China to prioritize consumption boost in fiscal policies: minister

This year, China's fiscal policy will prioritize boosting consumption, expanding effective investment, and fostering new quality productive forces, so as to sustain economic growth, said Lan Fo'an, Minister of Finance, during a symposium at the ongoing China Development Forum 2025 in Beijing on Sunday.

Speaking at the Symposium on Macro Policies and Economic Growth, Lan emphasized that to vigorously boost consumption, China will issue ultra-long special treasury bonds totaling 300 billion yuan (approximately 41.4 billion U.S. dollars) this year to support the trade-in program, directly lowering consumers' shopping costs. The ministry plans to enhance both the capacity and willingness to consume by raising pensions, providing medical subsidies, and aligning financial policies. Additionally, interest subsidies will be offered for personal consumption loans and corporate loans in related sectors.

"This year, the government's total investment is substantial, and the overall allocation of funds from various channels is strategically prioritized. We will continue issuing ultra-long special treasury bonds to provide stronger support for implementing major national strategies, enhancing security capacity in key areas, and facilitating large-scale equipment upgrades and consumer goods trade-in programs. Additionally, 4.4 trillion yuan (approximately 610 billion U.S. dollars) in local government special-purpose bonds will be issued, and a new mechanism for managing special bonds will be established to grant local governments greater autonomy. At the same time, efforts will be made to encourage private investment and stimulate a broader range of social investments to sustain growth," said Lan.

He noted that, in terms of accelerating the cultivation and development of new quality productive forces, this year the ministry will intensify support for educational and sci-tech talent, promote deeper integration of scientific and technological innovation with industrial innovation, continue to increase financial investment in science and technology, and provide backing for making breakthroughs in core technologies in key fields.

The China Development Forum 2025 is being held on March 23 and 24 titled "Unleashing Development Momentum for Stable Growth of Global Economy".

This year's forum features 12 symposiums and several closed-door sessions, covering topics such as healthcare, consumption, AI and sustainable supply chains.

China to prioritize consumption boost in fiscal policies: minister

The United States cannot legitimize an operation that attacked Venezuela and captured its president, a Chinese scholar said Sunday.

On Saturday, the United States launched a large-scale strike on Venezuela, during which Venezuelan President Nicolas Maduro and his wife were 'captured and flown out of Venezuela' according to a post by U.S. President Donald Trump on his Truth Social account.

Teng Jianqun, director of the Center for Diplomatic Studies at Hunan Normal University, said in an interview with China Global Television Network (CGTN) that the aim of this operation is to take full control of Venezuela’s natural resources.

"I don't think the United States can legitimize this operation to take custody of the president of Venezuela. And also I don't think the United States can legitimize its any action in taking the oil reserves of that country. This is actually a very dangerous game played by the Trump administration. And of course, the United States would like to take full control of that country and to take full control of the natural resources, especially the large reserve of oil in Venezuela," said Teng.

Teng said Venezuela is not an isolated case but a common practice by the United States. The United States launched an invasion of Panama on Dec. 20, 1989, which continued until January 1990, with the stated objective of capturing Panamanian strongman Manuel Noriega on charges of drug trafficking and organized crime.

"We still remember the so-called sentence of the former president of Panama in the late 1980s. And this time, the president of Venezuela will be under some judicial condition (judicial proceedings) for the so-called drug trafficking and some other crimes. So I think this is not a single case for the Venezuela country, but also this is actually a practice by the United States -- to use force, to use so-called justice under law against any leaders in Latin America and the Caribbean waters," he said.

US cannot legitimize operation against Venezuela: Chinese scholar