中央财办详解明年财政政策：建立健全增收节支机制

Core Viewpoint - The central government has decided to continue implementing a more proactive fiscal policy in the coming year, focusing on maintaining necessary fiscal deficits, total debt scale, and expenditure levels while ensuring fiscal sustainability and addressing local fiscal difficulties [1][3]. Group 1: Policy Strength - The fiscal deficit rate for 2025 is set to increase from 3% in 2024 to a historical high of 4% [3]. - The total scale of new government debt is projected to be approximately 12 trillion yuan, an increase of nearly 3 trillion yuan compared to 2024 [3]. - The expected total public budget expenditure for the year is 29.7 trillion yuan [3]. Group 2: Policy Quality and Effectiveness - The focus will be on optimizing the structure of fiscal expenditure and ensuring financial support for major national strategies, with an emphasis on improving the precision and effectiveness of fiscal policies [1][6]. - The central government plans to enhance local fiscal capacity by increasing transfer payments, which have reached 10 trillion yuan annually, with a projected 7.5% increase in equalization transfer payments and basic financial guarantee funds for counties in 2025 [5][6]. Group 3: Implementation Timing - The government aims to accelerate the disbursement of funds to facilitate actual expenditures and physical work volume [2][7]. - There will be a proactive approach to issuing new local government debt limits to support major project construction and stabilize investment and the economy [7]. Group 4: Addressing Local Fiscal Challenges - The central government has highlighted the importance of addressing local fiscal difficulties, which have been exacerbated by economic downturns and rising rigid expenditures [4][5]. - Measures will be taken to enhance local governments' revenue through legal taxation and revitalizing existing assets [5]. Group 5: Fiscal Discipline and Efficiency - The government will enforce stricter fiscal discipline, emphasizing the need for party and government agencies to reduce unnecessary expenditures [6]. - The implementation of zero-based budgeting reforms will continue to reshape fiscal expenditure patterns, directing more funds towards public welfare, technological innovation, and major national projects [6].