财政部最新报告：用好用足更加积极的财政政策！

Core Insights - The report highlights that since 2025, fiscal policy in China has become more proactive, focusing on stabilizing employment, businesses, markets, and expectations, while enhancing coordination with other policies to promote economic recovery [1][2] Fiscal Performance - In the first half of 2025, China's fiscal operations were stable, with good budget execution and a continuous recovery in fiscal revenue, particularly in tax income [2] - Expenditure intensity increased, effectively safeguarding key areas [2] Consumption and Investment - Fiscal policy has synergized efforts to boost consumption and expand investment, enhancing domestic market vitality [3] - The central government allocated 300 billion yuan in special bonds to support consumption upgrades and provided 7.279 billion yuan for service industry development [3] - Employment support measures included tax reductions, loan guarantees, and subsidies to enhance job services and vocational training [3] - Special bonds issuance was accelerated, with 42.7% of the annual target completed in the first half, 17.7 percentage points faster than the previous year [3] Trade and Foreign Investment - The Ministry of Finance effectively utilized tariff adjustments to stabilize foreign trade and investment, implementing lower temporary import tax rates on 935 items since January 1, 2025 [4] - The expansion of high-standard free trade zones and cooperation with trade partners on tariff reductions were emphasized [4] Fiscal Management Pilot - The Ministry of Finance initiated a pilot program for scientific fiscal management in 12 provinces, aiming for breakthroughs in key fiscal management areas over two years [5] - A national platform for the sharing of state-owned assets was established, resulting in over 200 asset transfers and savings of more than 40 million yuan in budget funds [5] Future Fiscal Policy Directions - The report outlines six key areas for future fiscal policy, including the effective use of proactive fiscal measures and support for consumption, employment, and foreign trade [7][8] - Emphasis on improving living standards through services for the elderly and children, as well as enhancing education and healthcare policies [8] - Continuous efforts to mitigate risks in key areas and improve fiscal governance efficiency through various reforms [8]