This morning (March 5) at 9 am, the third session of the 14th National People's Congress (NPC) opens at the Great Hall of the People, with Premier Li Qiang presenting the government work report.
The report outlined a more proactive fiscal policy, proposing a budget deficit of around 4% of GDP, up from last year. The deficit scale is set at RMB 5.66 trillion, an increase of RMB 1.6 trillion. National General Public Budget Expenditure will reach RMB 29.7 trillion, up by RMB 1.2 trillion. The plan includes issuing RMB 1.3 trillion in ultra-long special treasury bonds and RMB 500 billion in special treasury bonds for state-owned banks. Local government special bonds are proposed at RMB 4.4 trillion, primarily for investment and settling arrears.
This year's new government debt is estimated at RMB 11.86 trillion, a rise of RMB 2.9 trillion. The government aims to expedite fund disbursement, optimize expenditure to focus on livelihoods, and enhance fund utilization efficiency. Increased transfer payments will support economically challenged areas, while strict fiscal discipline will be maintained to eliminate waste and redirect funds to essential development and public needs.
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