杨志勇：中国财政政策仍有较大发力空间

Core Viewpoint - The Chinese government is implementing a more proactive fiscal policy during the "14th Five-Year Plan" period to stabilize and promote economic growth, with a focus on enhancing the adaptability of fiscal policies to economic conditions [1][2]. Group 1: Fiscal Policy Characteristics - The fiscal macro-control during the "14th Five-Year Plan" has four key characteristics: increased strength, richer tools, more precise implementation, and greater flexibility in timing [3]. - The fiscal policy aims to be stable while maintaining targeted flexibility, adapting to changing external factors and economic conditions [3]. Group 2: Economic Cycle Management - The goal of macroeconomic regulation is to smooth out economic cycles, preventing significant fluctuations that could waste resources and impact social welfare [2]. - Cross-cycle regulation is emphasized to find new growth drivers for medium to long-term development, moving beyond traditional short-term adjustments [2]. Group 3: Coordination of Policies - Effective fiscal macro-control requires the coordination of fiscal and monetary policies, with recent measures such as the issuance of 500 billion yuan in special bonds to stimulate credit lending by approximately 6 trillion yuan [4]. - The fiscal deficit rate has increased from 2.7% to 4%, providing more room for fiscal policy [4]. Group 4: Future Fiscal Space - There is significant potential for fiscal policy to exert influence, supported by the long-term positive trend of the Chinese economy and the advantages of a large market [5]. - The ability to utilize fiscal policy effectively is expected to improve, with a more sophisticated toolbox and enhanced macro-control capabilities [5][6].