财政金融协同发力 为提振内需注入强劲动能

Group 1 - The State Council, led by Premier Li Qiang, has initiated a package of policies to promote domestic demand through coordinated fiscal and financial measures, emphasizing the importance of these policies in driving effective demand and macroeconomic regulation [1] - The collaboration between fiscal and monetary policies is seen as essential for addressing the complexities of economic transformation and external shocks, with experts noting that traditional policy models are insufficient for the current economic landscape [1][2] - In 2025, the proactive fiscal policy is expected to accelerate government bond issuance, with net financing of government bonds reaching 11 trillion yuan in 2024 and anticipated increases in 2025, including 1.3 trillion yuan in special long-term bonds [2] Group 2 - The People's Bank of China (PBOC) has implemented a buyout reverse repurchase tool to support local government bond financing, which has positively impacted infrastructure investment growth in the first half of 2025 [3] - The collaboration between fiscal and monetary policies has led to effective communication and practice, enhancing the stability of market expectations and reducing government debt costs [3] - Policies aimed at boosting consumption and expanding domestic demand are being executed through coordinated efforts from both fiscal and monetary sides, with a focus on increasing the supply of high-quality services [4][5] Group 3 - The government is implementing measures to support private investment, including loan interest subsidies for small and micro enterprises and establishing risk-sharing mechanisms for private enterprise bonds [6] - The shift in credit allocation towards key sectors of the national economy is being guided by the PBOC, reflecting the ongoing economic transition away from reliance on real estate and infrastructure [6] - Structural monetary policy tools are being combined with fiscal subsidies to facilitate easier access to loans for quality enterprises, promoting credit market prosperity in targeted areas [6]