Recently, China’s Ministry of Finance stated that in 2025, the government will maintain a necessary level of fiscal deficit to support stable economic growth and fund key priority areas. This announcement signals a continuation of proactive fiscal policy, indicating that the government will moderately expand the deficit to strengthen macroeconomic management amid an economic recovery that remains fragile.The term ‘necessary fiscal deficit’ refers to a prudent deficit size—maintained within the bounds of fiscal sustainability—to finance critical sectors such as technological innovation, social welfare, and infrastructure development. This approach aims to boost market confidence, stabilize public expectations, and underpin high-quality economic growth.Notably, the Ministry emphasized the word ‘necessary,’ underscoring that deficit expansion will not be unlimited but rather targeted, efficient, and accompanied by robust risk controls. Future fiscal policy will focus more on structural optimization, improving the efficiency of fund allocation, and managing local government debt risks to ensure overall fiscal stability.In summary, maintaining a necessary fiscal deficit is a crucial strategy for stabilizing growth, adjusting economic structure, and benefiting people’s livelihoods, reflecting both foresight and flexibility in policymaking.
近日，财政部表示，2025年将继续保持必要的财政赤字水平，以支持经济稳定增长和重点领域支出。这一表态释放出积极的财政政策信号，表明政府将在经济复苏基础尚不牢固的背景下，继续通过适度扩大赤字来增强宏观调控能力。所谓‘必要的财政赤字’，是指在保障财政可持续性的前提下，合理安排赤字规模，用于支持科技创新、民生保障、基础设施建设等关键领域。此举有助于提振市场信心、稳定社会预期，并为高质量发展提供支撑。值得注意的是，财政部强调‘必要’二字，意味着赤字并非无限制扩张，而是精准施策、注重效率与风险防控。未来财政政策将更加注重结构性优化，提高资金使用效益，同时防范地方政府债务风险，确保财政运行总体平稳。总体来看，保持必要财政赤字是当前稳增长、调结构、惠民生的重要手段，体现了政策的前瞻性与灵活性。
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