保民生促投资防风险 财政政策积极有为

Group 1 - The current economic growth faces challenges, and fiscal policy will focus on more proactive measures to support key areas, including optimizing expenditure structure and enhancing social welfare [1] - In the first half of the year, social security and employment, education, and health expenditures grew by 9.2%, 5.9%, and 4.3% respectively, all exceeding the general public budget expenditure growth of 3.4% [2] - The issuance of local government bonds reached 2.6 trillion yuan in the first half of the year, supporting major project construction [3] Group 2 - The Ministry of Finance plans to accelerate the issuance and utilization of government bonds, with a focus on special bonds and ultra-long-term special treasury bonds to stabilize investment and promote growth [3] - By the end of July, 2.78 trillion yuan of new special bonds had been issued, accounting for 63% of the annual quota, indicating a faster-than-usual issuance pace [3] - The Ministry of Finance aims to complete the issuance of 1.3 trillion yuan in ultra-long-term special treasury bonds to ensure the implementation of key projects [3] Group 3 - The government is actively working on replacing local government hidden debts, with 1.8 trillion yuan of the 2 trillion yuan replacement bonds for 2025 already issued by June [4] - There is a strong regulatory stance against new hidden debts, with a focus on the orderly exit of local financing platforms to mitigate systemic risks [4][5] - The government emphasizes a market-oriented transformation of financing platforms, gradually pushing for their exit from local government financing roles [5]