蓝佛安发声，财政政策始终留有后手

Core Insights - The financial strength of the country has significantly increased during the "14th Five-Year Plan" period, with general public budget revenue expected to reach 106 trillion yuan, an increase of 17 trillion yuan or approximately 19% compared to the "13th Five-Year Plan" period [2] - The government has made substantial investments in people's livelihoods, with nearly 100 trillion yuan allocated for social welfare during the "14th Five-Year Plan" period [6] - The fiscal policy remains flexible and proactive, with ample room for future policy adjustments to support economic development [3][4] Financial Performance - General public budget expenditure is projected to exceed 136 trillion yuan, an increase of 26 trillion yuan or 24% compared to the previous five-year period [2] - The fiscal deficit rate has been raised from 2.7% to 4% during the "14th Five-Year Plan" period, reflecting a more aggressive fiscal policy stance [11] Debt Management - The government plans to implement a robust debt management mechanism, including early issuance of new local government debt limits for 2026 and measures to reduce hidden debt [5] - As of the end of June 2025, over 60% of financing platforms are expected to have exited, indicating progress in reducing hidden debt [17][18] Social Investment - The central government has allocated approximately 3,186 billion yuan for employment support, a 29% increase from the "13th Five-Year Plan" period, contributing to over 50 million new urban jobs [16] - By the end of this year, over 10.7 billion people are participating in basic pension insurance, and 13.27 billion in basic medical insurance, showcasing the extensive social security system [22] Economic Contribution - The country has contributed around 30% to global economic growth over the past four years, with an average economic growth rate of 5.5% [7][8] - The central government has arranged nearly 50 trillion yuan in transfer payments to local governments during the "14th Five-Year Plan" period, ensuring stable local fiscal operations [9] Future Outlook - The Ministry of Finance aims to enhance macroeconomic regulation efficiency and deepen fiscal and tax reforms in the upcoming "15th Five-Year Plan" period [10] - The government plans to innovate fiscal and tax policy tools to stimulate domestic demand and enhance economic vitality [14]