中国财长：未来财政政策发力空间依然充足

Core Insights - The Chinese Minister of Finance, Lan Fo'an, emphasized that there is still ample room for future fiscal policy efforts, balancing risk prevention and development promotion [1][2] Fiscal Policy Overview - The overall public budget revenue in China is expected to reach 106 trillion yuan during the 14th Five-Year Plan, an increase of 17 trillion yuan compared to the 13th Five-Year Plan [1] - Local fiscal strength is steadily growing, with 16 provinces projected to have fiscal revenue growth of over 20% compared to 2020, and 7 provinces exceeding 500 billion yuan, including 2 provinces surpassing 1 trillion yuan [1] - Total public budget expenditure is expected to exceed 136 trillion yuan over five years, an increase of 26 trillion yuan from the previous plan [1] Fiscal Policy Tools and Strategies - The fiscal policy has maintained a proactive stance since the beginning of the 14th Five-Year Plan, with an increase in the deficit ratio from 2.7% to 3.8%, and further raised to 4% this year [1] - New local government special bond quotas amount to 19.4 trillion yuan, and tax reductions and deferred payments exceed 10 trillion yuan, expanding fiscal policy space [1] - The government is utilizing a combination of bonds, taxes, fiscal subsidies, and special funds to enhance policy coordination and amplify the multiplier effect [1] Economic Outlook - The long-term positive trend of the Chinese economy remains unchanged, providing a solid foundation for fiscal operations [2] - The accumulation of macro-control experience and the enhancement of counter-cyclical and cross-cyclical adjustment capabilities strengthen the fiscal response to future challenges [2] - Improved institutional mechanisms for risk prevention in key areas and gradual risk digestion contribute to a more confident and composed fiscal approach [2]