Article | The Central Economic Work Conference held recently by the university professor and doctoral supervisor of the Chinese Academy of Social Sciences of Givenstar proposed to highlight the work of stabilizing growth, employment and prices, and effectively prevent and resolve major risks. 2023 is the first year to fully implement the spirit of the 20th National Congress of the Communist Party of China (CPC). The active fiscal policy should work hard to improve efficiency and ensure fiscal sustainability and controllable local government debt risk in the process of supporting high-quality development. At present, there is still a lot of room and favorable conditions for the government to increase efficiency to strengthen confidence, stabilize the economy and promote development. At present, the statutory debt ratio of China's government is lower than the internationally accepted warning line of 60%, and also lower than the level of major market economy countries. At the same time, in recent years, the hidden debt has declined steadily and the risk has been gradually mitigated. In general, although there are local risks in government debt, the risks are generally controllable and have a large room for development. Finance can start with improving social and psychological expectations, make precise policies around the needs of market entities, help enterprises reduce burden and increase energy, and stabilize the macroeconomic market. Among them, "afterburner" is a policy tool to coordinate fiscal revenue, fiscal deficit, discount interest and other policy tools, moderately increase fiscal expansion, and "efficiency" is to improve policy efficiency by helping enterprises to bail out, optimizing the structure of fiscal expenditure, and strengthening the coordination and coordination of various policies. China's economy has strong resilience, great potential and sufficient vitality. With the adjustment and optimization of epidemic prevention and control policies, the effect of positive fiscal policies will be strongly demonstrated, and the economy will rebound. Active finance should expand effective investment, strengthen financing regulation, and pay attention to preventing and defusing risks. The shortage of total demand is a prominent contradiction in the current economic operation. It is necessary to play the basic role of consumption and the key role of investment. Expanding effective investment is still the key engine of stable growth. We should focus on key areas and weak links, play a good role in the investment policy portfolio, drive the investment of the whole society through government investment and policy incentives, and guide more funds to invest in manufacturing, new infrastructure and other fields that benefit both supply and demand. To prepare for the crisis, it is also necessary to adhere to the debt governance idea of "opening the front door, blocking the back door, reducing the stock and controlling the increment", further standardize the financing behavior of the government and social capital, focus on promoting the debt resolution and marketization transformation of the financing platform, and avoid new hidden debt on projects and stalls. Open the "front door" of government borrowing, maintain a reasonable deficit level and bond size, and improve the standardization and efficiency of investment. Properly expand the scale of national debt, general debt, special debt and investment within the budget, and expand the scope of special debt investment and capital. The government's borrowing should match its solvency, reasonably allocate the amount of bonds and determine the scale of investment. On the basis of calculating the "economic account" and the "comprehensive account", it should strengthen the efforts to supplement the weaknesses in key areas, systematically arrange new infrastructure, and continue to form the physical workload and investment driving force. At the same time, local main responsibilities should be compacted, the principle of "funds follow the project" should be implemented, and problems such as inadequate reserves, poor quality, unbalanced income, and slow expenditure progress of some projects should be solved. Strengthen the performance management of the whole life cycle, link the performance results with budget arrangement, improved management and policy adjustment, improve the allocation efficiency and use efficiency, and pay attention to debt sustainability. We will give full play to the role of fiscal policy in crowding social capital and increase the guidance and support for private capital. Ying Jian