整治“内卷”稳收入财政政策着力“投资于人”

Core Viewpoint - The recent actions by the financial and tax departments indicate a shift towards a more proactive fiscal policy, focusing on "investing in people" and promoting consumption while addressing tax fairness and reducing "involution" competition [1][5]. Group 1: Tax Policy and Revenue - The "anti-involution" measures have led to a recovery in fiscal revenue, with July's public budget revenue growth reaching a year-high, supported by improved corporate profits and tax collections [1][2]. - The restoration of VAT on interest from government bonds and the introduction of measures to ensure tax fairness are aimed at optimizing the business environment and fostering sustainable tax sources [2][3]. - The emphasis on a unified market and fair competition is expected to reduce local policy involution and speculative practices among enterprises, ultimately benefiting fiscal health [2][3]. Group 2: Expenditure and Social Investment - Recent budget expenditures have increasingly focused on social security, health, and cultural sectors, reflecting a clear shift towards "investing in people" [3][4]. - New policy financial tools and local government bonds are expected to support social welfare and consumption infrastructure, aiding in economic transformation [3][4]. - Cash and consumption subsidies are being introduced to alleviate the financial burdens on low- and middle-income households, stimulating consumer demand [3][5]. Group 3: Future Fiscal Policy Outlook - Experts predict that fiscal policy will continue to be "more proactive, precise, and sustainable," with measures aimed at boosting consumption and investing in human capital [5][6]. - Potential measures include increasing social security subsidies, enhancing vocational education, and improving social safety nets to stimulate consumer spending [5][6]. - The use of government investment funds and long-term bonds is anticipated to support innovation and attract social capital, further enhancing fiscal policy effectiveness [5][6].