Lan Fuan: This year, the scale of financial funding arrangements will reach a "new high" in three aspects.

The 14th National People's Congress Fourth Session held a press conference at 3 pm today at the Meiya Center Press Conference Hall, inviting Zheng Zhujie, Director of the National Development and Reform Commission, Minister of Finance Lan Foan, Minister of Commerce Wang Wentao, Governor of the People's Bank of China Pan Gongsheng, and Chairman of the China Securities Regulatory Commission Wu Qing to answer questions from domestic and foreign journalists on issues related to development and reform, fiscal budgeting, commerce, finance, and securities. Below are the main points of Lan Foan's responses to journalists' questions: This year's fiscal fund arrangements reach "new highs" in three aspects Lan Foan stated at the press conference of the 14th National People's Congress Fourth Session that this year's fiscal fund arrangements have reached "new highs" in three aspects. First, the total expenditure reached a new high, exceeding 30 trillion yuan for the first time. Second, the scale of new government bonds reached a new high, reaching 11.89 trillion yuan, the largest scale in recent years. Third, central transfers to local governments reached a new high, further strengthening the financial guarantee capacity of local governments. The total amount of central transfers to local governments reached 10.42 trillion yuan, exceeding 10 trillion yuan for four consecutive years. More active fiscal policy strength Lan Foan stated that the more active fiscal policy is reflected not only in the scale of funds but also in the strengthening of policy coordination, further amplifying the effects. The fiscal policy in 2026 continues to adhere to a more active direction Lan Foan stated at the conference that in recent years, in accordance with the decisions and deployments of the Central Committee of the Communist Party of China, the fiscal policy has always adhered to a positive orientation. Last year, we implemented a more active fiscal policy for the first time, further intensifying macro-control. This year, we will continue to adhere to a more active direction, maintaining the same level of intensity as last year's total expansion. This arrangement fully takes into account the profound and complex changes in the domestic and international situations, balances the needs for counter-cyclical and inter-cycle adjustments, promotes continued structural optimization, enhances the resilience of economic development, and provides solid support for a good start and development in the "14th Five-Year Plan" period. This year's fiscal expenditures on education, health, etc., will exceed 12.4 trillion yuan Lan Foan stated at the press conference of the 14th National People's Congress Fourth Session that more funds will be allocated to key areas and key links of high-quality development. This year, national expenditures on science and technology will be close to 1.3 trillion yuan, an increase of 7.1%; expenditures on education, social security and employment, health, and housing security will total over 12.4 trillion yuan. Innovatively establish fiscal-financial coordination policies to promote domestic demand, focusing on resident consumption and private investment Lan Foan stated that this year, innovative policy tools for fiscal-financial coordination to promote domestic demand were established, focusing on resident consumption and private investment. A mechanism was designed to leverage the respective advantages of fiscal, financial, and industrial policies, combine them organically, coordinate and link them, drive financial liquidity and a large-scale flow of social funds towards consumption and the real economy, further amplifying the multiplier effect of fiscal funds. Central finances allocate 100 billion yuan to support fiscal-financial coordination to promote domestic demand Lan Foan stated at the press conference of the 14th National People's Congress Fourth Session that this year, central finances have allocated 100 billion yuan specifically for a package of six policies focusing on fiscal-financial coordination to promote domestic demand, with four policies supporting private investment and two supporting resident consumption. Billion-level fiscal-financial coordination to promote domestic demand special funds could benefit trillion-level credit Lan Foan stated that domestic demand is the main driver, and internal circulation is the unique advantage of a large economy. The overall direction of the Chinese economy is towards new and superior sectors, but the contradiction between strong supply and weak demand remains prominent. To address this issue, this year central finances have specifically allocated 100 billion yuan to introduce a package of policies for fiscal-financial coordination to promote domestic demand, forming a transmission link of fiscal lead, financial amplification, and market operation, leveraging a larger scale of social resources to flow towards key areas for expanding domestic demand. Combined with this year's 250 billion yuan policy of trading in old items for new ones, the force is greater than last year. Preliminary estimates show that billion-level fiscal funds can support and benefit trillion-level credit, achieving the effect of "lifting a thousand catties with four ounces." As long as real consumption occurs, fiscal support provides a one percentage point interest subsidy Lan Foan stated at the press conference of the 14th National People's Congress Fourth Session that preliminary estimates show that billion-level fiscal funds can support and attract trillion-level credit, achieving the effect of "lifting a thousand catties with four ounces." He pointed out, empowering consumers with more choices. For last year's policy of interest subsidies for personal consumption loans, this year, it has been optimized and upgraded to allow consumers to independently choose what they wish to consume. First, restrictions in the consumption sector have been eliminated. For daily consumption at LBX Pharmacy Chain Joint Stock, regardless of the product or service, whether it is big or small, online or offline, as long as there is real consumption, the government will provide a one percentage point interest subsidy. Second, the upper limit of interest subsidies per transaction has been increased. Consumers can enjoy an interest subsidy of up to 3,000 yuan for each consumption loan from each financial institution, corresponding to a loan amount of 300,000 yuan, which better meets the needs of mass consumption such as purchasing cars and home renovations. Third, new consumption scenarios and models have been expanded. The policy is closer to popular consumption habits, and network consumption credit services like Huabei and Microloan, credit card bill installment services, auto finance, etc. can all enjoy interest subsidies. This series of optimizations and upgrades further reduce costs, enrich choices, improve convenience, and enhance the experience of experiencing policies to the fullest. This article is reproduced from "Cai Lianshe," GMTEight editorial: Liu Jiayin.