上半年财政政策执行报告：1.1万亿元支持养老金发放

Core Insights - The report highlights the implementation of China's fiscal policy in the first half of 2025, emphasizing increased investment in social welfare and measures to control local government hidden debt [1][2]. Group 1: Social Welfare Investments - The fiscal policy has increased investment in social welfare, with a 2% rise in basic pension levels for retirees and a 20 yuan increase in the minimum standard for urban and rural residents' basic pensions [1]. - The central government allocated 1.1 trillion yuan in subsidies to support timely and full payment of basic pension benefits [1]. Group 2: Control of Hidden Debt - The report indicates effective measures to curb new hidden debt, prohibiting government expenditures and investment projects not included in the budget [2]. - A lifelong accountability system for government borrowing has been established, along with a mechanism for tracing debt issues, ensuring that any new hidden debt is identified and addressed promptly [2]. Group 3: Tax Reforms - The report mentions ongoing tax reforms, particularly the adjustment of consumption tax collection to enhance local revenue sources and improve the consumption environment [3]. - The specifics of which tax items will be shifted to the wholesale and retail stages and how the revenue will be distributed between central and local governments remain to be clarified [3]. Group 4: Future Fiscal Policy Outlook - The report outlines six key tasks for future fiscal policy, including the use of more proactive fiscal measures, support for employment and foreign trade, and improvement of social welfare [3]. - Emphasis is placed on enhancing services for the elderly and children, providing subsidies for elderly care, and implementing free preschool education [3]. - The Ministry of Finance will continue to enforce policies to manage hidden debt and strengthen financial monitoring and emergency response [3].