明年财政赤字将如何安排？丨落实会议部署 问答中国经济

Group 1 - The central economic work conference has outlined the overall requirements and policy orientation for economic work in the coming year, emphasizing the importance of maintaining necessary fiscal deficits and total debt levels [1] - The expected fiscal deficit rate for next year is projected to be no less than 4%, which aligns with the current fiscal expansion trend while avoiding rapid accumulation of debt risks [1][2] - The fiscal deficit serves as a key indicator of the government's spending scale and fiscal policy strength, with a focus on ensuring social welfare, stabilizing employment, and expanding domestic demand [2] Group 2 - The increase in fiscal deficit will primarily be compensated by issuing government bonds, which will help optimize the government debt structure and alleviate local government debt risks in the short term [3] - Maintaining a high fiscal deficit rate may increase fiscal risks; however, the current government debt ratio is significantly lower than that of major economies and emerging markets, indicating ample borrowing space [3] - The expansion of the fiscal deficit will lead to an increase in central budgetary spending, with a focus on enhancing public service supply and supporting consumption and technological innovation [3][4] Group 3 - The emphasis on larger fiscal spending will highlight the "investment in people" approach, necessitating increased expenditures in social security, education, and healthcare to ensure basic living standards and enhance consumer capacity [4] - In the context of stabilizing investment, there will be a need for improved efficiency in traditional infrastructure spending, with local governments relying on special bonds and long-term treasury bonds for funding [4]