China's financial sector makes progress in 2024, supporting development goals: minister

China's financial sector made new progress in 2024, contributing to the realization of the annual economic and social development goals, China's Minister of Finance Lan Fo'an said at the National Financial Work Conference which ran from Monday to Tuesday in Beijing.

So far this year, the Ministry of Finance has stepped up efforts to implement a series of fiscal policies to boost the economy, including issuing 1-trillion-yuan (about 139 billion U.S. dollar) worth of ultra-long-term special treasury bonds to raise funds for the implementation of major national strategies and to build up security capacity in key areas, and adopting financial interest subsidy policies for equipment renewal loans.

"We have rolled out a package of incremental policies, issued special treasury bonds to help large state-owned commercial banks replenish their core tier-1 capital, specified tax policies in line with the elimination of the standards for ordinary and non-ordinary housing, and promoted the issuance of exclusive bonds designed to support land reserves and the government acquisition of existing commercial housing projects for use as government-subsidized homes, among others. In addition, we have also managed to raise the minimum level of financial aid to university students, and enlarge the coverage of the relevant policies. These efforts have effectively boosted public confidence and contributed to promoting economic rebound in a remarkable way," Lan told the meeting.

According to Lan, China will adopt a more proactive fiscal policy in 2025, including setting a higher deficit-to-GDP ratio, and increasing the intensity of fiscal spending, and increasing the issuance of ultra-long-term special treasury bonds and special-purpose bonds for local governments.

"Next year, we will raise the deficit-to-GDP ratio to ensure further increase in total fiscal expenditure. We will also issue ultra-long-term special treasury bonds on a larger scale than this year, aiming to further support projects for implementing major national strategies and building up security capacity in key areas, as well as for implementing large-scale equipment upgrades and consumer goods trade-in programs. Efforts will be made to expand the scale of special-purpose bonds for local governments, along with optimizing and improving the management mechanism for such bonds. A negative list will be worked out to specify areas where special-purpose bonds can be allocated, and the range of their use as project capital will be expanded," he said.

China's financial sector makes progress in 2024, supporting development goals: minister

China's financial sector makes progress in 2024, supporting development goals: minister

China's financial sector makes progress in 2024, supporting development goals: minister

Japanese people gathered in Tokyo on Friday to protest against the government's recent decision to revise the "three principles on transfer of defense equipment and technology" which now allows the export of lethal weapons.

On Tuesday, the Japanese government, led by Prime Minister Sanae Takaichi, officially revised the "three principles on transfer of defense equipment and technology" and their implementation guidelines.

The revisions scrap the restrictions that had limited arms exports to five non-combat categories, allow, in principle, the export of lethal weapons, permit transfers to nations engaged in active conflict under specified circumstances, and sideline parliament from the decision-making process -- crossing a line that previous governments had at least nominally upheld.

Protesters assembled in Shinjuku district on Friday evening, voicing strong opposition to the dangerous shift away from Japan's postwar pacifist principles and expressing deep concerns over Japan's failure to fully reflect on its wartime past.

"It's unforgivable. Revising the 'three principles on transfer of defense equipment and technology' through a simple Cabinet decision is absolutely unacceptable," said a protester.

"We should have properly reflected on the war that happened over 80 years ago, but we haven't. Is it acceptable if people are killed by the weapons, missiles, or bombs we export? Absolutely not. Such a thing must never be allowed to happen. That is why I strongly oppose this policy," said another protester.

Also on Friday, over a thousand protesters gathered in front of the Liberal Democratic Party (LDP) headquarters, holding placards and chanting slogans demanding the resignation of Takaichi.

They expressed growing frustration with the current administration and condemned the export of lethal weapons.

"This has gone too far. Japan is becoming an outrageous country. From exporting weapons to revising the Constitution, everything is shifting. The LDP has long had this tendency, and under the Takaichi administration, the situation has become even worse. If we don't stop this now, Japan will turn into a truly frightening nation," said a protester.

"Manufacturing and selling weapons that may be used to kill people is something the Japanese public cannot tolerate. The government made this decision arbitrarily, and it is completely unacceptable," said another protester.

"I really hope the government stops exporting lethal weapons. My child even asked me, 'Is Japan going to sell weapons and start a war?' We must do everything we can to prevent this from happening," said a mother participating in the rally, expressing her worry for future generations.

Protesters gather in Tokyo, protest against Japan's move to allow lethal weapon exports