杨志勇：推动更加积极的财政政策精准增效

Core Viewpoint - The article emphasizes the importance of implementing a more proactive fiscal policy to stimulate economic growth and optimize structural adjustments in response to current economic challenges and uncertainties [1][4]. Group 1: Fiscal Policy Implementation - In 2025, China implemented a more proactive fiscal policy, significantly contributing to achieving economic and social development goals [2]. - The national general public budget expenditure for 2025 reached 29.7 trillion yuan, an increase of 1.2 trillion yuan from the previous year, indicating a clear expansionary fiscal policy [2]. - The fiscal deficit rate increased from 3% to around 4%, with the fiscal deficit scale reaching 5.66 trillion yuan, up by 1.6 trillion yuan from the previous year, signaling strong policy expansion [2]. Group 2: Expenditure Structure Optimization - The fiscal policy focused on enhancing the precision of fund allocation, prioritizing livelihood improvements, consumption promotion, and long-term economic resilience [3]. - Over 70% of fiscal expenditure was directed towards social welfare, ensuring basic needs are met [3]. - Increased support for scientific and technological research was directed towards foundational and strategic tasks, fostering opportunities for emerging industries [3]. Group 3: Macroeconomic Policy Continuity - The article highlights the need for continuous macroeconomic policies to address both old and new challenges in economic development, including external uncertainties and domestic structural changes [4]. - The focus is on balancing supply and demand, enhancing consumer confidence, and addressing mismatches in the market [5]. Group 4: Enhancing Domestic Demand - The central economic work conference identified "domestic demand as the main driver" as a key task for 2026, emphasizing the role of fiscal policy in expanding domestic demand and facilitating economic circulation [5]. - Structural issues in consumer demand, such as supply shortages and insufficient purchasing power, need to be addressed through fiscal measures [5]. Group 5: Financial Coordination - The article stresses the importance of coordination between fiscal and monetary policies to maximize policy effectiveness and ensure a supportive financial environment for proactive fiscal measures [9]. - The need for a healthy development of the national debt market and a well-structured yield curve is highlighted to enhance the synergy between fiscal and monetary policies [9]. Group 6: Fiscal Management Reform - Continuous reform in fiscal management is necessary to improve the efficiency of fiscal policies, focusing on the entire process from fund collection to performance evaluation [10]. - The article advocates for a systematic approach to fiscal management, ensuring accountability and efficiency in the use of public funds [10].