Full Readout of National Fiscal Work Conference 2024
Following the tone-setting Central Economic Work Conference held earlier this month, China's finance ministry today wrapped up a two-day national fiscal work conference 全国财政工作会议, in which the ministry summarized its accomplishments for 2024 and emphasized key priorities for 2025.
The official readout of the conference was published on the finance ministry’s website, and below is the full transcript translated by me. — Yuzhe
12月23至24日，全国财政工作会议在北京召开。会议以习近平新时代中国特色社会主义思想为指导，全面贯彻落实党的二十大和二十届二中、三中全会以及中央经济工作会议精神，贯彻落实党中央、国务院决策部署，总结2024年财政工作，研究布置2025年重点任务。财政部党组书记、部长蓝佛安作工作报告。
From December 23 to 24, a National Fiscal Work Conference was held in Beijing. Guided by Xi Jinping's Thought on Socialism with Chinese Characteristics for a New Era, the conference comprehensively implemented the guiding principles from the 20th National Congress of the Communist Party of China (CPC), the second and third plenary sessions of the 20th CPC Central Committee, as well as the Central Economic Work Conference. It also adhered to the decisions and deployments of the Party Central Committee and the State Council, summarized the fiscal work of 2024, and planned key tasks for 2025. Lan Fo'an, Minister of Finance, delivered the work report.
会议指出，2024年是实现“十四五”规划目标任务的关键一年。各级财政部门在以习近平同志为核心的党中央坚强领导下，振奋精神、攻坚克难，坚决贯彻落实党中央、国务院决策部署，扎实实施积极的财政政策，狠抓预算执行管理，财政工作取得新进展新成效，有力促进完成全年经济社会发展目标任务。一是加力落实存量和增量财政政策，供需两侧发力，加快实施进度。二是扎实推动高质量发展，积极支持科技强国建设，推进区域协调发展，支持深入打好污染防治攻坚战。三是积极支持办好民生实事，支持企业稳岗扩岗，促进各阶段教育高质量发展，提高城乡居民基础养老金全国最低标准等。推动各地下沉财力，兜牢基层“三保”底线。四是更大力度防范化解重点领域风险，推进落实一揽子化债方案，支持融资平台改革转型，推动房地产市场止跌回稳。五是深化财税体制改革和财政管理监督，研究谋划新一轮财税体制改革，在财政部等16个中央部门率先开展零基预算改革试点，开展财会监督专项行动。六是持续加强国际财经交流合作，积极参与多边财金渠道议程，服务中美经贸双方牵头人达成共识成果。七是坚决落实全面从严治党政治责任。
The conference noted that 2024 is a crucial year for achieving the goals and tasks of the 14th Five-Year Plan. Under the strong leadership of the Party Central Committee with Comrade Xi Jinping at its core, financial departments at all levels should stay motivated, overcome challenges, resolutely implement the decisions and deployments of the Party Central Committee and the State Council, diligently execute proactive fiscal policies, rigorously manage budget execution, and achieve new progress in financial work. This will effectively promote the accomplishment of the annual economic and social development objectives and tasks. The key points discussed include:
Strengthen the implementation of both existing and new fiscal policies by simultaneously addressing supply and demand sides, and accelerate the implementation progress.
Promote high-quality development, actively support the construction of a strong technological nation, advance regional coordinated development, and promote the nationwide battle to prevent and control pollution.
Back the implementation of public welfare projects, support enterprises in maintaining and expanding employment, promote high-quality development across all educational stages, raise the national minimum basic pension for urban and rural residents, and channel more financial resources toward lower levels of government to see that, at the primary level, basic living needs are met, salaries are paid, and governments function smoothly.
Intensify efforts to prevent and resolve risks in critical sectors, implement a package of measures to defuse risks, support the reform and transformation of financing platforms, and stabilize the real estate market to halt its decline and promote recovery.
Deepen fiscal and tax system reforms and financial supervision. Plan a new round of fiscal and tax system reforms, initiate zero-based budgeting reform pilots in 16 central departments including the Ministry of Finance, and conduct special financial supervision initiatives.
Continuously enhance international financial exchanges and cooperation, actively participate in multilateral financial channels, and support the consensus achievements reached by the leading figures in China-US economic and trade relations.
Resolve to firmly implement the political responsibility of full and rigorous self-governance.
会议强调，中央经济工作会议系统部署2025年经济工作。各级财政部门要准确把握总体要求、政策取向和重点任务，稳中求进、以进促稳，实施更加积极的财政政策，强化财政资源和预算统筹，深化财税体制改革，加强财政科学管理，防范化解风险，严肃财经纪律，提高资金使用效益和政策效能，促进经济持续回升向好，为完成“十四五”规划目标任务、实现“十五五”良好开局提供有力保障。
The conference emphasized that the Central Economic Work Conference has systematically outlined the economic agenda for 2025. Fiscal departments at all levels must accurately grasp the overall requirements, policy orientations, and key tasks. They should pursue progress while maintaining stability by implementing more proactive fiscal policies, strengthening the coordination of fiscal resources and budgets, and deepening fiscal and tax system reforms. Additionally, departments are tasked with enhancing sound financial management, preventing and mitigating risks, strictly enforcing financial discipline, and improving the efficiency of fund utilization and policy effectiveness. These measures aim to promote a sustained and positive economic recovery, thereby providing strong support for achieving the goals of the 14th Five-Year Plan and ensuring a successful commencement of the 15th Five-Year Plan.
会议指出，2025年要实施更加积极的财政政策，持续用力、更加给力，打好政策“组合拳”。一是提高财政赤字率，加大支出强度、加快支出进度。二是安排更大规模政府债券，为稳增长、调结构提供更多支撑。三是大力优化支出结构、强化精准投放，更加注重惠民生、促消费、增后劲。四是持续用力防范化解重点领域风险，促进财政平稳运行、可持续发展。五是进一步增加对地方转移支付，增强地方财力，兜牢基层“三保”底线。
The meeting noted that in 2025, a more proactive fiscal policy will be adopted with sustained and enhanced efforts, effectively deploying a combination of policy measures. The key actions include:
1. Increasing the Fiscal Deficit Ratio: Boost fiscal spending intensity and expedite expenditure
2. Issuing Larger-Scale Government Bonds: Provide greater support for stabilizing growth and adjusting economic structures.
3. Optimizing Expenditure Structure and Strengthening Targeted Allocation: Focus more on improving livelihoods, promoting consumption, and enhancing long-term economic momentum.
4. Preventing and Mitigating Risks in Key Areas: Ensure the stable operation and sustainable development of the fiscal system.
5. Increasing Transfer Payments to Local Governments: Strengthen local financial capacities to see that, at the primary level, basic living needs are met, salaries are paid, and governments function smoothly.
会议强调，2025年要重点做好六方面工作。一是支持扩大国内需求。适当提高退休人员基本养老金，提高城乡居民基础养老金，提高城乡居民医保财政补助标准，大力提振消费。加大消费品以旧换新支持力度，健全公共文化服务财政保障机制，推进实施新一轮国家综合货运枢纽补链强链提升行动。积极扩大有效投资，合理安排债券发行，以政府投资有效带动更多社会投资。
The meeting also emphasized six key areas of focus for 2025:
1. Boosting Domestic Demand:
• Appropriately increase basic pensions for retirees and urban and rural residents.
• Raise the financial subsidy standards for urban and rural medical insurance.
• Vigorously boost consumption by enhancing support for the trade-in program.
• Improve the financial guarantee mechanisms for public cultural services.
• Advance a new round of national comprehensive freight hub chain supplementation and strengthening initiatives.
• Actively expand effective investment, rationally arrange bond issuances, and leverage government investments to stimulate additional nongovernmental investment.
二是支持现代化产业体系建设。着力提升科技创新能力，全力支持关键核心技术攻关。加快推动产业转型升级，深入实施专精特新中小企业奖补政策。加强对企业的纾困支持，坚决防止乱收费、乱罚款、乱摊派等问题。
2. Building a Modernized Industrial System:
• Focus on enhancing technological innovation capabilities and fully support efforts to tackle key core technologies.
• Accelerate industrial transformation and upgrading.
• Thoroughly implement award and subsidy policies for innovative SMEs that use special and sophisticated technologies to produce novel and unique products.
• Strengthen support for distressed businesses and resolutely prevent issues such as arbitrary charges, fines, and allocations.
三是支持保障和改善民生。突出就业优先导向，支持教育强国建设，健全人口发展支持政策体系，促进卫生健康事业发展，织密扎牢社会保障网，推动解决人民群众急难愁盼问题。
3. Improving People's Livelihoods:
• Prioritize employment and strengthen education system.
• Improve the policy framework supporting population development.
• Promote the advancement of health care and reinforce the social security network.
• Address urgent and pressing issues faced by the populace.
四是支持城乡区域融合发展。确保国家粮食安全，持续巩固拓展脱贫攻坚成果，有序推进乡村发展和建设，大力推进新型城镇化，促进区域协调发展。
4. Supporting Urban-Rural Integrated Development:
• Ensure national food security.
• Continuously consolidate and expand achievements in poverty alleviation.
• Orderly advance rural development.
• Vigorously advance new urbanization and facilitate coordinated regional development.
五是支持生态文明建设。深化横向生态保护补偿机制建设。加强生态保护和修复，继续支持打好蓝天、碧水、净土保卫战。稳步推进碳达峰碳中和，推动重点行业领域绿色低碳转型。
5. Supporting Ecological Conservation:
• Improve the systems of compensation for ecological conservation.
• Strengthen ecological protection and restoration efforts.
• Continue to keep skies blue, waters clear, and lands clean.
• Steadily promote carbon peak and carbon neutrality goals.
• Drive green and low-carbon transformations in key industries and sectors.
六是支持高水平对外开放。积极参与全球经济治理，深入参与多双边财经议题讨论。完善关税等进出口税收政策，深化与“一带一路”国家合作。
6. Promoting High-Standard Opening Up:
• Actively participate in global economic governance.
• Engage deeply in multilateral and bilateral discussions on financial and economic topics.
• Improve tariffs and other import-export tax policies.
• Deepen cooperation with Belt and Road partner countries.
会议要求，要大力推进财政科学管理，推进零基预算改革，全面深化财税体制改革，有效防范化解地方政府债务风险，坚决兜牢基层“三保”底线，加大财会监督力度，提升财政治理效能，更好服务保障党中央治国理政、当家理财。
The conference mandated a vigorous advancement of sound financial management, the implementation of zero-based budgeting reforms, and a comprehensive deepening of fiscal and tax system reforms. It emphasized the effective prevention and resolution of local government debt risks so that, at the primary level, basic living needs are met, salaries are paid, and governments function smoothly. The conference also underscored the intensification of financial and accounting supervision and the enhancement of fiscal governance efficiency. These efforts aim to better serve and support the Party Central Committee's governance and financial management.
会议强调，财政部门要更加紧密地团结在以习近平同志为核心的党中央周围，深刻领悟“两个确立”的决定性意义，增强“四个意识”、坚定“四个自信”、做到“两个维护”，以永不懈怠的精神状态推进财政工作高质量发展，开拓进取、实干担当，为全面推进强国建设、民族复兴伟业作出更大贡献。
The conference underscored that financial departments must unite more closely around the Central Committee of the CPC with Comrade Xi Jinping at its core. They should acquire a deep understanding of the decisive significance of the establishment of both Comrade Xi Jinping's core position on the Party Central Committee and in the Party as a whole and the guiding role of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, and boost their consciousness of the need to maintain political integrity, think in big-picture terms, follow the leadership core, and keep in alignment with the central Party leadership. They should stay confident in the path, the theory, the system, and the culture of socialism with Chinese characteristics. They should firmly uphold Comrade Xi Jinping's core position on the Party Central Committee and in the Party as a whole and uphold the Central Committee's authority and its centralized, unified leadership. They should closely follow the Party Central Committee with Comrade Xi Jinping at its core in thinking, stance, and action.
With an unwavering spirit, they should advance the high-quality development of financial work, demonstrate initiative and practical responsibility, and make greater contributions to the comprehensive promotion of building a strong nation and the great rejuvenation of the Chinese nation.
全国人大财经委副主任委员、常委会预算工委主任许宏才，财政部党组成员，特邀部门代表出席会议。驻部纪检监察组有关负责同志，各省、自治区、直辖市和计划单列市、新疆生产建设兵团财政厅（局）长，财政部各地监管局、机关各司局、部属各单位主要负责同志参加会议。
Xu Hongcai, Vice Chairman of the Financial and Economic Affairs Committee of the National People’s Congress and Director of the Budget Committee of its Standing Committee, along with members of Party Leading Group of the Ministry of Finance and invited department representatives, attended the meeting. Officials responsible from the Discipline Inspection and Supervision Group stationed at the Ministry, directors of Finance Departments (Bureaus) from all provinces, autonomous regions, municipalities directly under the Central Government, municipalities specifically designated in the state plan, and the Xinjiang Production and Construction Corps, as well as heads of local regulatory bureaus of the Ministry of Finance and key officials from various departments and units under the Ministry, participated in the conference. Enditem