting stressed that to do a good job in fiscal work next year, efforts should be made to better coordinate domestic economic work and international economic and trade struggles, better balance development and security, continue to implement a more proactive fiscal policy, support the sustained expansion of domestic demand and supply optimization, improve the efficiency of incremental funds and revitalize stock funds, develop new productive forces in light of local conditions, further advance the construction of a unified national market, continuously guard against and defuse risks in key areas, focus on stabilizing employment, enterprises, markets and expectations, drive the economy to achieve effective qualitative improvement and reasonable quantitative growth, promote the maintenance of social harmony and stability, and secure a good start for the 15th Five-Year Plan period.
The meeting proposed that fiscal authorities should accurately grasp the overall requirements and policy orientation of economic work next year, maintain a necessary fiscal deficit, total debt scale and expenditure volume, and enhance the precision and effectiveness of policies. They should make full use of various government bond funds, issue ultra-long-term special treasury bonds, and continue to support the construction of "Two Priorities" (implementation of major national strategies and capacity building for security in key areas) and the promotion of "Two New Initiatives" (large-scale equipment renewal and consumer product trade-in programs). Appropriate increases will be made to the scale of central budgetary investment, the implementation of "Two Priorities" projects will be optimized, the management of the use of local government special bonds will be refined, the driving effect of government investment will be better exerted, and efforts will be made to reverse the downward trend in investment and stabilize it.
The meeting also proposed actively and steadily resolving local government debt risks, urging local authorities to take the initiative to deleverage, and strictly prohibiting the illegal accumulation of new hidden debts. Fiscal discipline will be strictly enforced, and Party and government organs must adhere to the principle of practicing strict economy. Mechanisms for expectation management will be improved to boost social confidence. Early planning should be made for all fiscal work next year and policies should be implemented in detail to further enhance the effectiveness of fiscal macro-control and strongly promote the sustained and healthy development of the economy and society.