从更加积极的财政政策看宏观经济治理演进

Core Viewpoint - The article emphasizes the implementation of a more proactive fiscal policy in China, reflecting an evolution in macroeconomic governance and aiming to ensure stable economic operation amidst complex domestic and international conditions [1][2]. Fiscal Policy Strength - The more proactive fiscal policy is characterized by greater policy intensity, including a fiscal deficit rate set at around 4% for 2025, an increase of 1 percentage point from the previous year, and a deficit scale of 5.66 trillion yuan, up by 1.6 trillion yuan [2]. - The issuance of long-term special government bonds is planned at 1.3 trillion yuan, an increase of 300 billion yuan from the previous year [2]. - The national general public budget expenditure is projected to reach 29.7 trillion yuan, reflecting a growth of 4.4% compared to the previous year [2]. Policy Timing and Proactivity - The more proactive fiscal policy requires timely implementation, with a focus on early action to enhance policy effectiveness [2]. - The government aims to strengthen counter-cyclical adjustments, indicating a more active approach in policy tools and intensity [2]. Focus on National Conditions - The fiscal deficit rate of around 4% is deemed a scientific judgment based on China's economic development stage, allowing for greater operational space in macroeconomic regulation [3]. - Compared to Western countries, China's government debt risk is manageable, with significant room for borrowing and a substantial amount of quality assets backing the debt [3]. Policy Effectiveness - The proactive fiscal policy aims not only to address short-term economic fluctuations but also to promote long-term high-quality economic development [4]. - The policy emphasizes targeted support for improving people's livelihoods, boosting consumption, and enhancing fiscal support for key sectors [4][7]. Systematic Integration - The article highlights the importance of coordinating fiscal policy with other areas such as monetary policy, employment, and trade to enhance overall policy effectiveness [5]. - A combination of policies is necessary to ensure a cohesive approach to macroeconomic management [5]. Areas of Focus for Implementation - The fiscal policy will focus on utilizing fiscal space effectively, increasing the fiscal deficit rate to guide social expectations, and expanding government debt to support growth and structural adjustments [6]. - The government plans to allocate 44 billion yuan in new local government special debt limits to support key areas [6]. Structural Optimization - The fiscal expenditure structure will be optimized to enhance support for major national strategic tasks, focusing on improving livelihoods and promoting domestic demand [7]. - The government aims to ensure sustainable fiscal operations while addressing risks in key areas [7]. Policy Coordination - There is a need for better coordination between national strategic planning and related policies to guide economic and social development effectively [8]. - The article stresses the importance of aligning fiscal and monetary policies to create a synergistic effect that supports effective demand growth [8].