发挥政策集成效应，提升宏观经济治理效能

Core Viewpoint - The macroeconomic policy is crucial for maintaining stable economic operations and advancing high-quality development in China, with a focus on implementing more proactive fiscal and monetary policies in 2025 and 2026 [1] Fiscal Policy - In 2025, the fiscal policy will increase the deficit ratio and arrange a larger scale of government bonds, enhancing local transfer payments to support growth, structural adjustments, and risk prevention [2] - The fiscal expenditure for 2025 is projected to reach 29.7 trillion yuan, with central government transfers to local governments amounting to 10.3 trillion yuan, indicating significant fiscal pressure [3] - There is a need to address local fiscal difficulties by establishing mechanisms for increasing revenue and reducing expenditure, ensuring the basic financial security for grassroots services [2] Monetary Policy - The monetary policy in 2025 will adopt a flexible approach, including timely reductions in reserve requirements and interest rates to create a favorable financial environment for economic recovery [4] - The emphasis will be on maintaining liquidity and promoting low financing costs while addressing structural economic issues through targeted monetary policy tools [4] - A diverse toolbox of monetary policy instruments will be utilized to balance short-term and long-term goals, supporting the real economy while ensuring the health of the financial system [4] Policy Coordination - There is a strong emphasis on the need for precise and effective macroeconomic policies, focusing on enhancing the transmission mechanism of monetary policy and supporting key areas such as domestic demand and technological innovation [5] - The coordination of fiscal and monetary policies is essential to prevent inconsistencies that could undermine market expectations and policy effectiveness [6] - The government aims to strengthen the consistency and effectiveness of macro policies, ensuring that various measures work in concert to stabilize the economy [6]