【权威评论】钟才平：发挥政策集成效应，提升宏观经济治理效能

Group 1 - The core viewpoint emphasizes that macroeconomic policies are crucial for maintaining stable economic operations and advancing high-quality development in China [1] - In 2025, China will implement a more proactive fiscal policy for the first time in 14 years, alongside a moderately loose monetary policy, to support economic recovery [1] - The 2026 macroeconomic policy will focus on stability while seeking progress, enhancing quality and efficiency, and integrating existing and new policies to improve governance effectiveness [1] Group 2 - The proactive fiscal policy will include increased deficit rates, larger government bond issuance, and enhanced transfer payments to local governments to support growth, structural adjustments, 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 for 2025 is projected to reach 29.7 trillion yuan, with 10.3 trillion yuan allocated for transfers to local governments, highlighting the tight fiscal environment [3] Group 3 - The monetary policy in 2025 will involve timely reductions in reserve requirements and interest rates, providing a favorable financial environment for economic recovery [4] - The central economic work conference emphasizes the importance of stabilizing economic growth and ensuring reasonable price increases as key considerations for monetary policy [4] - A variety of monetary policy tools will be employed flexibly to support the real economy while maintaining financial system health [4] Group 4 - The effectiveness of macroeconomic policies relies on precise implementation, enhancing the financial service quality for key sectors such as domestic demand expansion and technological innovation [5] - There is a growing need to balance internal and external economic relationships, ensuring the stability of the RMB exchange rate [5] - The complexity of the current economic environment necessitates a coherent approach to policy-making to avoid conflicting effects and enhance market expectations [5] Group 5 - Strengthening policy coordination and consistency is essential to prevent issues like "composite fallacy" or "decomposition fallacy" in macroeconomic governance [6] - The integration of fiscal and monetary policies, along with reform measures, is crucial for achieving consistent macroeconomic policy outcomes [6] - Effective management of market expectations and timely communication with the public are vital for boosting social confidence in the economy [6]