In 2024, the Chinese government has clearly stated that the overall fiscal expenditure will ‘only increase, not decrease,’ reflecting a policy orientation aimed at stabilizing growth, safeguarding people’s livelihoods, and promoting development during this critical phase of economic recovery. Despite fiscal revenue and expenditure pressures, the central government emphasizes optimizing spending structures and improving the efficiency of fund utilization, with increased investment in key areas such as technological innovation, social welfare, and infrastructure development. This policy signal not only helps stabilize market expectations but also provides solid support for high-quality economic growth. Fiscal policy will work in coordination with monetary policy to jointly stimulate domestic demand and enhance economic resilience. Overall, the commitment to ‘only increase, not decrease’ does not mean simply expanding spending volume; rather, it focuses more on precision and sustainability—ensuring every yuan is spent where it matters most and maximizing the effectiveness of fiscal policy.
2024年，中国政府明确表示财政总体支出力度‘只增不减’，这体现了在经济恢复关键阶段稳增长、保民生、促发展的政策导向。尽管面临财政收支压力，中央仍强调通过优化支出结构、提高资金使用效率，在重点领域如科技创新、民生保障、基础设施建设等方面加大投入。这一政策信号不仅有助于稳定市场预期，也为推动高质量发展提供坚实支撑。同时，财政政策将与货币政策协同发力，形成合力，进一步激发内需潜力，增强经济韧性。总体来看，‘只增不减’并非简单扩大支出规模，而是更加注重精准性和可持续性，确保每一分钱都用在刀刃上，切实提升财政政策效能。
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