财政部：2025年赤字率4％左右，比上年提高1个百分点

Core Viewpoint - The Chinese government is implementing a more proactive fiscal policy for 2025, with a deficit rate set at around 4%, an increase of 1 percentage point from the previous year, aimed at promoting sustainable economic and social development [1] Group 1: Fiscal Policy Measures - The deficit rate for 2025 is planned at approximately 4%, which is a 1 percentage point increase compared to the previous year [1] - The new government debt scale is set at 11.86 trillion yuan, an increase of 2.9 trillion yuan from the previous year, significantly exceeding the average levels of recent years [1] - A special government bond issuance of 500 billion yuan is planned to supplement the core tier one capital of large state-owned commercial banks, enhancing the banking sector's ability to support the real economy [1] Group 2: Local Government Support - A limit of 500 billion yuan is arranged for local government debt to enhance their overall financial capacity and expand effective investment [1] - Despite the increase in deficit and government bond scale for 2025, China's government debt ratio remains low compared to the average levels of G20 countries [1]