持续促消费与惠民生，并实现稳增长

Core Viewpoint - The Chinese government is shifting its fiscal policy focus towards enhancing people's livelihoods and promoting consumption, marking a strategic transition from infrastructure investment to human resource investment and social welfare [1][2]. Fiscal Policy and Expenditure - The scale and proportion of fiscal spending on social welfare have both increased, with national public budget expenditure reaching 16.1 trillion yuan from January to July, a year-on-year growth of 3.4%. Spending on social security, education, and health has grown by 9.8%, 5.7%, and 5.3% respectively, significantly outpacing overall fiscal expenditure growth [2]. - Social welfare expenditures now account for over 40% of total fiscal spending, and when including community services, this figure exceeds 47%, indicating that nearly half of fiscal funds are directly allocated to social welfare [2]. - Central and local governments are collaborating effectively to ensure the successful implementation of social welfare policies, with the central government’s transfer payments exceeding 1 trillion yuan this year, focusing on education, health, social security, and employment [2]. Targeted Social Welfare Policies - Social welfare subsidies are being precisely targeted to specific groups, such as families with young children, the elderly, and youth, effectively alleviating their financial burdens in areas like childcare, education, and daily living expenses [3]. - New initiatives include a childcare subsidy of 3,600 yuan per child per year for families with children under three, with the central government allocating approximately 90 billion yuan for the first year, and free preschool education set to begin in the fall of 2025, benefiting around 12 million children [3]. Consumption Promotion Policies - The government is innovating fiscal interest subsidy policies to stimulate consumption, effectively lowering the cost of consumer credit and unlocking domestic consumption potential [4]. - The policy combines "small-scale universal support" with "large-scale targeted support," covering both everyday small purchases and significant expenditures in key areas such as automobiles, elderly care, education, and healthcare [4]. - The implementation of personal consumption loan interest subsidies and service industry loan interest subsidies aims to enhance supply capacity and optimize the consumption service environment, thereby invigorating the consumption market [4]. Future Outlook - The macroeconomic policy will continue to maintain a proactive stance, focusing on stabilizing overall demand, promoting moderate price recovery, and ensuring economic improvement while enhancing social welfare [5]. - Future fiscal policies are expected to further tilt towards social welfare, continuously improving the support system for childbirth and expanding the coverage and effectiveness of consumption stimulus policies [5].