Debates about Beijing’s fiscal intentions for 2025 abound, yet few realize just how much the multitude of government budget accounts obscures the CCP’s overall true spending. In order to understand the scale of China’s rapidly expanding deficit—and the strains it places on future policy options, you have to look at where the money is going, but also at how the government plans to sustain a stimulus so large that it rivals the world’s most indebted economies.