Full play given to role of proactive fiscal policies in promoting high-quality development in 2025: vice minister

China gave full play to the role of proactive fiscal policies in promoting high-quality economic and social development in 2025, Vice Minister of Finance Liao Min said on Tuesday, in summarizing achievements in the application of proactive fiscal policies to support high-quality development in the world's second largest economy over the past year.

"In 2025, we issued 1.3 trillion yuan (about 186.54 billion U.S. dollars) worth of ultra-long special treasury bonds to raise funds for supporting the 'two major projects' and the 'two new policies', including 300 billion yuan earmarked to support consumer goods trade-in programs. The substantial consumption subsidies led to increased sales of the relevant commodities to the tune of over 2.6 trillion yuan, while a large quantity of green, low-carbon and smart products have reached households in an accelerated way. Along with improvement of the people's livelihoods, we have also supported economic transformation and development," Liao said at a press conference in Beijing.

The "two major programs" focus on major national projects and key security-related capacity building, while the "two new policies" refer to the policies on large-scale equipment upgrading and consumer goods trade-ins, designed to boost domestic demand, modernize industry, cut emissions and support high-quality growth.

"We have managed to stimulate consumption potential from both the supply and demand sides. We have enacted policies to provide interest rate subsidies for personal consumer loans and loans for business operators in the service sector. We support the launch of pilot projects of introducing new forms, new models and new scenarios of consumption as well as the construction of an internationalized consumer environment. Additionally, we have adjusted and optimized the tax refund policies for duty-free shops and tourists leaving the country, increase the number of duty-free shops, and encourage and expand related consumption," he added.

Full play given to role of proactive fiscal policies in promoting high-quality development in 2025: vice minister

European Central Bank President Christine Lagarde sees more solid foundations of the global economy in 2026 than anticipated, expressing her confidence on the economic outlook of the year.

Speaking in an exclusive interview with the China Global Television Network (CGTN) on the sidelines of the 2026 World Economic Forum (WEF), Lagarde shared her views on global macroeconomic outlook, monetary policy direction, financial stability and the role of international cooperation amid growing uncertainty.

When asked about the expectations on the 2026 global economy, Lagarde said, "I think we are entering 2026 with more solid foundations than we had anticipated back in 2025. If I look at numbers, growth is higher than we had anticipated. The number of people employed is higher. The number of people unemployed is lower. Monetary policy for which I am responsible is in a good place. We have our target of two-percent medium term spot on, and inflation has been defeated. I'm saying that the foundations are much more solid than we had anticipated". Under the theme "A Spirit of Dialogue," the 2026 WEF meeting opened on Monday in the Swiss Alpine town of Davos and will run through Friday. About 3,000 leaders and experts worldwide are gathering to discuss five pressing global challenges, including enhancing cooperation, unlocking new sources of growth and deploying innovation at scale and responsibly.

Foundation of 2026 global economy more solid than anticipated: ECB chief