吉富星：用好用足更加积极财政政策

Core Insights - The overall fiscal performance in the first half of the year showed a stable operation with a more proactive fiscal policy and macroeconomic measures contributing to economic recovery, with a GDP growth of 5.3% [1][2] Fiscal Revenue and Expenditure - National general public budget revenue decreased by 0.3% year-on-year, while expenditure increased by 3.4% [1] - Government fund budget revenue fell by 2.4%, but expenditure surged by 30% [1] - Tax revenue has been steadily increasing since April, indicating an improvement in the revenue structure [2] Fiscal Policy Highlights - The fiscal policy has shown structural optimization, increased intensity, strong support, and risk mitigation [2] - Significant growth in special bond issuance by 45% and over 90% of central budget investment allocated [2] - Social security, science and technology, education, and health expenditures increased by 9.2%, 9.1%, 5.9%, and 4.3% respectively, all exceeding overall expenditure growth [2] Challenges and Risks - Structural challenges remain, with weak general public budget revenue due to low prices, real estate adjustments, and limited space for state asset resource activation [3] - Industrial enterprises' profits fell by 1.8% year-on-year, and corporate income tax showed negative growth [3] - The second half of the year may face increased uncertainties, including potential external shocks and domestic demand insufficiencies [3] Future Fiscal Strategy - The primary focus for the second half is to enhance fiscal resource coordination and utilize proactive fiscal policies to stimulate consumption and expand domestic demand [4] - Continued support for consumer goods replacement programs and strengthening social welfare measures are emphasized [4] - The need for timely introduction of incremental policies and coordination of fiscal and monetary tools to support innovation, consumption, and small enterprises is highlighted [5]