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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. ____ sits outside the regular public budget, is set to play a crucial role in supporting government fund expenditures and offsetting the decline in land - based revenue.
Passage 3
Compared to special local government bonds, 1. ____ are a more traditional policy instrument, special treasury bonds can enhance the effectiveness of fiscal policies and deliver precise, tailored solutions to the challenges 2. ____(face) the economy. The volume of ultra - long special treasury bonds — typically those with a tenor of more than 10 years — is expected to increase from the current 1 trillion yuan to between 1.5 and 2 trillion yuan in 2025, said Zhang of China Galaxy Securities.
The country is also expected to issue 1 trillion yuan of special treasury bonds to support State - owned large commercial banks in replenishing their Tier - 1 core capital, enhancing their ability 3. ____(withstand) risks and increasing credit extension, thereby better serving the real economy. Tier - 1 core capital refers to the core capital held in a bank's reserves, including common stock and disclosed reserves.
When observing the strength of China's proactive fiscal policy, the adjustment of expenditure structure is just 4.___ important as the expansion of spending volume, analysts said. To optimize the fiscal spending structure, policy focus is transitioning from being primarily investment - driven to now placing equal importance on both investment and consumption, said Luo of Yuekai Securities.
Investment and consumption are the yin and yang of domestic demand — it's not an either - or situation, the goal is to find the optimal mix of the two complementary forces to ensure well - rounded growth, Luo said. Infrastructure investment must be coupled 5. ___considerations around population mobility, structural changes and boosting the economy's potential growth rate, Luo said, adding that fiscal spending needs to be increased in areas such as healthcare, education and elderly care.
This increased focus on social welfare expenditures is closely linked to China's ongoing urbanization efforts and the integration of migrant workers into the urban economy, to boost their willingness to spend, Luo said. Meanwhile, the trade - in policy for consumer goods, 6. ____ provides incentives from fiscal spending for consumers to replace older products, has already showed clear signs of positive outcomes, Luo said.
The trade - in policy had driven over 1 trillion yuan7.___ related product sales as of Dec 13, 8.____(contribute) to the sale of over 5.2 million passenger vehicles, as well as the purchase of more than 49 million units of household appliances, data from the Ministry of Commerce show.
In 2025, policymakers should encompass a wider range of consumer products under the trade - in programs, allowing more households to participate in and benefit from the initiative, Luo added. 9.____(give) the uncertainty surrounding fiscal revenue and the pace of special bond issuances, policymakers should be prepared to promptly augment 10.___(budget) within the year to accelerate expenditure growth and better leverage the counter - cyclical function of fiscal policy, Luo added.
答案
Passage 1
was set
that
which
a
as/because
to scale
more
their
the
is
Passage 2
a
which
prompting
has increased
acquiring
to forecast
to see
which
to increase
which
Passage 3
which
facing
to withstand
as
with
Which
in
contributing
Given
budgets

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