The central government sets the tone for next year's fiscal policy: increase the deficit, special government bonds and special project debt quotas

On December 12th, according to CCTV news broadcast, from December 11th to 12th, the Central Economic Work Conference was held in Beijing. The meeting said in the deployment of next year's fiscal policy, to implement a more active fiscal policy, increase the fiscal deficit rate, increase the issuance of ultra-long-term special government bonds, increase the issuance and use of local government special project bonds, optimize the structure of fiscal expenditure, and firmly grasp the bottom line of the grassroots "three guarantees". According to the above plan of the meeting, the deficit rate in 2025 will exceed 3%, the ultra-long-term special government bonds will exceed 1 trillion yuan, and the amount of new special project bonds will also exceed 3.90 trillion yuan. This means that the fiscal policy will be more active next year. This is also in line with the market's previous expectations. A number of fiscal and taxation experts interviewed predict that the deficit rate next year may be 3.5% to 4%, the super long-term special government bonds are expected to be 1.50 trillion yuan to 2 trillion yuan, and the special project debt amount is expected to be around 4.50 trillion yuan. Of course, this is only the prediction or suggestion of experts, and the final relevant data is still to be announced during the National Two Sessions in March next year.