Core Viewpoint - The recent actions by fiscal and tax authorities indicate a shift towards more proactive fiscal policies, focusing on "investing in people" and promoting consumption alongside targeted support for key industries [1][4][6] Group 1: Fiscal Policy Adjustments - The fiscal policy is becoming more active, with a focus on tax fairness and reducing "involution" competition, which is expected to enhance the business environment and support industrial upgrades [2][3] - The recovery of fiscal revenue is attributed to the effectiveness of "anti-involution" measures, which have improved corporate profits and, consequently, tax revenues [2][4] - The introduction of new tax policies, such as the resumption of VAT on interest from various bonds, aims to create a fairer tax environment and guide funds towards credit bond markets [2][3] Group 2: Investment in People - There is a noticeable increase in public budget expenditures on social security, health, and cultural sectors, reflecting a clear shift towards "investing in people" [4][5] - Recent fiscal policies include direct subsidies for child-rearing and education, aimed at alleviating the financial burden on families and stimulating consumer demand [4][5] - New policy financial tools, with an initial scale of 500 billion yuan, are expected to support key industries and consumer infrastructure, potentially boosting infrastructure investment by approximately 2% this year [5][6] Group 3: Future Outlook - Experts predict that fiscal policies will continue to be "more proactive, precise, and sustainable," with measures aimed at boosting consumption and supporting employment, particularly for youth [6] - Potential future measures include increased social security subsidies, support for vocational education, and enhancements to the social safety net to stimulate consumer spending [6] - The government may also utilize investment funds and long-term bonds to mitigate fiscal balance risks while promoting innovation and development in emerging industries [6]
整治“内卷”稳收入 财政政策着力“投资于人”
Zheng Quan Shi Bao·2025-08-24 22:25