The Chinese mainland is set to implement significant fiscal changes in 2025, aiming to stimulate high-quality economic development. Officials announced plans to increase the fiscal deficit and expand the use of special bonds during a series of press briefings.
Lin Zechang, director general of the Comprehensive Department of the Ministry of Finance, revealed that local governments will have greater flexibility in land use arrangements under the new special bond quota. This initiative includes two key projects: reserving land and purchasing existing commercial housing to repurpose it into affordable housing.
Lin emphasized that the effects of these policies will gradually unfold throughout 2025, contributing to the mainland's economic resilience and commitment to providing affordable living options for its residents.
Reference(s):
cgtn.com
