Wang Qing: It is expected that the deficit rate will be raised to about 4% next year, and the general public budget expenditure will reach about 30 trillion yuan

On December 13, Wang Qing, chief macro analyst of Dongfang Jincheng, said that the counter-cyclical adjustment of fiscal policy is "extraordinary", which may be mainly reflected in a relatively large increase in the deficit rate. It is expected that the deficit rate will be raised from 3% this year to about 4% next year (increasing the fiscal spending capacity equivalent to 1.30 trillion). Under the more active fiscal policy, it is expected that the national general public budget expenditure will reach about 30 trillion yuan in 2025, an increase of 6% year-on-year. Wang Qing's analysis believes that the issuance scale of ultra-long-term special government bonds next year is expected to increase from this year's 1 trillion to 1.5 to 2 trillion. In addition to continuing to support "double" investment, the support for "two new" will increase from this year's 300 billion to about 600 billion. This will provide strong support for expanding investment and promoting consumption in 2025.