投资于人：今年中央财政支持的重点

Group 1: Central Government Bond Issuance - In 2025, the issuance of ordinary bonds is planned at CNY 48,600 billion, an increase of CNY 15,200 billion year-on-year[15] - The issuance of special bonds is planned at CNY 18,000 billion, an increase of CNY 8,000 billion year-on-year[15] - Central government expenditure is expected to reach CNY 17.1 trillion in 2025, with a year-on-year increase of over CNY 1.4 trillion[15] Group 2: Allocation of Bond Proceeds - Special bonds will support state-owned banks with CNY 5,000 billion, consumption upgrades with CNY 1,500 billion, "two重" project construction with CNY 1,000 billion, and equipment updates with CNY 500 billion[18] - A new structural monetary policy tool is expected to support eight key areas, with a projected scale of CNY 5,000 billion in the fourth quarter of 2025[18] Group 3: Public Budget Expenditure - Central public budget expenditure is expected to increase by CNY 2,825 billion in 2025, with defense spending, debt interest payments, and science and technology spending expected to grow by CNY 1,195 billion, CNY 772 billion, and CNY 362 billion respectively[21] - Central government transfer payments to local governments are projected to exceed CNY 1,100 billion in 2025, focusing on improving public services and social welfare[24] Group 4: Risk Considerations - There may be inaccuracies in estimating the scale of local debt support projects and the fiscal matching scale for recent central policies[3] - Adjustments to the central fiscal budget for 2025 may occur in the future[3]