By Finance Minister Lan Fo'an 蓝佛安, People's Daily 人民日报 (December 02, 2025, Page 09)

https://paper.people.com.cn/rmrb/pc/content/202512/02/content_30117980.html

General Secretary Xi Jinping has emphasized that finance is the foundation and an important pillar of national governance. The Fourth Plenary Session of the 20th CPC Central Committee, profoundly grasping the historical orientation and general trend of development, has comprehensively mapped out the blueprint for China's economic and social development during the "15th Five-Year Plan" period and put forward clear requirements for leveraging the role of proactive fiscal policy. We must, with reformist thinking and an innovative spirit, fully, accurately, and comprehensively implement the deployments of the Plenary Session. We must coordinate the ways of generating, accumulating, and using wealth, implement proactive fiscal policy powerfully and effectively, and provide a strong fiscal guarantee for the great cause of comprehensively building a strong country and achieving national rejuvenation through Chinese modernization.

习近平总书记强调，财政是国家治理的基础和重要支柱。党的二十届四中全会深刻把握历史方位和发展大势，全面擘画“十五五”时期我国经济社会发展蓝图，对发挥积极财政政策作用提出明确要求。我们要以改革的思维、创新的精神，完整准确全面贯彻全会部署，统筹生财、聚财、用财之道，有力有效实施积极的财政政策，为以中国式现代化全面推进强国建设、民族复兴伟业提供坚强财政保障。

I. Implementing proactive fiscal policy according to the times and trends since the New Era, and continuously deepening the understanding of the regularity of fiscal macro-control

Scientific macro-control and effective government governance are inherent requirements for leveraging the advantages of the socialist market economy system. As the main means of macro-control, fiscal policy utilizes a combination of tools—such as budgets, taxation, government bonds, and transfer payments—to exert the dual advantages of expanding aggregate demand and structurally adjusting specific areas. It smooths out cyclical economic fluctuations, implements major national decision-making deployments, promotes the balance of economic aggregates and structural optimization, and achieves the effective improvement of quality and the reasonable growth of quantity.

一、新时代以来因时因势实施积极的财政政策，不断深化对财政宏观调控的规律性认识

科学的宏观调控、有效的政府治理，是发挥社会主义市场经济体制优势的内在要求。财政政策作为宏观调控主要手段，通过预算、税收、政府债券、转移支付等工具组合，发挥扩大总需求和定向调结构的双重优势，熨平经济周期性波动，落实国家重大决策部署，促进经济总量平衡和结构优化，实现质的有效提升和量的合理增长。

Since the beginning of the New Era, the CPC Central Committee with Comrade Xi Jinping at its core has assessed the situation and continuously implemented proactive fiscal policy, making timely adjustments and improvements based on changing circumstances. We have actively adapted to the new normal of economic development, persisted in avoiding "flood-irrigation" style strong stimulus, focused efforts on key areas and weak links, and promoted the smooth continuation and conversion of development momentum. Focusing on advancing supply-side structural reform, we have supported intensified implementation of key tasks such as "three removals, one reduction, and one compensation" (cutting overcapacity, reducing excess inventory, deleveraging, lowering costs, and strengthening weak areas), continuously improving total factor productivity and promoting economic structure optimization. Centering on comprehensively building a modern socialist country, we have implemented a more proactive and effective fiscal policy, successfully responding to risks and challenges such as changes in the international environment and the impact of the COVID-19 pandemic, supporting the accelerated construction of a new development pattern, and promoting high-quality development. In recent years, facing a more complex and severe domestic and international situation, we have further strengthened unconventional counter-cyclical adjustments, coordinated the implementation of existing and incremental policies, and timely introduced a package of debt resolution plans and other measures, promoting a sustained economic recovery and effectively serving the construction of Chinese modernization.

新时代以来，以习近平同志为核心的党中央审时度势，连续实施积极的财政政策，根据形势变化适时调整完善。主动适应经济发展新常态，坚持不搞大水漫灌强刺激，对关键领域和薄弱环节靶向发力，推动发展动能平稳接续转换。聚焦推进供给侧结构性改革，支持加力落实“三去一降一补”等重点任务，不断提高全要素生产率，促进优化经济结构。围绕全面建设社会主义现代化国家，实施更加积极有为的财政政策，有效应对国际环境变化、新冠疫情冲击等风险挑战，支持加快构建新发展格局，推动高质量发展。近年来，面对更加复杂严峻的国内外形势，进一步加强超常规逆周期调节，统筹实施存量和增量政策，及时出台一揽子化债方案等举措，推动经济持续回升向好，有力服务中国式现代化建设。

Looking back on these years, the proactive fiscal policy has achieved significant results. The effectiveness and precision of fiscal macro-control have continuously improved, promoting stable and healthy economic and social development. We have reasonably determined the deficit ratio, maintained sufficient policy intensity, focused on stabilizing employment and price levels, supported the expansion of domestic demand, and promoted good momentum in economic and social development. From 2021 to 2024, China's average economic growth rate was 5.5%, with over 12 million new urban jobs created annually. We have concentrated financial resources to accomplish many major tasks, earnestly guaranteeing the implementation of major national strategies. During the "14th Five-Year Plan" period, the cumulative national general public budget expenditure is projected to exceed 136 trillion yuan, promoting the deep implementation of strategies such as invigorating China through science and education, rural revitalization, and coordinated regional development, providing solid support for high-quality development. Livelihood guarantees have become more robust, with development achievements benefiting all people more broadly and fairly. Over 70% of national fiscal expenditure is used for people's livelihoods, supporting the construction of the world's largest education system, social security system, and medical and health system, leading to historic, transformative, and comprehensive changes in ecological environmental protection. Fiscal capability to respond to risks and challenges has been further strengthened, and the foundation for safe development has become more solid. Local government debt risks have been effectively mitigated, debt management has become more standardized and transparent, fiscal space has been further released, and the economic micro-circulation has become smoother.

回顾这些年，积极的财政政策成效明显。财政宏观调控有效性精准性持续提升，促进经济社会平稳健康发展。合理确定赤字率，保持足够政策力度，着力稳定就业和物价水平，支持扩大国内需求，推动经济社会发展保持良好势头。2021—2024年我国经济增速平均在5.5%，每年城镇新增就业1200万人以上。集中财力办成许多大事要事，切实保障国家重大战略实施。“十四五”时期全国一般公共预算支出累计将超过136万亿元，推动深入落实科教兴国、乡村振兴、区域协调发展等战略，为高质量发展提供坚实支撑。民生保障更加有力，发展成果更多更公平惠及全体人民。全国财政支出70%以上用于民生，支持建成世界上规模最大的教育体系、社会保障体系、医疗卫生体系，生态环境保护发生历史性、转折性、全局性变化。财政应对风险挑战的能力进一步加强，安全发展根基更加稳固。地方政府债务风险有效缓释，债务管理更加规范透明，财政空间得到更大释放，经济微观循环更加畅通。

These achievements are vivid practices of the Party's innovative theory in the new era within the fiscal field, deepening our understanding of the regularity of proactive fiscal policy. First, emphasizing the coordinated advancement of counter-cyclical and cross-cyclical adjustments. We strengthen counter-cyclical management to promote economic operation within a reasonable range, while also reinforcing cross-cyclical adjustment to focus on solving structural and deep-seated economic problems and enhancing medium-to-long-term development potential. At the same time, we always keep options open, reserving sufficient policy space to cope with possible shocks and challenges. Second, emphasizing that supply-side and demand-side management complement each other. We make good use of policies such as taxation, government procurement, and special funds to support the construction of a modern industrial system, leading new demand with innovation-driven and high-quality supply. Concurrently, we organically combine promoting resident consumption with expanding effective investment, accelerate the cultivation of a complete domestic demand system, and promote the formation of a high-level dynamic balance where demand drives supply and supply creates demand. Third, emphasizing innovation in regulatory tools with reformist thinking. We creatively use means such as ultra-long special sovereign bonds and fiscal interest subsidies to constantly enrich the fiscal policy toolbox. We organically connect the advancement of fiscal and tax system reform with the strengthening of fiscal macro-control, providing more powerful institutional mechanisms to ensure smooth transmission of macro-control and improved policy effectiveness. Fourth, emphasizing strengthening policy synergy to form a combined force. We persist in using systemic concepts to design and implement fiscal policies, strengthening alignment with national development plans and major strategies, reinforcing coordination with financial, industrial, and other policies, increasing policy integration, and amplifying the combined multiplier effect. Fifth, emphasizing the integration of expectation management throughout the entire process of policy formulation and implementation. On the basis of maintaining the continuity and stability of macro policies, we actively identify, respond to, and seek change, introducing "expectation-meeting" or even "expectation-exceeding" policy measures from an overall perspective, improving policy transparency and predictability, and boosting market confidence.

这些成绩的取得，是新时代党的创新理论在财政领域的生动实践，深化了我们对积极财政政策的规律性认识。一是注重协调推进逆周期和跨周期调节。既加强逆周期管理，推动经济运行在合理区间，又强化跨周期调节，着力解决经济结构性、深层次问题，增强中长期发展潜能。同时，始终留有后手，为应对可能出现的冲击挑战预留充足政策空间。二是注重供给侧和需求侧管理相辅相成。用好税收、政府采购、专项资金等政策，支持建设现代化产业体系，以创新驱动、高质量供给引领新需求。同时，把促进居民消费与扩大有效投资有机结合，加快培育完整内需体系，推动形成需求牵引供给、供给创造需求的高水平动态平衡。三是注重以改革的思路创新调控工具。创造性运用超长期特别国债、财政贴息等手段，不断丰富财政政策工具箱。将推进财税体制改革与加强财政宏观调控有机衔接，为畅通宏观调控传导、提升政策效能提供更有力的体制机制保障。四是注重强化政策协同、形成合力。坚持运用系统观念设计和实施财政政策，加强与国家发展规划、重大战略对接，强化与金融、产业等政策协同，提高政策集成度，放大组合乘数效应。五是注重把预期管理贯穿政策制定实施全过程。在保持宏观政策连续性稳定性基础上，主动识变应变求变，立足全局出台“合预期”甚至“超预期”的政策措施，提高政策透明度和可预期性，提振市场信心。

II. Accurately grasping the situation and tasks facing finance in the "15th Five-Year Plan" period, and implementing proactive fiscal policy more powerfully and effectively

Public finance concerns the governance and stability of the country and the prosperity of the people, bearing important responsibilities in promoting high-quality development and the construction of Chinese modernization. The "15th Five-Year Plan" period is a critical period for laying a solid foundation and making comprehensive efforts to basically achieve socialist modernization. China's development environment faces profound and complex changes. Internationally, the external environment is turbulent, great power competition is more complex and intense, unilateralism and protectionism are rising, and the growth momentum of the world economy is insufficient. Domestically, China's economy has a stable foundation, many advantages, strong resilience, and great potential; the supporting conditions and basic trend of long-term improvement remain unchanged. At the same time, significant changes have occurred in industrial structure, business models, demographic structure, and wealth distribution, and risks in some areas have not yet been cleared. These have a profound impact on fiscal operation, macro-control, and fiscal and tax reform. We must effectively respond to situational changes, capture and create opportunities from crises and difficulties, earnestly improve fiscal policy effectiveness, fiscal macro-control capabilities, and the level of scientific fiscal management, to better promote high-quality development. In our work, we need to grasp the following points:

二、准确把握“十五五”时期财政面临的形势任务，更加有力有效实施积极的财政政策

财政事关治国安邦、强国富民，在推动高质量发展和中国式现代化建设中承担重要职责。“十五五”时期是基本实现社会主义现代化夯实基础、全面发力的关键时期，我国发展环境面临深刻复杂变化。从国际看，外部环境动荡不安，大国博弈更加复杂激烈，单边主义、保护主义抬头，世界经济增长动能不足。从国内看，我国经济基础稳、优势多、韧性强、潜能大，长期向好的支撑条件和基本趋势没有变，同时产业结构、商业模式、人口结构、财富分配等发生显著变化，一些领域风险尚未出清。这些对财政运行、宏观调控、财税改革等产生深刻影响，必须有效应对形势变化，从危机和困难中捕捉和创造机遇，切实提高财政政策效能、财政宏观调控能力和财政科学管理水平，更好推动高质量发展。工作中需要把握好以下几点。

(1) Persist in the Party Central Committee managing finance, integrating the Party's comprehensive leadership throughout all aspects of fiscal work. The most essential feature of socialism with Chinese characteristics is the leadership of the Communist Party of China, and the greatest advantage of the socialist system with Chinese characteristics is the leadership of the Communist Party of China. We must deeply comprehend the spirit of General Secretary Xi Jinping's important instructions and directives on fiscal work, align our thoughts and actions with the Party Central Committee's decisions and deployments, and constantly benchmark against the Central Committee's requirements in studying budget arrangements, implementing fiscal policies, and promoting fiscal and tax reforms to ensure the correct direction of fiscal work.

（一）坚持党中央当家理财，把党的全面领导贯穿财政工作全过程各方面。中国特色社会主义最本质的特征是中国共产党领导，中国特色社会主义制度的最大优势是中国共产党领导。必须深刻领悟习近平总书记关于财政工作的重要指示批示精神，把思想和行动统一到党中央决策部署上来，在研究预算安排、实施财政政策、推进财税改革过程中，时时与党中央要求对标对表，确保财政工作正确方向。