积极的财政政策持续发力，护航“十五五”及城投转型

Fiscal Policy and Economic Support - The Chinese government will implement a more proactive fiscal policy in 2025, focusing on increasing total fiscal input, optimizing structure, improving efficiency, and enhancing economic momentum[4] - In 2025, the general public budget revenue is projected to be CNY 20,051.6 billion, a year-on-year increase of 0.8%, with tax revenue at CNY 16,481.4 billion, up 1.8%[5] - The total public budget expenditure for 2025 is expected to reach CNY 24,853.8 billion, reflecting a 1.4% year-on-year growth, with key areas like social security and employment, science and technology, education, and health accounting for 42.71% of the expenditure[5] Debt Management and Local Government Bonds - In 2025, the new government debt scale is set at CNY 11.86 trillion, an increase of CNY 2.9 trillion from the previous year, significantly higher than the average levels of recent years[6] - Local government bond issuance reached a record high of CNY 10.29 trillion in 2025, a year-on-year increase of 5.26%[7] - By the end of 2025, the local government debt balance is projected to be CNY 54.61 trillion, a 15.37% increase from the previous year, with a government debt ratio of 38.96%, up 3.87 percentage points[7] Support for Urban Investment and Infrastructure - The fiscal policy aims to support urban investment enterprises in participating in public infrastructure and technological innovation projects, facilitating their transformation[4] - The issuance of special bonds for urban infrastructure projects is expected to accelerate, with a focus on urban infrastructure, transportation, and industrial parks[7] - The government will continue to promote the issuance of ultra-long-term special bonds to support major national strategies and key areas, enhancing investment and consumption[8] Risk Management and Financial Stability - The implementation of a comprehensive debt management policy has led to a reduction in the average interest cost of local government debt by over 2.5 percentage points, saving more than CNY 450 billion in interest expenses[11] - The overall government debt level is projected to be CNY 92.6 trillion by the end of 2024, with local government hidden debt at CNY 10.5 trillion, maintaining a reasonable debt ratio of 68.7%[11] - The proactive fiscal measures are expected to create favorable conditions for urban investment enterprises to manage risks and optimize their financial structures[10]