金观平：财政金融协同发力促内需

Core Viewpoint - The central economic work conference in 2025 emphasizes the implementation of a more proactive macro policy to enhance the foresight, targeting, and coordination of policies, focusing on expanding domestic demand and optimizing supply [1] Group 1: Policy Implementation - The State Council's recent meeting outlined a package of fiscal and financial policies aimed at promoting domestic demand, including optimizing service industry loans and personal consumption loan interest subsidies [1][2] - The combination of fiscal and financial policies is designed to create a multiplier effect, improving policy effectiveness and encouraging private capital participation [1][3] Group 2: Policy Optimization - Recent policies have been optimized based on market feedback, focusing on enhancing the quality and effectiveness of measures to expand domestic demand [2] - Specific optimizations include adjustments in support scope, subsidy standards, and implementation mechanisms for the "two new" policies [2] Group 3: Support for SMEs - The State Council's meeting highlighted the need for innovative policy tools to support private investment, including the establishment of a special guarantee plan for private investment and mechanisms to share risks for bonds issued by private enterprises [3] - These measures aim to lower financing costs for small and medium-sized enterprises (SMEs) and improve loan accessibility, thereby promoting employment stability, consumption, and investment [3] Group 4: Coordination and Execution - Effective implementation of the fiscal and financial policies requires enhanced collaboration between central and local governments, as well as financial management departments [3] - There is a focus on streamlining processes for loan institutions to provide precise and efficient financial services, ensuring that consumers and businesses benefit from policy incentives [3]