“十四五”期间财政政策有何特点？下一步如何发力？财政部回应

Key Points - The core viewpoint of the article emphasizes the characteristics of fiscal policy during the "14th Five-Year Plan" period, highlighting its proactive and precise nature to support stable economic development [1][2][3][4] Group 1: Characteristics of Fiscal Policy - The fiscal policy has become more forceful, with the deficit ratio 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 new tax reductions and deferrals [1] - The tools used in fiscal policy have become more diverse, employing government bonds, tax measures, fiscal subsidies, and special funds to enhance the synergy with other macro policies, thereby amplifying the policy multiplier effect [1] - The focus of fiscal policy has become more precise, addressing economic bottlenecks and challenges, such as a one-time arrangement of 6 trillion yuan in debt limit to replace hidden debts, significantly alleviating repayment pressure for local governments [1] Group 2: Flexibility and Future Outlook - The timing of policy implementation has become more flexible, with a focus on early execution and ensuring policies are effective as soon as possible [2] - There is a deepening understanding of the laws of fiscal macro-control, emphasizing the promotion of microeconomic circulation and the collaboration between fiscal and monetary policies [3] - The future fiscal policy space remains ample, with a solid foundation for fiscal operations and enhanced counter-cyclical adjustment capabilities, ensuring readiness for future challenges [4]