话题:因应经济形势,财政赤字与政策工具的调整 Passage 1 Since the deficit ratio 1. ____( set) at 3 percent for 2024, analysts predict 2. ____the figure could reach 3.5 to 4 percent in 2025, 3.____ will be officially announced at the NPC meeting in March. “The fiscal deficit ratio holds 4. ___ special significance compared to other fiscal policy tools, 5. ____ people often gauge the government's policy stance based on this specific indicator,” said Luo Zhiheng. China has the policy room to raise the deficit ratio to 3.5 percent or even up to 4 percent, so as 6. ____( scale) up its fiscal firepower available to drive domestic demand and economic stability, and provide much - needed relief to local governments. Funding the deficit expansion through government bond issuances can translate into faster spending and 7. ____(many) direct support for local economies, as they face fewer constraints in terms of 8. ____(they) usage compared with special treasury bonds and local government special - purpose bonds. But the deficit ratio alone does not adequately capture the true extent of the government's policy actions. The deficit number in China's general public budget account is just one piece of 9. ____ puzzle. Special treasury bonds and local government special - purpose bonds, which 10.___(be) classified under government - managed funds, are not included in this deficit calculation. Passage 2 Over the past three years, the sluggish property and land markets have led to 1. _____ significant drop in land sales revenue, 2. ____ accounts for a large portion of government - managed fund revenue. The drop in land - based revenue has put pressure on government - managed funds, 3.____ (prompt) China to turn to alternative financing channels. To stabilize government - managed fund expenditures, China 4. _____( increase) the issuance of special treasury bonds and expanded the quota for local government special - purpose bonds. The usage of local government special - purpose bonds, as outlined during the meeting of the Political Bureau of the Communist Party of China Central Committee in mid - December, will extend to purchasing idle land resources, increasing land reserves and 5. __(acquire) existing commercial housing units for government - subsidized housing purposes. This expansion of usage scope, combined with the previously announced 800 billion yuan quota specifically for debt reduction, has led experts 6. ___(forecast) that the new quota for local government special - purpose bonds in 2025 will exceed 4 trillion yuan. Wang Qing, chief macroeconomic analyst at Golden Credit Rating International, said that local government land sales revenue is likely 7. ____(see) negative growth again this year, 8.____will weigh on government - managed fund expenditures. However, the new issuance of special - purpose bonds, in addition to the debt reduction quota, is expected 9. ___(increase) to between 4.5 and 5 trillion yuan this year. This substantial increase, 10. ____ ... ...
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