2024年10月12日国新办财政部新闻发布会要点 A briefing 2024 on the press conference of the Ministry of Finance of the State Council's new office on October 12

On the 12th, at 10:00 am, the State Council held a press conference. Finance Minister Lanfoon introduced the situation of“Increasing counter-cyclical adjustment of fiscal policy to promote high-quality economic development” and answered reporters' questions. cscz  has summarized 13 key point:

1. China's fiscal system is resilient enough to meet this year's budget target by taking comprehensive measures to break even.

2. Introduce an incremental policy package:

（1） support the local gov to resolve the hidden debt;

（2）Support the state-owned large commercial banks to supplement the core tier one capital;

（3） support to promote the real estate market to stop falling back to stability;

（4 ）strengthen the support and guarantee for key groups.

3. In our work, we should not only collect financial income according to laws and regulations, but also avoid collecting“Excessive taxes” and safeguard the rights and interests of the business entities.

4  the central government will 2024 transfer payments to local governments to the tune of over 10 trillion yuan, so that more funds can be used to replenish local financial resources and support local governments in their efforts to draw a line under the “Three guarantees”.

5. To guide local governments in the use of budgetary stabilization funds and other funds, and to ensure the needs of fiscal expenditures.

6. To increase the debt ceiling for a larger scale in one go, replace the hidden debt stock of local governments, and increase efforts to support local governments in defusing debt risks;.

7. Encourage local governments with conditions to activate idle assets and strengthen the management of state-owned capital gains.

8. Make full use of all kinds of debt funds. At present, the use of additional treasury bonds is being accelerated, and ultra-long-term special treasury bonds are being issued for use one after another. In the last three months, a total of 2.3 trillion yuan of special debt funds around the country can be arranged for use.

9. Urgent research is being carried out on the value-added tax policy that will make clear and abolish the standard of ordinary residence and non-ordinary residence.

10. The government has further raised the minimum basic pension 2024 for urban and rural residents, making the largest adjustment in all previous proposals. The pension level for retirees will be increased by around 3% .

11. The next step of special debt shall focus on the study of expanding the scope of the use of special debt and improving the management mechanism.

12.  The number of 2024 national scholarships will be doubled.

13. To focus on introducing a number of reform measures in this year and next, such as improving the budget system and the fiscal transfer payment system.