---
title: "The central government has set the tone for next year's fiscal policy: increase the deficit, special government bonds, and special bond quotas"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/222152872.md"
description: "According to CCTV News, from December 11 to 12, the Central Economic Work Conference was held in Beijing. During the meeting, when deploying next year's fiscal policy, it was stated that a more proactive fiscal policy should be implemented, the fiscal deficit rate should be increased, the issuance of ultra-long-term special government bonds should be increased, the issuance and use of local government special bonds should be increased, the structure of fiscal expenditure should be optimized, and the bottom line of the \"three guarantees\" at the grassroots level should be ensured. According to the deployment of the meeting, the deficit rate in 2025 will exceed 3%, the issuance of ultra-long-term special government bonds will exceed 1 trillion yuan, and the new special bond quota will also exceed 3.9 trillion yuan. This means that next year's fiscal policy will be more proactive. This also aligns with market expectations. Several tax and finance experts interviewed by Yicai expect that next year's deficit rate may be between 3.5% and 4%, ultra-long-term special government bonds are expected to be between 1.5 trillion yuan and 2 trillion yuan, and the special bond quota is expected to be around 4.5 trillion yuan. Of course, this is just the experts' predictions or suggestions, and the final actual relevant data will still be revealed during the National Two Sessions in March next year"
datetime: "2024-12-12T11:44:46.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/222152872.md)
  - [en](https://longbridge.com/en/news/222152872.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/222152872.md)
---

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# The central government has set the tone for next year's fiscal policy: increase the deficit, special government bonds, and special bond quotas

Jin10 Data reported on December 12 that, according to CCTV News, the Central Economic Work Conference was held in Beijing from December 11 to 12. During the meeting, when deploying next year's fiscal policy, it was stated that a more proactive fiscal policy should be implemented, the fiscal deficit ratio should be increased, the issuance of ultra-long-term special government bonds should be increased, the issuance and use of local government special bonds should be increased, the structure of fiscal expenditure should be optimized, and the bottom line of the "three guarantees" at the grassroots level should be secured. According to the deployment of the meeting, the deficit ratio in 2025 will exceed 3%, the issuance of ultra-long-term special government bonds will exceed 1 trillion yuan, and the new special bond quota will also exceed 3.9 trillion yuan. This means that next year's fiscal policy will be more proactive, which is also in line with the market's previous expectations. Several tax and finance experts interviewed by Yicai expect that next year's deficit ratio may be between 3.5% and 4%, ultra-long-term special government bonds are expected to be between 1.5 trillion yuan and 2 trillion yuan, and the special bond quota is expected to be around 4.5 trillion yuan. Of course, this is just the experts' predictions or suggestions, and the final actual relevant data will still be revealed during the National Two Sessions in March next year

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