China to implement more proactive fiscal policy: vice finance minister

China's Ministry of Finance plans to adopt a more proactive fiscal policy in 2025, as part of China's efforts to achieve high-quality economic development, said Vice Minister of Finance Liao Min on Friday at a press conference in Beijing.

Officials briefed the media on achievements of China's high-quality economic development, and announced detailed plans for a more proactive fiscal policy in 2025, in line with the Central Economic Work Conference's directives.

Liao said that a more proactive fiscal policy is primarily reflected in the three aspects of higher intensity, greater efficiency and better timing.

For its intensity, the policy will fully utilize available policy space to enhance counter-cyclical adjustments, according to Liao. This includes increasing the fiscal deficit ratio, boosting expenditure, and raising transfer payments to local governments to ensure basic living standards. There will also be a larger issuance of government bonds, including ultra-long-term special bonds and local government special bonds.

Regarding efficiency, the policy aims to optimize expenditure structures, with a focus on improving people's livelihoods, promoting consumption, and increasing long-term growth potential.

"We will enhance support for stable employment. We aim to improve boost consumption by increasing residents' income, refining the social security system, fostering new consumer industries, improving consumption conditions and other measures. Focusing on nurturing new quality productive forces, we will also support key areas such as education, talent development, scientific research, rural revitalization, and green development. Additionally, there will be efforts to improve fiscal management to ensure effective use of all the input," he said.

According to the official, on timing, the ministry will take early actions to enhance the policy's foresight and relevance. This involves accelerating expenditure to quickly form actual spending, which will stimulate more social investment and maximize policy effectiveness.

Furthermore, the ministry will deepen fiscal and tax system reforms, continuously work on preventing and resolving risks in key areas, and ensure stable and sustainable fiscal operations.

China to implement more proactive fiscal policy: vice finance minister

China's sharp countermeasures against U.S. "reciprocal tariffs" demonstrate the country's zero tolerance towards actions that undermine the global multilateral trading system, according to an expert.

Amid widespread opposition, U.S. President Donald Trump on Wednesday signed an executive order on the so-called "reciprocal tariffs", imposing a 10-percent "minimum baseline tariff" on all imported goods and higher rates on certain trading partners. The order took effect from Saturday.

For China, it faces a 34-percent tariff from the United States. That was on top of the existing tariff of 20 percent.

Following the U.S. decision to impose "reciprocal tariffs" on Chinese exports to the United States, China's Customs Tariff Commission of the State Council said Friday that the move taken by the U.S. does not conform to international trade rules, seriously undermines China's legitimate rights and interests, and represents a typical act of unilateral bullying.

It also announced that China will impose additional 34-percent tariffs on all products imported from the United States starting from April 10.

Wang Yaojing, assistant professor of economics with Peking University, pointed out that China's countermeasures shows its clear stance in opposing unilateralism and protectionism.

"China's countermeasures clearly demonstrate zero tolerance against actions that seek to undermine the global multilateral trading ecosystem. These harmful moves have far-reaching consequences for the global economy. And China's countermeasures are both well-prepared and timely," Wang emphasized.

China’s countermeasures show zero tolerance towards US unilateralism, protectionism: expert