At the China Macroeconomic Forum (CMF) Quarterly Forum for the first quarter of 2026, held on April 4 under the theme of "A Pragmatic and Striving Chinese Macroeconomy," Gao Peiyong, a member of the Chinese Academy of Social Sciences, underscored the critical importance of scientific fiscal management.

Gao Peiyong outlined several key points. First, he stressed that managing finances is essential when running affairs, emphasizing that one cannot focus solely on matters while ignoring monetary aspects, or discuss benefits without considering costs. He remarked, "In our macroeconomic analysis, we often claim that policy efforts are insufficient and need strengthening. However, when proposing such policy stances, we must also articulate the costs involved in intensifying these efforts. Particularly when costs and benefits intersect, it is crucial to determine which outweighs the other—this is an essential calculation that cannot be overlooked."

Second, he highlighted that government departments operating on a "tight budget" should be a常态化 practice. Gao emphasized that this approach should not be viewed as a temporary or stopgap measure, nor should it be merely paid lip service without actual implementation. He warned, "Phenomena such as year-end rushed spending or spending for the sake of spending should be highly警觉. This must be addressed from the perspective of high-quality development."

Third, he advocated that budget performance evaluations should not be limited to investment projects alone; other government initiatives should also undergo such assessments. Gao noted, "The Government Work Report and the Budget Report specifically call for fiscal management to extend across the entire chain of fund usage and cover all budget units. Business processes need continuous optimization, and the expenditure standard system must be further strengthened."

Fourth, during the transition from "investing in physical assets" to "investing in human capital," Gao pointed out that special attention must be paid to scientific fiscal management, describing it as a vital and urgent topic requiring resolution.