China is set to implement a more proactive and precise fiscal policy in 2024, aiming to boost economic quality and scale while maintaining social stability. This strategy is designed to establish a strong foundation for the upcoming 15th Five-Year Plan (2026-30).

• Finance Minister Lan Fo’an stated the goal is to enhance precision and effectiveness in fiscal policy.
• The plan focuses on expanding domestic demand, upgrading the economic structure, and strengthening growth drivers.
• Fiscal expenditure will increase, and the efficiency of transfer payments will be improved to strengthen local government resources.
• Key tasks include promoting consumption, supporting technology and industrial innovation, and advancing urban-rural integration.
• Sichuan province saw total retail sales of consumer goods reach 2.64 trillion yuan ($376.8 billion) from January to November, a 5.5 percent year-on-year growth.