Minister of Finance Lan Fuan announced a series of fiscal policies at a press conference aimed at increasing countercyclical regulation and supporting high-quality economic development, including increasing debt limits to resolve local government hidden debts, issuing special treasury bonds to support banks, and increasing support for key groups.

Abstract: Minister of Finance Lan Fuan introduced the results of the implementation of positive fiscal policies at a press conference on October 12 and announced a series of new policy measures to cope with the current economic situation. These measures include: increasing a larger debt limit to replace the existing hidden debt of local governments; issuing special treasury bonds to support large state-owned commercial banks to supplement capital; using special bonds, special funds and tax policies to support the real estate market; and increasing support for key groups. In addition, the Ministry of Finance will also expand the scale of fiscal expenditure, optimize tax and fee preferential policies, actively expand domestic effective demand, strengthen the "three guarantees" and key areas of grassroots protection, support basic livelihood security with greater efforts, and effectively resolve local government debt risks. Lan Fuan said that China's fiscal policy has enough resilience to achieve a balance between revenue and expenditure and achieve the full-year budget target.

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