钟才平： 发挥政策集成效应，提升宏观经济治理效能

Group 1: Macroeconomic Policy Overview - The macroeconomic policy is crucial for maintaining stable economic operations and advancing high-quality development in China [1] - In 2025, China will implement a more proactive fiscal policy and a moderately loose monetary policy for the first time in 14 years, which will significantly support economic recovery [1] - The 2026 macroeconomic policy will focus on stability and progress, enhancing quality and efficiency while integrating existing and new policies [1] Group 2: Fiscal Policy - The fiscal policy in 2025 will increase the deficit ratio, issue larger government bonds, and enhance transfer payments to local governments to support growth and risk prevention [2] - There is a need to address local fiscal difficulties by establishing mechanisms for increasing revenue and reducing expenditure, ensuring the sustainability of fiscal policies [2] - The national public budget expenditure is projected to reach 29.7 trillion yuan in 2025, with 10.3 trillion yuan allocated for transfers to local governments [3] Group 3: Monetary Policy - The monetary policy in 2025 will include timely reductions in reserve requirements and interest rates, providing 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 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 financial system health [4] Group 4: Policy Coordination and Effectiveness - The effectiveness of macroeconomic policies relies on precise implementation and coordination between fiscal and monetary policies, as well as between various reform measures [5][6] - There is a need to enhance the consistency and effectiveness of macroeconomic policies to avoid conflicts and ensure that policies work synergistically [5][6] - Strengthening the management of expectations and improving communication about economic policies will be essential for boosting social confidence [6]