Finance minister explains 'more proactive fiscal policy' as tool to spur growth

China has more room to act on fiscal policy to drive economic growth this year, Finance Minister Lan Fo'an said on Thursday.

Lan expounded what a "more proactive fiscal policy" entails at a news conference held on the sidelines of the annual "two sessions" in Beijing.

"Firstly, we will make our deficit policy more effective. This year, the deficit-to-GDP ratio is set at around 4 percent, and the government deficit will reach 5.66 trillion yuan, 1.6 trillion yuan more than last year. Both the level and size of the deficit are the highest in recent years, and counter-cyclical adjustment will be further intensified," he said.

"Secondly, we will intensify fiscal expenditure. This year, national expenditure in the general public budget will reach 29.7 trillion yuan, up 4.4 percent over last year. Further expansion of government expenditure will strongly promote sustained and sound economic and social development," said Lan.

"Thirdly, we will scale up the insurance of government bonds. This year, China will issue 4.4 trillion yuan of local government special-purpose bonds, 1.3 trillion yuan of ultra-long special treasury bonds, and the first batch of 500 billion yuan of special government bonds for major state-owned commercial banks to replenish tier-1 capital. Together with government bonds to cover the deficit, the amount of new government bonds this year will reach 11.86 trillion yuan, 2.9 trillion yuan more than last year," said the minister.

Lan also noted that this year's fiscal policy will also be more effective in transfer payments to local governments to enhance their fiscal capacity. The policy will also be more effective in supporting for education, social security, employment, science and technology, health, housing and other key areas.

In addition, the Chinese central government has sufficient reserve tools and policy space in the face of potential internal and external uncertainties, according to Lan.

Finance minister explains 'more proactive fiscal policy' as tool to spur growth

Finance minister explains 'more proactive fiscal policy' as tool to spur growth

An adorable giant panda cub has been seen enjoying a bowl of milk and later cosily lying on a wooden platform after getting a little muddy during messy playtime in southwest China's Sichuan Province.

The playful panda, with its hair all wet and frizzy and covered in mud after presumably rolling around in its enclosure, is seen happily slurping on a bowl of milk provided by a panda keeper.

Later, the mischievous cub appears to be a little tired out from its exuberant activities, and is seen curled up having a rest on its wooden climbing frame.

Shared by the iPanda channel, this charming look into the life of panda cubs at the Wolong Shenshuping Base of China Conservation and Research Center for Giant Pandas (CCRCGP) was filmed on February 28.

The adorable cub is one of a pigeon pair of cubs -- born in August 2025 at the CCRCGP -- to the giant panda Jia Mei.

The CCRCGP is a world-leading institution dedicated to the breeding and conservation of the giant panda. The center has established the world's largest captive population of giant pandas and pioneered research on captive breeding and training for rewilding.

The center also holds the largest global platform for promoting international cooperation and exchanges on Panda conservation, involving 18 zoos from 16 countries and regions, 39 domestic animal breeding institutions, and over 10 scientific research institutes.

Panda cub enjoys bowl of milk, afternoon snooze at conservation base