财政部部长刘昆日前在十三届全国人大三次会议首场“部长通道”采访活动中表示，在今年的一般预算安排上，中央财政对地方的转移支付增加了12.8%，这在近年来是最高的。根据2020年《政府工作报告》，今年赤字率拟按3.6%以上安排，财政赤字规模比去年增加１万亿元，同时发行1万亿元抗疫特别国债。

China will adopt a more proactive fiscal policy by expanding central government budget deficit and increasing fund transfers to local governments to boost investment and maintain stable economic growth, according to the 2020 Government Work Report.

根据2020年《政府工作报告》，积极的财政政策要更加积极有为。中央政府将通过增加财政赤字规模，以及增加对地方政府的转移支付，来扩大投资，保持经济平稳增长。

The central government has planned a fiscal budget deficit of about 3.76 trillion yuan this year, an increase of 1 trillion yuan from last year. The deficit-to-GDP ratio is projected at more than 3.6 percent, compared with 2.8 percent last year.

今年中央政府拟安排财政赤字约3.76万亿元，财政赤字规模比去年增加１万亿元。今年赤字率拟按3.6%以上安排，去年这一数字为2.8%。

In addition, China will issue 1 trillion yuan of special central government bonds to mitigate the COVID-19 epidemic effect.

同时，我国将发行1万亿元抗疫特别国债，以减轻新冠肺炎疫情的影响。

The proceeds of the special treasury notes and the increased fiscal deficit will all be transferred to local governments, Premier Li Keqiang said on Friday while delivering the Government Work Report during the opening of the third session of the 13th National People's Congress.

5月22日，第十三届全国人大三次会议开幕，国务院总理李克强向大会作政府工作报告时说，抗疫特别国债和增加的财政赤字全部转给地方。

The central government will also increase funds transferred to local governments by 12.8 percent to support infrastructure investment and counter economic fallout, Finance Minister Liu Kun told reporters after the opening of the NPC session on Friday.

第十三届全国人大三次会议开幕式后，财政部部长刘昆告诉记者，在今年的一般预算安排上，中央财政对地方的转移支付增加了12.8%，以支持基础设施投资，应对疫情对经济的影响。

It will be the highest growth rate till date in the transfer of payments to local governments and is aimed at safeguarding employment and people's livelihoods, as fiscal income is projected to decrease this year due to the COVID-19 epidemic, said Liu.

刘昆说，受新冠肺炎疫情的影响，今年财政收入下降。今年的转移支付增加比例在近年来是最高的，以保障就业和民生。

He said that local governments' fiscal income is projected to reduce by 800 billion yuan to 900 billion yuan this year and some regions may face severe pressure.

他说，地方财政减收增支的规模在8000亿元到9000亿元，一些地方面临较大压力。

Meanwhile, the government has also raised the quota for local government special bonds to 3.75 trillion yuan to boost investment and shore up economic growth.

同时，今年拟安排地方政府专项债券3.75万亿元，比去年有所增加，以促进投资，支撑经济增长。

China's fiscal stimulus package could reach a total of 8.5 trillion yuan if the expanded central government budget deficit, the issuance of the special treasury notes and the local government special bonds are included, said Luo Zhiheng, former chief macroeconomic researcher at the Evergrande Research Institute.

恒大研究院前首席宏观经济研究员罗志恒表示，如果将增加的中央政府预算赤字、特别国债和地方政府专项债券的发行计算在内，中国的财政刺激方案总额可能达到8.5万亿元。

The policy stance is an indication that fiscal policy has played a lead role in offsetting the economic risks and will help realize the "six priorities" laid out by the government, including safeguarding employment and people's livelihoods, Luo said.

他说，这一政策立场表明，财政政策在抵消经济风险方面发挥了主导作用，并将有助于实现政府提出的“六保”，包括保障就业和民生。

Liu Shangxi, head of the Chinese Academy of Fiscal Sciences under the Finance Ministry, told China Daily that the funds for the 1 trillion yuan special treasuries may come from some targeted commercial banks.

财政部中国财政科学研究院院长刘尚希在接受《中国日报》采访时表示，1万亿元特别国债的资金可能来自一些目标商业银行。

Liu, who is a member of the National Committee of the Chinese People's Political Consultative Conference said that the current market liquidity is sufficient to support the new issuance and the issuance should avoid side-effects, such as growth in interest rates.

全国政协委员刘尚希说，目前的市场流动性足以支持增发特别国债，特别国债的发行应避免负面作用，如利率增长。

Yang Weimin, former deputy head of the Office of the Central Commission for Financial and Economic Affairs, said the expanded fiscal deficit will be used to safeguard employment and livelihoods, especially in the city-and county-level governments, which is an innovative fiscal method.

中央财经领导小组办公室前副主任杨伟民表示，增加的财政赤字将用于保障就业和民生，特别是在市县级政府，这是一种创新的财政方法。

More monetary actions are needed to coordinate with the fiscal stimulus measures, such as further encouraging commercial banks to reduce the cost of loans, especially for small businesses, said Yang, a member of the Standing Committee of the 13th CPPCC National Committee.

十三届全国人大常委会委员杨伟民说，需要采取更多的货币政策来配合财政刺激措施，比如进一步鼓励商业银行降低贷款成本，尤其是小微企业贷款成本。