充分释放财政政策效应

Core Viewpoint - The recent Central Political Bureau meeting emphasizes the need for a consistent macro policy orientation, integrating various economic policies to enhance overall policy effectiveness and ensure a coordinated approach in fiscal and monetary policies [1][5]. Group 1: Fiscal Policy - The government is accelerating the issuance and utilization of government bonds as a key macroeconomic control tool, with a significant increase in bond issuance this year, including a record high in national bonds and a 45% year-on-year increase in local government special bonds [2]. - A total of 2.16 trillion yuan in new local government special bonds was issued in the first half of the year, ensuring the effectiveness of a more proactive fiscal policy [2]. - The central government has allocated 690 billion yuan in special long-term bonds to support consumer goods replacement programs, alongside the completion of an 800 billion yuan project list for "two new" construction projects [3]. Group 2: Monetary Policy - The Central Political Bureau meeting highlights the importance of maintaining a flexible and anticipatory monetary policy, with new structural monetary policy tools being introduced to enhance policy effectiveness [4]. - The implementation of personal consumption loan interest subsidies and service industry loan interest subsidies aims to lower financing costs and stimulate consumer potential [5]. Group 3: Social Welfare and Investment - Recent policies such as childcare subsidies and free preschool education are aimed at enhancing social welfare, supported by substantial fiscal funding, including an initial budget of approximately 90 billion yuan for childcare subsidies [3]. - The focus on investing in people and ensuring basic livelihood protections is crucial for boosting consumption and driving domestic demand [3].