财长部署下半年财政四大工作重点：加大财政逆周期调节力度

Core Viewpoint - The article emphasizes the need for a more proactive fiscal policy to support economic stability and growth in China, highlighting the issuance of long-term special government bonds and local government bonds as key measures to enhance fiscal capacity and address economic challenges [1][2][3]. Fiscal Policy Measures - The Ministry of Finance plans to accelerate the issuance and utilization of ultra-long-term special government bonds and local government special bonds to quickly generate tangible work output [3]. - In 2023, the total new government debt is set at 11.86 trillion yuan, an increase of 2.9 trillion yuan from the previous year, indicating a significant boost in fiscal spending [1][2]. Budget Allocation and Spending - In the first half of 2023, the national general public budget expenditure reached 14.1 trillion yuan, maintaining a high intensity with strong support for key areas [2]. - By the end of June, the central government had allocated 9.29 trillion yuan in transfer payments to local governments, with over 90% of central budget investments disbursed [2]. Debt Management - The Ministry of Finance has issued 3.8 trillion yuan in new refinancing special bonds to replace existing hidden debts, with 3.44 trillion yuan already utilized, resulting in an average interest cost reduction of over 2.5 percentage points [4]. - The government aims to curb the creation of new hidden debts and enforce strict financial discipline among local governments [4]. Consumer Support and Economic Growth - The fiscal policy will focus on promoting consumption to expand domestic demand, including the implementation of personal consumption loan subsidies and support for the real estate sector [4][5]. - The introduction of a child-rearing subsidy system starting January 1, 2025, aims to reduce family costs associated with child-rearing, with an estimated annual expenditure of 100 to 120 billion yuan [5][6]. Social Welfare and Pension Reforms - Fiscal spending is increasingly directed towards social welfare, with significant year-on-year increases in expenditures for social security, education, and health care [6]. - The central government has allocated 1.1 trillion yuan for basic pension insurance subsidies, ensuring timely and full payment of pensions [6]. Tax System Reforms - The Ministry of Finance plans to deepen fiscal and tax reforms to enhance governance efficiency, including the development of a modern budget system and improvements to the fiscal transfer payment system [6].