Multiple Regions Prioritize Fiscal Focus Areas for H2 2024, Boosting 'Two New' & 'Two Major' Initiatives

【Multiple Regions Identify Fiscal “Focal Points” for the Second Half of the Year】: Recently, Beijing, Shanghai, Sichuan, Hunan, and other regions have released their budget execution reports for the first half of 2024. The “financial ledgers” for the first half of the year in many regions indicate a concerted effort to consolidate the positive economic momentum, with fiscal expenditures advancing at the forefront and maintaining an appropriate intensity, ensuring robust support for key areas such as science and technology, as well as people's livelihood.

Based on the deployments for the second half of the year across multiple regions, local governments will optimize expenditure structures, particularly focusing on accelerating policies and expenditures related to key areas such as the “two new” (new infrastructure and new consumption) and the “two major” (major projects and major platforms). Additionally, further implementing the spirit of the Third Plenary Session of the 20th CPC Central Committee and deepening fiscal reforms have become pivotal tasks for various regions in the second half of the year.