Highlights of the State Council Information Office Press Conference

There is still considerable room for the central government to increase the deficit.It is planned to increase the debt limit on a one-time basis, replacing the hidden debts of local governments, which is the most significant measure to support debt conversion in recent years.It is planned to issue special national bonds to support large state-owned commercial banks in supplementing capital; the capital supplementation work for large state-owned banks has been initiated, waiting for banks to submit capital supplementation plans.In addition, local government tools will be used to support stabilizing the real estate market; special bonds will be used to purchase existing commercial housing; and special bonds will be allowed to be used for land reserves.Research will be conducted to expand the scope of special bond usage; explore the early repayment of special bonds, and study the establishment of a sound debt repayment reserve system.Encourage conditionally eligible localities to revitalize idle assets and strengthen the management of state-owned capital returns.Guide localities to use funds such as budget stabilization funds to ensure the needs of fiscal expenditures.It is planned to launch a series of mature and tangible financial and tax reform measures in the next two years