财政部：根据形势变化及时推出增量储备政策

Core Viewpoint - The Ministry of Finance emphasizes the implementation of a more proactive fiscal policy to stabilize employment, enterprises, markets, and expectations, while also preparing for incremental reserve policies based on changing circumstances [1][2]. Fiscal Policy Implementation - The current proactive fiscal policy mainly focuses on accelerating the implementation of existing policies, particularly the issuance of government bonds, without introducing new incremental policies [2][5]. - National general public budget expenditure for this year reached 11.2953 trillion yuan, a year-on-year increase of 4.2%, significantly higher than the revenue growth rate of -0.3% [2]. - From January to May, government fund budget expenditure was 3.2125 trillion yuan, up 16% year-on-year, also exceeding the revenue growth rate of -6.9% [2]. Government Bond Issuance - The rapid issuance of government bonds has provided necessary funding for fiscal expenditure, with 6.29 trillion yuan in national bonds issued in the first five months, a 38.5% increase year-on-year [2][3]. - Net financing from government bonds reached 6.31 trillion yuan in the first five months, an increase of 3.81 trillion yuan year-on-year [3]. Incremental Fiscal Policies - Although specific details on this year's incremental reserve policies have not been disclosed, the approach has become clearer over recent years, focusing on systematic design and policy integration [4][5]. - Experts suggest that incremental fiscal policies are typically introduced in the second half of the year to meet annual economic development goals, often involving the issuance of additional government bonds and other financial instruments [5][6]. Debt Management and Support Measures - This year, refinancing bonds for replacing hidden debts reached 1.63 trillion yuan in the first five months, completing 81.5% of the annual limit of 2 trillion yuan [6]. - Experts recommend considering the early issuance of the 2 trillion yuan debt limit for next year to alleviate local repayment pressures [6]. Real Estate and Investment Support - Recent government meetings have emphasized the need for robust support for real estate development, including policy backing in planning, land, finance, and fiscal aspects [7]. - The Ministry of Finance is working on establishing a childcare subsidy system and aims to finalize the project list for 2025 "two重" construction and central budget investments by the end of June [7][8].