更加积极财政政策陆续落地

Core Viewpoint - The article highlights the implementation of more proactive fiscal policies in China, which are contributing to stable economic performance, as evidenced by the fiscal data for the first seven months of the year [2][6]. Fiscal Revenue and Expenditure - In the first seven months of this year, the total broad fiscal revenue was approximately 15.9 trillion yuan, remaining stable compared to the same period last year [2]. - Broad fiscal expenditure reached about 21.5 trillion yuan, showing a year-on-year increase of approximately 9.3% [2]. - The gap between fiscal expenditure and revenue was about 5.6 trillion yuan, which is a year-on-year increase of approximately 47% [2]. Tax Revenue Trends - Tax revenue saw a decline of 3.5% in the first quarter, but this was followed by four months of growth, narrowing the decline to 0.3% for the first seven months [3]. - The increase in tax revenue is attributed to stable growth in VAT and significant increases in securities transaction stamp duty due to active stock market trading [3]. Land Revenue and Local Government Financing - Land transfer revenue for the first seven months was approximately 1.7 trillion yuan, reflecting a year-on-year decline of 4.6% [5]. - To maintain expenditure levels, both central and local governments accelerated bond issuance, with net financing of government bonds reaching 8.9 trillion yuan, an increase of 4.88 trillion yuan year-on-year [5]. Social Spending and Policy Focus - Fiscal spending in the social welfare sector has been prioritized, with expenditures on social security, education, and healthcare growing faster than overall spending [6]. - Recent policies, such as pension increases and childcare subsidies, indicate a focus on investing in human capital [6]. Future Fiscal Policy Outlook - The Central Political Bureau meeting emphasized the need for continued macroeconomic policy support in the second half of the year, with a focus on implementing proactive fiscal policies and maintaining efficient fund usage [6]. - There is a belief that even without extraordinary fiscal measures, the real support for the economy in the second half could match that of the first half, with adjusted fiscal expenditure growth projected between 4.1% and 6.7% [6]. Preparedness for Economic Uncertainty - The Ministry of Finance has indicated that it retains sufficient policy space and tools to respond to potential uncertainties in the economy [7]. - The focus remains on stabilizing employment, businesses, markets, and expectations to support economic development and social stability [7].