Facing the complex and severe external environment and the new demands of domestic economic transformation and upgrading，Making full use of my country’s vast market、Strong economic resilience、On the basis of great potential，With the further strengthening of countercyclical adjustments in bet365 live casino login，my country has timely launched a package of incremental fiscal policies，Proactive bet365 live casino login to increase efficiency，Various combinations of policies work together to improve quality and efficiency，The accuracy and effectiveness of policies continue to improve，Steady growth、Expanding domestic demand、Pressures such as chemical risks are expected to be alleviated to a certain extent，The economic recovery will also be further consolidated。

First，Continue to expand government spending to promote economic growth。Fiscal policy can directly stimulate consumption and investment，And it works quickly。The level of government expenditure has an important impact on increasing total social demand，The decline in government spending is an important reason for insufficient demand。Under pressure on fiscal revenue growth，my country’s fiscal expenditure still maintains the necessary intensity，All key expenditures should be spent，Giving full play to the countercyclical adjustment effect of fiscal policy。January-September 2024，National general public budget expenditure 20.18 trillion yuan，Growth 2%。Among them，Social security and employment spending growth 4.3%。At the same time，The scale of new local government special bonds reaches 3.9 trillion yuan，Issuance of 1 trillion yuan of ultra-long-term special government bonds，Effectively play the guiding and driving role of government investment，Laid a solid foundation for achieving stable growth of social investment。January-September，National fixed asset investment (excluding rural households) 37,897.8 billion yuan，YoY increase of 3.4%；Deduct real estate development investment，National fixed asset investment growth 7.7%；National general public budget revenue 16.3059 billion yuan，Year-on-year decrease of 2.2%，There is a certain gap with the budget level。Further adjustments and appropriate increase in deficit ratio，Supplement bet365 live casino login through transfer payments，Easing conflicts between local revenue and expenditure，Help to consolidate the effectiveness of proactive fiscal policy，Overcoming the adverse effects of greater pressure on the fiscal revenue of governments at all levels。In fact，my country’s central fiscal deficit rate has been at 3% all year round，There is still a lot of room for borrowing and deficit increase。

Second，Optimize structural tax and fee reduction preferential measures to promote economic growth。January-August 2024，my country’s main policies to support technological innovation and manufacturing development include tax reduction, fee reduction and tax rebate scale exceeding 1.8 trillion yuan，Mainly includes super deduction for R&D expenses、Additional VAT deduction for advanced manufacturing enterprises、Tax incentives for the transformation of scientific and technological achievements, etc.。The tax reduction and fee reduction policy provides an adequate development environment for the real economy such as technological innovation and manufacturing。January-September 2024，The added value of the national industrial enterprises above designated size increased by 5% year-on-year.8%。Among them，The added value of the equipment manufacturing industry increased by 7% year-on-year.5%，The added value of high-tech manufacturing industry increased by 9.1%，Growth faster than all industries above designated size1.7 and 3.3 percentage points。Also，On the basis of existing preferential tax policies，By introducing policies and measures that are conducive to the stable development of the real estate market，Such as purchasing existing commercial housing through special bonds for use as affordable housing，Subsidy funds can better bet365 live casino login in raising affordable housing through digesting existing housing，Conducive to promoting the stabilization of key industries such as real estate。

　Third，Give greater support to basic people’s livelihood security，Reduce residents’ worries about consumption。Insufficient effective demand is still the prominent contradiction and major challenge facing our country’s economic operation。Middle- and low-income groups have weak ability to resist risks，Not conducive to the stability and recovery of household consumption and domestic demand。2024，The central government allocated 66.7 billion yuan in employment subsidy funds，bet365 live casino login to provide employment for key groups such as college graduates、Vocational skills training and other work。Expenditure in key areas，January-September，National education expenditure 3 trillion yuan；Significantly increase the minimum standard of basic pension for urban and rural residents，Raise the financial subsidy standard for basic public health services to 94 yuan per person per year，The financial subsidy standard for basic medical insurance for urban and rural residents has been increased to 670 yuan per person per year。Social needs are effectively released，The overall consumption scale has increased。September 2024，Total retail sales of consumer goods increased by 3% year-on-year.2%，The growth rate is 1 faster than that in August.1 percentage point；Car、The growth rate of retail sales of furniture products turned from negative to positive。Financial policy continues to provide living subsidies、Provide vocational skills training and improve security levels, etc.，Increase support for unemployed people、Strength of protection for key groups such as college graduates and retirees，Conducive to further releasing domestic demand potential。

　Fourth，Resolving local debt risks and promoting local economic development。Local debt, especially hidden debt risk, is still the main source of local fiscal risk。The central finance will arrange for local government debt limits to exceed 2 in 2023.Based on 2 trillion yuan，1 more scheduled for 2024.2 trillion yuan quota，Support local governments, especially high-risk areas, to resolve existing debt risks and clean up arrears of enterprise accounts, etc.。Overall mitigation of local debt risks，The debt reduction work has achieved initial results，Effectively reducing the debt pressure of local governments，Protect basic people's livelihood at the grassroots level、Guaranteed salary、Guaranteed operation ("Three Guarantees") provides more adequate protection，It also greatly reduces the possibility of systemic risks。In the context of continued strengthening of fiscal policy，The central government intensifies its efforts to replace local hidden debts，Reducing localized debt pressure，Prevent limited bet365 live casino login from being squeezed by the pressure of debt payment，Conducive to promoting high-quality development of local economy。

　(The author is the dean of the Institute of Financial Strategy, Chinese Academy of bet365 live casino login、Researcher)