记者观察 | 同向发力打好组合拳 财政货币政策联动再深化

Core Viewpoint - The coordinated efforts of fiscal and monetary policies in China are aimed at boosting investment and consumption, ensuring a strong economic start for the year [1][2]. Group 1: Policy Coordination - The People's Bank of China (PBOC) announced a series of monetary policies, including structural interest rate cuts, while the Ministry of Finance introduced a package of fiscal policies to stimulate domestic demand [1]. - The alignment of fiscal and monetary policies reflects an improvement in macroeconomic governance and enhances the consistency and effectiveness of macro policies [1][2]. - The collaboration between fiscal and monetary policies has evolved from simple total coordination to deeper integration at the mechanism level, with the PBOC's re-lending tools complementing fiscal interest subsidy policies [2][3]. Group 2: Economic Impact - The synergy between fiscal and monetary policies has produced tangible results, creating a situation where the combined effect is greater than the sum of individual efforts [3]. - A favorable monetary environment supports the expansion of fiscal policy implementation space, reducing financing costs for households and businesses while alleviating fiscal interest payment pressures [3]. - The recent fiscal policies, including interest subsidies and guarantees, exemplify this collaborative approach, effectively lowering financing costs and sharing risks [3][4]. Group 3: Future Outlook - Looking ahead to 2026, the focus of fiscal and monetary policy coordination is expected to shift towards areas such as technological innovation and real estate inventory reduction [4]. - The PBOC is likely to normalize the buying and selling of government bonds to stabilize liquidity fluctuations caused by concentrated bond issuance [4][5]. - The collaboration will continue to leverage fiscal funds to attract more financial resources, supporting sectors like computing infrastructure, green development, and urban renewal [5].