财政政策加力提效稳经济

Core Viewpoint - China's fiscal policy has become more proactive this year, with a series of measures aimed at enhancing people's livelihoods, promoting consumption, and boosting economic momentum, as highlighted in the recent Central Political Bureau meeting [1][7]. Fiscal Revenue and Expenditure - In the first half of the year, the national general public budget revenue reached 11.56 trillion yuan, a year-on-year decrease of 0.3%, with the decline narrowing by 0.8 percentage points compared to the first quarter. Meanwhile, expenditure was 14.13 trillion yuan, an increase of 3.4% [1][3]. - Local general public budget revenue was 669.77 billion yuan, growing by 1.6%, with 27 out of 31 provinces reporting growth [1][2]. Investment and Consumption Promotion - The issuance of government bonds has accelerated, with a total of 7.88 trillion yuan issued in the first half, a year-on-year increase of 35.28%. Special bonds for consumption support have also been issued, with 690 billion yuan allocated for consumption upgrades [4][6]. - The "old-for-new" consumption initiative has led to significant sales in various sectors, with total sales reaching 1.6 trillion yuan, contributing to a 5% year-on-year increase in total retail sales of consumer goods [5][6]. Social Welfare and Local Government Support - The central government has increased transfer payments to local governments, with a total of 103.415 billion yuan allocated, reflecting an 8.4% increase year-on-year. This aims to enhance local financial capacity and support basic livelihood guarantees [7][8]. - New policies for early childhood education and direct cash subsidies for families with young children are set to benefit millions, with an estimated increase in national fiscal expenditure of around 200 billion yuan [6][7]. Future Outlook - The Central Political Bureau meeting emphasized the need for continued macroeconomic policy support, with a focus on maintaining spending strength to promote consumption and investment, thereby stabilizing and developing the macro economy [7][8].