财政部：今年专门发行5000亿元特别国债，预计可撬动信贷投放约6万亿元

Core Viewpoint - The Chinese government has maintained an active fiscal policy during the "14th Five-Year Plan" period, focusing on both short-term economic stabilization and long-term development, with significant measures taken to enhance economic resilience and growth potential [2][5]. Group 1: Fiscal Policy Characteristics - The fiscal policy has become more forceful, with the deficit rate increasing from 2.7% to 3.8%, and further to 4% this year. Additionally, a new quota of 19.4 trillion yuan for local government special bonds has been arranged, along with over 1 trillion yuan in tax reductions and deferrals [2]. - The tools for fiscal policy have become more diverse, utilizing government bonds, tax incentives, fiscal subsidies, and special funds to enhance the multiplier effect of policies. For instance, the innovative issuance of ultra-long special government bonds supports comprehensive demand expansion [2]. - The fiscal measures have become more precise, targeting economic bottlenecks and challenges, such as a one-time arrangement of 6 trillion yuan for debt replacement to alleviate local debt pressure, thereby freeing up resources for public welfare and development [3]. Group 2: Timing and Flexibility - The timing of policy implementation has become more flexible, with a focus on early and effective execution of measures. The government aims to ensure that policies are timely and impactful, adjusting fiscal macro-control strategies as needed based on changing circumstances [4]. - The government emphasizes the importance of coordinating fiscal policy with monetary policy to create a synergistic effect. For example, the issuance of 500 billion yuan in special government bonds is expected to leverage approximately 6 trillion yuan in credit investment [4]. Group 3: Future Outlook - The fiscal policy will continue to balance risk prevention and development promotion, with ample room for future fiscal actions. The long-term positive trend of the Chinese economy remains unchanged, providing a solid foundation for fiscal operations [5]. - The government plans to maintain policy continuity and stability while enhancing flexibility and foresight, ensuring readiness for future challenges and contributing to high-quality economic and social development [5].