Fiscal Policy Insights - In 2025, the fiscal financing scale reached a historical high, with net government financing amounting to CNY 14.36 trillion, accounting for an estimated 10.2% of GDP[1] - The general public budget deficit reached CNY 56,600 billion, an increase of CNY 16,000 billion from 2024, marking a deficit ratio of 4% for the first time[12] - General fiscal expenditure grew by 7.9% year-on-year in the first three quarters of 2025, indicating a high expenditure intensity compared to previous years[15] Monetary Policy Insights - The central bank maintained a "moderately loose" monetary policy in 2025, with the R007 average rate around 1.50%, reflecting a low interest rate environment[25] - The frequency and magnitude of interest rate cuts in 2025 were more cautious than in 2024, with only one reduction of 10 basis points for the 7-day reverse repurchase rate[28] - Social financing growth showed a "front high and back stable" trend, with a year-on-year increase of 9.0% in July 2025, before gradually declining to 8.5% by October[30] Policy Coordination - The central bank's adjustment of government bond trading operations in 2025 demonstrated a flexible response to market changes, enhancing the overall effectiveness of fiscal and monetary policies[2] - Fiscal injections into commercial banks were aimed at stabilizing their capital adequacy ratios, with CNY 5,000 billion allocated for this purpose in 2025[43] - The government emphasized the need for fiscal policy to support economic growth and structural transformation, with a projected deficit rate of around 4% for 2026[3]
2026年展望报告系列之二：2026年：财政货币政策展望
Shenwan Hongyuan Securities·2025-12-02 10:36