同向发力打好组合拳 财政货币政策联动再深化

Core Viewpoint - The collaboration between fiscal and monetary policies in China has evolved from simple quantitative coordination to a deeper integration at the mechanism level, effectively supporting the real economy and directing financial resources towards key areas such as technological innovation [1][2]. Group 1: Policy Collaboration - The establishment of a joint working group by the Ministry of Finance and the People's Bank of China, along with multiple "re-lending + fiscal subsidy" policy combinations, has demonstrated a close collaboration between fiscal and monetary policies [1]. - The combination of fiscal policy's leverage and guidance with the ample liquidity released by monetary policy has resulted in a synergistic effect, achieving more than the sum of its parts [1][2]. - The use of government financing guarantees has helped alleviate financing difficulties for small and micro enterprises and the agricultural sector, showcasing the effectiveness of fiscal policy tools [2]. Group 2: Future Outlook - By 2026, the focus of fiscal and monetary policy collaboration is expected to center on areas such as technological innovation and real estate inventory reduction, with regular operations in government bond trading anticipated [3]. - The monetary policy will provide a suitable financial environment for fiscal efforts, while new policy financial tools will leverage fiscal funds to attract more financial resources for key sectors [3][4]. - The integration of fiscal and monetary policies will continue to enhance the effectiveness of funding directed towards small and micro enterprises, technological innovation, and consumer spending [4].