Ministry of Finance: Act according to the situation and continuously deepen the understanding of the regularity of macroeconomic regulation of finance.

How to play an active role of fiscal policy during the "15th Five-Year Plan" period? In terms of building a strong domestic market and accelerating the construction of a high-level socialist market economy system, how will fiscal policy exert its force? Xinhua News Agency interviewed Liao Fu'an, Secretary of the Party Group and Minister of Finance. Q: Scientific macroeconomic regulation and effective government governance are the inherent requirements for leveraging the advantages of the socialist market economy system. Since the 14th Five-Year Plan, how has China progressed and achieved results in strengthening fiscal macroeconomic regulation and implementing fiscal policies? A: Fiscal policy, as an important tool for macroeconomic regulation, has the dual advantages of expanding total demand and targeting structural adjustments. Since the 14th Five-Year Plan, fiscal policy has maintained a positive direction and has timely adjusted and improved according to changes in the situation: the deficit ratio has increased from 2.7% to 3.8%, further increasing to 4% this year; the quota for new local government special bonds is 19.4 trillion yuan; the total amount of new tax cuts, fee reductions, and tax refunds and fee deferrals exceeds 10 trillion yuan, further opening up fiscal policy space. When comprehensively using government bonds, taxation, fiscal subsidies, special funds, and other tools, and strengthening coordination with other macroeconomic policies, the multiplier effect of policies is enhanced. Focus on the difficulties and bottlenecks in economic development, take measures that can have a systemic impact, and promote the smooth operation of the economic cycle. Looking back on the 14th Five-Year Plan, the positive fiscal policy has shown obvious effects. The fiscal policy has further enhanced its adaptability to the economic situation, becoming more active and strategic, more proactive in tactics, and has become an important force supporting stable and healthy economic development. During the 14th Five-Year Plan, the total nationwide general public budget expenditure is expected to exceed 136 trillion yuan, an increase of 24% compared to the 13th Five-Year Plan, pooling fiscal resources to accomplish many important tasks. The people-oriented direction of national finance has become more prominent, with over 70% of national fiscal expenditures used for people's livelihood, with nearly 10 trillion yuan invested in people's livelihood over five years. The ability of fiscal policy to respond to risks and challenges has been further strengthened, making the foundation for secure development more solid. The achievements are the result of the strong leadership of the Party Central Committee with Comrade Xi Jinping at its core, and the vivid practice of the innovative theory of the Party in the field of finance in the new era, deepening our understanding of the regularities of positive fiscal policies: focusing on coordinating countercyclical and cross-cycle adjustments; emphasizing the complementary relationship between supply-side and demand-side management; promoting innovative regulatory tools with a focus on reform; emphasizing policy synergy and creating a strong force; and emphasizing the integration of expectation management throughout the policy formulation and implementation process. The Fourth Plenary Session of the 20th Central Committee of the Party has outlined the development blueprint for China for the next five years. We must implement the deployment of the plenary session in an integrated, accurate, and comprehensive manner, think in terms of reform, innovate in spirit, coordinate the ways of generating wealth, gathering wealth, and using wealth, effectively implement positive fiscal policies, and provide strong fiscal support for advancing the comprehensive promotion of modernization with Chinese characteristics, the construction of a strong country, and the great rejuvenation of the nation.