China will ramp up efforts to implement a more proactive fiscal policy in 2025, as adopted at the recently concluded annual Central Economic Work Conference, according to experts.

The conference, which was held in Beijing on Wednesday and Thursday, outlined priorities for maintaining steady economic growth in 2025.

According to the conference, it is important to implement more proactive and effective macro policies and expand domestic demand.

The term “more proactive” signals increased intensity compared to this year’s measures, suggesting that the Chinese government will fully use the fiscal policy, according to Yang Zhiyong, head of the Chinese Academy of Fiscal Sciences.

“To make greater efforts is to make full use of the favorable positive factors of our fiscal policy space. The fiscal deficit ratio is relatively low, and there is room for raising the deficit ratio. Therefore, raising the fiscal deficit ratio can provide more funds to promote consumption and investment, and expand domestic demand, thus providing stronger policy support for the sustained recovery and growth of the economy,” said Yang.

The phrase “more proactive” also represents the continuity and stability of the country’s fiscal policy, indicating the proactive stance of the Chinese government, said Luo Zhiheng, chief economist of Yuekai Securities.

“It sustains the overall fiscal policy tone. The addition of the word ‘more’ indicates our proactive stance, staying ahead of expectations. By making efforts as early as possible, we aim to deliver a stable expectation. The combination and utilization of fiscal policies will enable policies to show their effects as early as possible, thereby expanding overall demand,” said Luo.

Experts also said that the Chinese government will make better use of tools in the policy kit, such as special bonds, to unlock potentials.

The Chinese government also pledged to increase the issuance of ultra-long special treasury bonds and local government special-purpose bonds, and optimize the structure of fiscal expenditure, according to the meeting.

This approach incorporates the benefits of both new and existing policies, according to Yang.

“By optimizing fiscal expenditure structure, we aim to derive benefits from existing policies, which is a vital measure. Through effective fiscal management, we can enhance the efficiency of fiscal funds, thereby making the effects of the policy more pronounced,” said Yang.

A panda family of four in Macao has won the hearts of an increasing number of people with their fluffy appearance and adorable behaviors, attracting 290,000 visitors last year.

A pair of giant pandas Kaikai and Xinxin were chosen as a gift of the central government to the Macao Special Administrative Region in 2015. They gave birth to twin brothers Jianjian and Kangkang in Macao in 2016. The panda family is now living a happy and leisured life.

“This is our Kangkang, the younger twin. He’s a little smaller in size and has a more pointed face, just like his dad Kaikai. He’s also very smart and always gains affection of his breeders by acting in a cutesy manner,” said a panda caretaker.

In the panda pavilion, Macao’s Seac Pai Van Park, the panda family receives attentive care from their zoo keepers. They enjoy fresh local bamboo, fruit, and high-fiber biscuits every day, with special fruit and bamboo cakes on their birthdays.

“They’re actually quite familiar with us. Since they’re now adult pandas, we can’t interact with them the same way we did when they were younger, like being in the same space. However, we still have regular interactions, such as touching them safely, which they seem to enjoy. Sometimes we clean biscuit crumbs off their mouth or nose. This helps them get used to our voices and smells, building their trust in us, which makes it easier to carry out medical checks for them,” said the caretaker.

As the 25th anniversary of Macao’s return to China draws near, an increasing number of locals are visiting the park to see the panda family, wishing for them to thrive in Macao and bring even more happiness to the people, just as their names suggest.