财政部发布重磅报告！

Core Viewpoint - The Ministry of Finance has released the "2025 Mid-Year Report on China's Fiscal Policy Execution," indicating a recovery in fiscal revenue and an increase in expenditure to support key areas of the economy [1] Group 1: Fiscal Revenue and Expenditure - Fiscal revenue is recovering, with tax revenue gradually increasing [1] - National general public budget expenditure reached 14.13 trillion yuan, a growth of 3.4% [1] - Central government transfers to local governments amounted to 9.29 trillion yuan, accounting for 89.8% of the annual budget [1] Group 2: Domestic Demand and Consumption - Fiscal policy focuses on boosting consumption, with 300 billion yuan in special bonds allocated for consumer upgrades [2] - The "old for new" program has driven sales of 1.6 trillion yuan in related categories [2] - Emphasis on improving social security to enhance consumer capacity and willingness [2] Group 3: Strategic Development and Innovation - Central government technology expenditure for 2025 is set at 398.12 billion yuan, a 10% increase from the previous year [3] - Support for high-quality development in key manufacturing industries and rural revitalization efforts [3] - Initiatives to promote regional coordinated development and ecological protection [3] Group 4: Social Welfare and Employment - Policies to stabilize and expand employment through tax reductions and subsidies [4] - Increased funding for public health services and social security measures [4] - Implementation of a childcare subsidy system and improvements in elderly care services [4] Group 5: Risk Management - Measures to mitigate risks in key areas, including a focus on local government debt management [5] - High-pressure regulatory stance to curb new hidden debts [5] - Support for the real estate market to stabilize [5] Group 6: Fiscal Management and Reform - Comprehensive reforms in the fiscal and tax system to enhance budget management [6] - Emphasis on scientific fiscal management and strict oversight of financial resources [6] - Plans for higher quality fiscal policy implementation and macroeconomic regulation [6] Group 7: Future Directions - Continued implementation of proactive fiscal policies to ensure effective fund utilization [7] - Support for employment stability and foreign trade [7] - Focus on nurturing new growth drivers and improving living standards [7] - Ongoing efforts to prevent and resolve financial risks [7] - Enhancement of fiscal governance effectiveness [7]