China's finance minister vows more proactive fiscal policy

BEIJING - China will implement a more proactive fiscal policy this year and ensure its sustained strength and effectiveness, said Finance Minister Lan Fo'an at the ongoing China Development Forum 2025.

Addressing current economic difficulties and challenges, Lan emphasized that China's economic and fiscal strengths have grown significantly, and the country has accumulated richer experience in macroeconomic management and fiscal governance.

He said the confidence in China's economic development stems from its solid fundamentals, numerous advantages, strong resilience, and vast potential that underpin its long-term growth.

The confidence also comes from a sober understanding of potential risks and the foresight to prepare accordingly, leaving ample fiscal room to respond to possible shocks and challenges, Lan added.

The primary task of this year's fiscal policy, Lan said, is to significantly boost consumption and enhance investment efficiency in an effort to expand domestic demand.

"China has the world's most promising super-sized market, with immense potential for consumption growth," said Lan, adding that the central government is introducing measures on both the supply and demand sides to stimulate consumption.

As part of these efforts, China is scheduled to issue a total of 1.3 trillion yuan ($181 billion) of ultra-long special treasury bonds in 2025, up 300 billion yuan from last year, official data showed.

The government funding for the national consumer goods trade-in program will increase from 150 billion yuan last year to 300 billion yuan in 2025.

To support the expansion of effective investment, Lan said a significant amount of fiscal funds has been arranged this year, with different funding channels coordinated to target specific areas.

Accelerating the development of new quality productive forces is another fiscal priority, Lan added. The central government will ramp up support for education, science and technology, and talent development, promoting the deep integration of technological and industrial innovation.

Speaking to global business leaders attending the forum, Lan also emphasized that China's fiscal policy will support high-standard opening up. China will ensure equal treatment for all types of business entities and continue to improve the business environment.

The China Development Forum 2025 is scheduled from March 23 to 24, with the theme "Unleashing Development Momentum for Stable Growth of Global Economy."