从关键词读懂2025丨攥指成拳 政策“协同”巩固经济向好基础

Core Viewpoint - The article emphasizes the coordinated approach of fiscal and monetary policies in 2025, aiming to stabilize growth, expand domestic demand, and promote innovation amidst complex domestic and international changes [1][2]. Fiscal and Monetary Policies - Fiscal policy has shifted from "active" to "more active," with a deficit rate reaching approximately 4%, an increase of 1 percentage point from the previous year, and the issuance of 1.3 trillion yuan in ultra-long-term special government bonds and 4.4 trillion yuan in local government special bonds [2]. - Monetary policy has transitioned to a "moderately loose" stance for the first time in over a decade, including one reserve requirement ratio cut and interest rate reduction, alongside various tools to promote reasonable growth in financial totals [2]. - In the first eleven months, the total social financing scale increased by 33.39 trillion yuan, which is 3.99 trillion yuan more than the same period last year [2]. Debt Market Coordination - The coordination in the debt market is highlighted by a significant increase in net financing of various government bonds, supported by the central bank's liquidity injections, including a net liquidity provision of 4.9 trillion yuan, which is 4.2 trillion yuan more than last year [3]. - The central bank resumed open market operations for government bonds in October, indicating a stable liquidity environment [3]. Consumption Policies - Expanding domestic demand is a top priority for 2025, with various policies introduced throughout the year to enhance consumer capacity and stimulate consumption [4]. - Fiscal policies have included special funds and structural tax reductions, while financial policies have focused on lowering financing costs and supporting consumer credit [4]. - The combination of "subsidy + credit" has effectively amplified policy effects, with 300 billion yuan allocated for subsidies to support the replacement of consumer goods [5][6]. Industrial and Financial Integration - There is a strengthened coordination between industrial and financial policies, focusing on strategic emerging industries and promoting the integration of innovation and industrial chains [7]. - Policies have been introduced to support the financing needs of technology-driven enterprises, with the bond market for technology innovation reaching over 1.8 trillion yuan by the end of 2025 [7]. - The coordinated policies have enabled a systematic approach to technological innovation, supporting the entire chain from research and development to industrialization [8].