News: 2024.03.21
Liao Min, Vice Minister of Finance, said that according to the fiscal deficit rate control target from 2018 to 2023, the overall fiscal deficit rate will be controlled within 3%, and this year’s deficit rate will be arranged in accordance with the ratio of 3%. This decision was made after comprehensive consideration of all factors and considered the debt level to be within a moderate range.
Liao Min further pointed out that this deficit ratio target is consistent with promoting economic stability and improvement and long-term fiscal sustainability, which will help maintain stable economic growth and ensure the long-term sound operation of the fiscal system. This also means that the government will continue to support economic development through effective fiscal policies while maintaining fiscal sustainability.
To achieve this goal, the Ministry of Finance will further strengthen the regulation of fiscal policies, stabilize economic operations and promote economic growth through appropriate fiscal expenditure and tax policies. At the same time, the Ministry of Finance will strengthen the effective use of fiscal funds and ensure the effective allocation and use of funds to maximize the use of fiscal resources.
Despite increasing global economic uncertainty, China's economy still maintains a steady and positive development trend. The Ministry of Finance's fiscal policy will provide strong support for stable economic growth and lay a good foundation for long-term sustainable development.
In general, the 3% deficit ratio target set by the Ministry of Finance is in line with the requirements of promoting economic stability and improvement and medium-term and long-term fiscal sustainability, and will make a positive contribution to maintaining stable economic growth and the long-term stable operation of the fiscal system.