财政政策将延续积极有为主基调

Core Viewpoint - The "15th Five-Year Plan" emphasizes the role of proactive fiscal policy in promoting economic growth, structural adjustment, and risk prevention while ensuring fiscal sustainability [1][3]. Fiscal Policy and Economic Development - Fiscal policy will focus on expanding domestic demand, supporting high-level technological self-reliance, and improving people's livelihoods during the "15th Five-Year Plan" period [2][4]. - The government aims to enhance fiscal sustainability while maintaining an active fiscal stance, balancing development and security, efficiency and equity, and short-term and long-term goals [1][3]. Major Tasks and Strategic Goals - Key tasks include building a modern industrial system, accelerating technological self-reliance, optimizing productivity layout, and promoting green transformation [3][4]. - Significant public investment is required for these tasks, which often have strong externalities and long return cycles, necessitating government leadership [3]. Technological Modernization and Support - The plan highlights the importance of fiscal support for technological modernization, focusing on basic research and key core technology breakthroughs [4]. - The strategy includes using various fiscal tools to optimize traditional industries and foster emerging sectors [4][5]. Demand and Supply Dynamics - The emphasis is on shifting fiscal support from supply-side policies to demand-side initiatives, enhancing social welfare for households [4][5]. - The goal is to create a dynamic balance where new demand leads to new supply and vice versa, supporting a new development pattern [5]. Fiscal Sustainability and Taxation - The plan calls for enhancing fiscal sustainability through structural adjustments in tax policies, including improving local tax systems and maintaining reasonable macro tax burdens [7][8]. - Experts suggest optimizing existing tax reduction policies for precision and efficiency, particularly for technology innovation and small enterprises [7]. Local Government Debt Management - The government aims to prevent and mitigate local government debt risks by implementing a comprehensive debt management strategy and ensuring no new hidden debts are created [8]. - A unified long-term regulatory system for local government debt is to be established, with strict accountability for violations [8].