Liao Min: The Third Plenary Session of the 20th CPC Central Committee has made clear arrangements for deepening reforms of the fiscal and taxation systems, and the Ministry of Finance has already formulated an implementation plan.

Liao Min: The Third Plenary Session of the 20th CPC Central Committee has made clear arrangements for deepening reforms of the fiscal and taxation systems, and the Ministry of Finance has already formulated an implementation plan.

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This afternoon (the 12th), the State Council Information Office held a series of press conferences on "High-Quality Completion of the 14th Five-Year Plan." Minister of Finance Lan Fo’an, Vice Minister Liao Min, and others introduced the achievements of fiscal reform and development during the 14th Five-Year Plan period.

National Fiscal Strength Significantly Enhanced During the 14th Five-Year Plan

It was introduced that during the 14th Five-Year Plan, national fiscal strength was greatly enhanced and the “cake” of revenue became larger. The country’s general public budget revenue is expected to reach 106 trillion yuan, an increase of 17 trillion yuan and about 19% over the 13th Five-Year Plan period. Spending intensity is unprecedented, with general public budget expenditure estimated to exceed 136 trillion yuan over five years, up 26 trillion yuan or 24%, with more "real money" invested in major development projects and livelihood initiatives.

During the 14th Five-Year Plan, nearly 100 trillion yuan was invested into people’s livelihood by public finances, and the central government arranged nearly 50 trillion yuan in transfer payments to local governments over five years, maximally decentralizing fiscal resources and firmly securing the “three guarantees” bottom line. Overall, local finances have operated smoothly.

Looking Ahead to the 15th Five-Year Plan, Ministry of Finance Will Further Strengthen Macroeconomic Regulation with Greater Efficiency

Lan Fo’an stated that in looking forward to the 15th Five-Year Plan, the Ministry of Finance will be closely aligned with the goal of fully building a modern socialist power, will further enhance fiscal macro regulation with greater efficiency, deepen fiscal and tax system reforms with greater efforts, and advance scientific fiscal management to a higher level, thus contributing new financial strength to the modernization with Chinese characteristics.

Lan Fo’an said that fiscal policy takes into consideration both risk prevention and development promotion, always retaining backup measures, and the room for future fiscal policy to play its role remains ample.

The Third Plenary Session of the 20th Party Central Committee Made Clear Arrangements to Deepen Fiscal and Tax System Reform, and the Ministry of Finance Has Formulated Implementation Plans

Vice Minister of Finance Liao Min stated at the press conference that the Third Plenary Session of the 20th Party Central Committee made clear arrangements for deepening the reform of the fiscal and taxation system, and the Ministry of Finance has already formulated implementation plans and annual work plans, which are being actively advanced. With changes in circumstances, as each task matures, it will be launched accordingly at the right time.

Since the 14th Five-Year Plan, the Strength of Fiscal Policy Has Increased, and the Fiscal Deficit Ratio Increased from 2.7% to 4% This Year

Lan Fo’an stated that since the 14th Five-Year Plan, fiscal policy has grown stronger. The deficit-to-GDP ratio rose from 2.7% to 3.8%, and further to 4% this year; newly issued local government special bonds totaled 19.4 trillion yuan; new tax and fee cuts, as well as tax rebates and returns, surpassed 10 trillion yuan.

In the Past Four Years, China’s Contribution to World Economic Growth Remained Around 30%

Minister of Finance Lan Fo’an introduced that during the 14th Five-Year Plan, fiscal macroeconomic regulation became more proactive and effective, fiscal policy became more adaptive to economic conditions—shifting from proactive to even more proactive, with more strategic initiative and more precise tactics—becoming an important force supporting stable and healthy economic development.

On the one hand, counter-cyclical adjustments were strengthened to smooth out short-term fluctuations. On the other hand, cross-cyclical adjustments were coordinated to boost medium- and long-term development momentum. Support for expanding domestic demand, boosting development of new quality productive forces, smoothing economic circulation, and promoting effective qualitative improvement and reasonable quantitative growth of the economy was provided.

Over the past four years, the average GDP growth rate was 5.5%, and China’s contribution to world economic growth remained at around 30%.

During the 14th Five-Year Plan, Central Fiscal Authorities Allocated 318.6 Billion Yuan for Employment Subsidies, with Over 50 Million New Urban Jobs Created

Lan Fo’an said that during the 14th Five-Year Plan, the central government allocated 318.6 billion yuan in employment subsidy funds, up 29% compared to the 13th Five-Year Plan; over 50 million new urban jobs were created. The social security system was improved, with enhanced pensions, healthcare, social assistance, and other guarantees, reducing people’s worries and boosting consumer confidence.

Continuously updating…

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