Core Viewpoint - The Chinese Ministry of Finance emphasizes that fiscal policy will continue to have ample room for maneuvering, balancing risk prevention and development promotion, while maintaining a proactive stance to support economic stability and growth [1][2]. Group 1: Fiscal Policy Characteristics - The fiscal policy during the "14th Five-Year Plan" period has four main characteristics: 1. Increased intensity, with the deficit ratio rising from 2.7% to 3.8%, and further to 4% this year, alongside a new local government special bond quota of 19.4 trillion yuan and over 1 trillion yuan in tax reductions and deferrals [2][3]. 2. Enhanced tools, utilizing government bonds, tax policies, fiscal subsidies, and special funds to amplify policy effects, including the innovative issuance of ultra-long special bonds to support domestic demand [2]. 3. More precise efforts, focusing on economic bottlenecks and challenges, such as a one-time arrangement of 6 trillion yuan for debt replacement to alleviate local debt pressure and free up resources for public welfare and development [3]. 4. Greater flexibility in timing, ensuring policies are implemented promptly to maximize their effectiveness [3]. Group 2: Policy Coordination and Impact - The Ministry of Finance highlights the importance of coordinating fiscal policy with monetary policy to create a synergistic effect, including the issuance of 500 billion yuan in special government bonds to inject capital into major commercial banks, which is expected to leverage approximately 6 trillion yuan in credit [2].
财政部部长蓝佛安：财政政策始终留有后手 未来财政政策发力空间依然充足
Jing Ji Guan Cha Bao·2025-09-13 03:17