China's more proactive fiscal policy this year is marked by expanded funding, robust policy support and enhanced coordination, aimed at effectively mitigating short-term fluctuations and strengthening economic resilience, Minister of Finance Lan Fo'an said at a news conference on Friday.

The fiscal policy will continue to follow a more proactive stance, maintaining its strength from last year's expansion, he said during the ongoing annual session of the 14th National People's Congress, the country's top legislature.

"This arrangement fully takes into account the complex and profound changes in the current domestic and international situation, while also addressing the need for both counter-cyclical and cross-cyclical adjustments.”

According to the minister, China has maintained a deficit-to-GDP ratio of around 4 percent and a deficit scale of 5.89 trillion yuan ($855 billion).

Notably, the national general public budget expenditure has exceeded 30 trillion yuan for the first time, hitting a historic high, he said.

The scale of new government bonds this year has reached 11.89 trillion yuan, Lan noted, representing the most significant fiscal effort in recent years, enabling the country to boost domestic demand, stabilize growth and drive transformation.

Moreover, the senior official said that transfer payments from the central government to local governments have reached 10.42 trillion yuan, marking the fourth consecutive year that the total has exceeded 10 trillion yuan.

Highlighting the coordination of macro policies, the finance minister announced the introduction of new tools this year to further boost domestic demand.

These tools are designed to channel financial resources and large-scale social funds into the real economy, further enhancing the multiplier effect of fiscal spending, he added.