Fiscal Policy Overview - In 2025, China will implement a more proactive fiscal policy, increasing the fiscal deficit rate to 4.0%, up by 1 percentage point from the previous year[7] - The total fiscal deficit for 2025 is projected at 5.66 trillion yuan, an increase of 1.6 trillion yuan compared to 2024[7] Budgetary Performance in 2024 - The national general public budget revenue for 2024 was 21,970.21 billion yuan, achieving 98.1% of the budget, with a 1.3% increase from 2023[2] - Tax revenue decreased by 3.4% to 17,497.20 billion yuan, while non-tax revenue surged by 25.4% to 4,473.01 billion yuan[2] - General public budget expenditure reached 28,461.23 billion yuan, completing 99.7% of the budget, with a growth of 3.6%[3] Government Fund Budget Insights - Government fund budget revenue fell by 12.2% to 62,090.40 billion yuan, primarily due to a decline in land transfer income[4] - Total government fund budget expenditure was 101,477.82 billion yuan, completing 84.4% of the budget, with a slight increase of 0.2%[4] State-Owned Capital Management - State-owned capital operating budget revenue exceeded expectations at 6,782.88 billion yuan, achieving 114.5% of the budget, with a modest growth of 0.6%[5] - Expenditure in this budget decreased by 6.5% to 3,128.86 billion yuan[5] Social Insurance Fund Stability - Social insurance fund budget revenue was 118,944.70 billion yuan, surpassing the budget by 1.2%, with a growth of 5.2%[6] - Expenditure in this fund was 106,061.28 billion yuan, completing 99.3% of the budget, reflecting a 7% increase[6]