BEIJING – China's fiscal operation was generally stable in 2024 and is expected to achieve a balanced budget for the year, the country’s vice minister of finance said on Friday.

The size of China's fiscal deficit will increase significantly in 2025, Liao Min said at a press conference.

READ MORE: Higher deficit to scale up fiscal firepower

Noting that the fiscal deficit ratio will be increased in 2025, he said considering the increasing size of China's GDP, the total fiscal expenditure will further be expanded, and countercyclical adjustment efforts will also be stepped up to provide solid support for the sustained recovery of the economy.

The fiscal policy in 2025 meanwhile has a clear and well-defined course, fully accounts for the need to enhance countercyclical adjustments, and is highly proactive, according to the minister.

ALSO READ: Key pivot foreseen in China's macro strategy

The policy also takes fiscal sustainability in the medium and long term into consideration, so that it is prudent at the same time, he said.

Specific policy measures must go through statutory procedures before being launched, Liao added.