Core Viewpoint - The Chinese government is increasing its fiscal deficit and government debt to promote high-quality economic and social development, with a projected deficit rate of around 4% for 2025, which is an increase of 1 percentage point from the previous year [1] Fiscal Policy - The Ministry of Finance announced a new government debt scale of 11.86 trillion yuan, which is an increase of 2.9 trillion yuan compared to the previous year [1] - The current fiscal measures are significantly higher than the average levels seen in recent years [1] International Comparison - Despite the increase in deficit and government bond scale, China's government debt ratio remains low compared to the average level of G20 countries [1]