年中经济观察：财政政策有温度有力度

Core Viewpoint - The Chinese government is implementing a more proactive fiscal policy to support economic recovery and ensure the stability of key areas such as people's livelihoods and employment [1][3]. Fiscal Policy Overview - In the first half of the year, the overall fiscal operation was stable, with national general public budget revenue at 11.56 trillion yuan, a year-on-year decrease of 0.3%, narrowing the decline by 0.8 percentage points compared to the first quarter [2]. - Tax revenue reached 9.29 trillion yuan, down 1.2% year-on-year, but monthly tax revenue has shown a growth trend since April [2]. Budget Execution and Support - The Ministry of Finance has accelerated budget approvals and fund disbursement to enhance policy effectiveness, with 9.29 trillion yuan in transfer payments to local governments, accounting for 89.8% of the annual budget [3]. - A total of 2.6 trillion yuan in new local government bonds was issued to support major projects, along with 658.3 billion yuan in special bonds for long-term projects [3]. Social Welfare and Employment - General public budget expenditure reached 14.13 trillion yuan, a year-on-year increase of 3.4%, with significant growth in social security (9.2%), education (5.9%), and health (4.3%) [5]. - The central government allocated 667.4 billion yuan for employment subsidies, aiming to stabilize jobs and support new graduates [5]. Consumer Spending Initiatives - The government is promoting consumption through initiatives like the trade-in program for consumer goods, with 300 billion yuan allocated to support this effort [8]. - The Ministry of Finance has pre-allocated 162 billion yuan in special long-term bond funds for this program, with additional funds to be distributed in October [8]. Future Plans - The Ministry of Finance plans to continue implementing proactive fiscal policies, enhancing budget execution, and increasing the effectiveness of fund usage to support ongoing economic recovery [4][9].