Core Viewpoint - The contemporary benchmark for fiscal sustainability has shifted from traditional frameworks of "budget balance" or "r < g" to a more critical "risk balance" logic, driven by global restructuring, intensified geopolitical conflicts, and the climate crisis, as countries seek to ensure national competitiveness [2][3]. Group 1: Traditional Fiscal Benchmarks - The two core benchmarks of global fiscal policy have historically been the "budget balance" principle and the "r < g" standard, both of which have lost their explanatory power in the current complex global environment [5]. - The limitations of the "budget balance" benchmark are evident, as global leverage ratios rose from 209% to 245% between 2007 and 2017, with a debt increase of $83 trillion during a critical recovery period from the financial crisis [5]. - The "r < g" benchmark is also inadequate, as major economies like the U.S. and China are projected to have public debt-to-GDP ratios of 121% and 88% respectively by 2025, yet government leverage has not ceased [6]. Group 2: New Fiscal Paradigm - The core of the new global fiscal paradigm is achieving a "symmetrical balance between various public risks and fiscal risks," where fiscal leverage is not merely an economic stimulus tool but a means to hedge against more severe security, economic, and social risks [8]. - The emphasis on security risks is a primary driver of this shift, with countries like the U.S. and South Korea increasing fiscal spending to address supply chain and national defense concerns, exemplifying the logic of using fiscal risk to counter security risks [8]. - Economic risks have become more complex, necessitating a shift in fiscal leverage logic from "stimulating growth" to "stabilizing expectations and preventing systemic risks," as seen in the fiscal strategies of major economies [9]. Group 3: Social Risks and Fiscal Response - The diversification of social risks, including unemployment, social security gaps, and climate crises, requires fiscal leverage to play a broader hedging role, with the EU and Japan increasing spending to address these challenges [10]. - The principle of risk balance does not advocate for unlimited leverage but seeks "risk symmetry," where the increase in fiscal risk must match the reduction in public risks being hedged [10]. - Differentiated fiscal strategies among countries reflect the flexibility and scientific nature of the risk balance paradigm, with some economies reducing fiscal spending while others expand it based on their risk structures [10].