Core Viewpoint - The article discusses the increasing scale of China's general public budget expenditure, which is set to exceed 30 trillion yuan for the first time this year, while highlighting the historical trend of actual fiscal expenditures being lower than budgeted amounts, indicating insufficient fiscal spending efforts [1][2]. General Public Budget Expenditure - Since 2020, the execution of general public budget expenditures has consistently been below budgeted amounts, with notable discrepancies observed in 2020 and 2021 where fiscal revenues exceeded expectations but expenditures did not [2][4]. - The impact of the COVID-19 pandemic and the downturn in the real estate sector have significantly contributed to the decline in fiscal revenue growth, which is a key factor in the lower-than-expected actual expenditures [4]. General Public Budget Revenue - Starting from 2022, the execution of general public budget revenues has also fallen short of budgeted figures, primarily due to lower-than-expected tax revenues, although non-tax revenues have somewhat compensated for this shortfall [5]. - In 2020, the budgeted general public budget revenue decreased by 5.3% compared to the previous year, while the actual execution showed a smaller decline of 3.9% [5]. Fiscal Revenue and Expenditure Discrepancies - The discrepancies between budgeted and actual fiscal revenues and expenditures have been consistent, with significant gaps noted in 2022 and 2023, and projections for 2024 and 2025 indicating similar trends [7][15]. - The article emphasizes that the fiscal spending shortfall is influenced by both lower-than-expected fiscal revenues and the strategic management of fiscal resources across different years [15]. Broader Fiscal Context - The article highlights the complexity of China's fiscal accounting, which includes various funds and budget types, indicating that the fiscal deficit is not merely the difference between revenues and expenditures but also involves transfers and carryover funds [9][10]. - The analysis of fiscal support measures reveals that various types of fiscal resources, including special bonds and local government debt, play a crucial role in providing financial support beyond the statutory deficit [16][18]. Fiscal Policy Effectiveness - The effectiveness of fiscal policies is discussed, noting that simply aggregating fiscal resources may not fully reflect the policy impact, and that the design and efficiency of fiscal resource utilization are critical for achieving desired economic outcomes [19]. - The article suggests that while fiscal spending has increased, it is essential to focus on improving the quality and efficiency of expenditures rather than merely expanding the scale of spending [25].