China's Ministry of Finance is actively formulating policies for the upcoming year in alignment with the country's economic and social development goals, according to the minister.
At a press conference in Beijing, Lan Fo'an stated that the Ministry is focusing on strengthening counter-cyclical adjustments.
"Currently, relevant taxation policies aimed at supporting the healthy development of the real estate market have been submitted for approval according to procedures and will be implemented soon. The replacement of hidden debt will commence immediately. The issuance of special treasury bonds to replenish the core tier-one capital of large state-owned commercial banks is accelerating. The Ministry of Finance is cooperating with relevant departments to study and formulate the specifics of policies regarding special-purpose bonds for revitalizing idle land, increasing land reserves, and acquiring commercial housing to convert into affordable housing, and to promote their accelerated implementation," said Lan.
Lan also noted that the Ministry of Finance will introduce stronger fiscal policies aligned with next year’s economic and social development goals.
"First, we will actively leverage the expandable deficit space. Second, we will increase the scale of special-purpose bond issuance, expand the list of areas to which funds from bond sales can be channeled, as well as the scope for using such funds as capital. Third, we will continue to issue ultra-long special treasury bonds to support the construction of national security capabilities in major strategies and key areas. Fourth, we will enhance efforts to support large-scale equipment upgrading and expand the range and scale of consumer goods trade-in programs. Fifth, we will increase the volume of central transfer payments to local governments to ensure investment in key areas such as scientific and technological innovation and people's welfare," said Lan.
China's Finance Ministry plans stronger policies for next year: minister
Romania's Constitutional Court has rejected a petition by presidential candidate Cristian Terhes to annul the results of the first round of the presidential election, paving the way for a potential second-round vote next Sunday.
The decision comes amid heightened political tensions, with results from Sunday's parliamentary elections revealing no clear majority for any party, further complicating the country's political landscape.
The Constitutional Court is expected to deliver a final ruling on Tuesday, which will determine whether the second round of the presidential election proceeds as planned. If confirmed, the runoff is likely to deepen Romania's already pronounced political divisions.
Despite failing to secure first place in the parliamentary elections, there was optimism at the headquarters of the far-right Alliance for the Union of Romanians (AUR), where supporters celebrated what leader George Simion called a "vindication" and a "victory for the right." Simion's party has gained significant momentum, reflecting growing disenchantment with Romania's traditional political establishment.
Meanwhile, the mood was more subdued at the headquarters of the ruling Social Democratic Party (PSD). Leaders acknowledged the challenges ahead, with the party facing difficulty forming a new coalition government without making significant policy concessions. Negotiations are expected to be arduous and could prolong the political uncertainty.
For supporters of the progressive Save Romania Union (USR), the timing of the elections has been a source of frustration. Romania's decision to hold parliamentary elections between the two rounds of the presidential vote has drawn criticism for creating confusion and limiting the time for proper debate.
"I think it was a bad experiment from the side of the government to hold parliamentary elections between the two rounds of the presidential elections, because it creates a lot of confusion and chaos and parliamentary elections deserve much more debate," said Alina Girbea, a USR supporter.
The USR's candidate is seen as particularly vulnerable to voter fatigue, with some fearing that holding three elections in two weeks may hurt turnout among their base.
The parliamentary vote also underscored the growing influence of far-right and nationalist rhetoric in Romania. Calin Gorgescu, a candidate known for his anti-NATO and anti-EU stance, performed strongly, with more than 2 million Romanians voting for far-right candidates.
Political consultant Raul Olajos sees this as a reflection of deep dissatisfaction with establishment parties.
"We have to recognize that more than 2 million Romanians voted for a far-right candidate who has a strong popular support. After all, the reality is that (many) Romanians are not satisfied at all with the traditional establishment Romanian parties," he said.
As Romania heads toward a likely second round of the presidential election, the political landscape remains fractured. The results of both the parliamentary and presidential votes highlight the country's deep divides, with no easy path to consensus.
The next week will be pivotal for Romania's future, as the Constitutional Court's final decision and subsequent coalition talks could shape the nation's political direction for years to come.
Romania faces political uncertainty as court rejects presidential candidate’s petition
