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财政部部长蓝佛安最新发声!
证券时报·2025-05-03 11:58

Core Viewpoint - The article emphasizes the need for a more proactive fiscal policy in China, as outlined by the Central Economic Work Conference, aiming for a deficit rate of 4% in 2023, the highest in recent years, to support economic growth and stability [1][15]. Policy Goals - The fiscal policy aims to integrate economic and social development goals, increase counter-cyclical adjustments, raise the deficit rate, and optimize expenditure structure while maintaining necessary spending intensity [15][16]. - The deficit scale is set at 5.66 trillion yuan, an increase of 1.6 trillion yuan from the previous year [15]. Tools Arrangement - The government plans to utilize various fiscal tools, including government bonds, fiscal subsidies, special funds, and tax incentives, to enhance policy coordination across fiscal, monetary, employment, industrial, and regional policies [16]. - A total of 11.86 trillion yuan in new government bonds will be issued, an increase of 2.9 trillion yuan from last year, to support investment and financial stability [16]. Focus Areas - The fiscal policy will target weak links in high-quality development and economic circulation, with increased support for education, science and technology, social security, and health care, all seeing budget increases of over 5% [2][16]. - Central government transfers to local governments will be increased to 10.34 trillion yuan, a year-on-year growth of 8.4%, enhancing local financial support [2][16]. Implementation Rhythm - The government emphasizes a proactive approach to policy implementation, ensuring timely execution of confirmed policies and preparing for new policies to align with market expectations [2][16]. Economic Context - The article highlights the challenges posed by external factors, such as the U.S. imposing "reciprocal tariffs," which necessitate a robust fiscal response to mitigate adverse impacts on China's economy [3][18]. - The fiscal policy is seen as a critical tool to counteract these external risks and support sustainable economic growth [3][18]. Achievements and Future Directions - The implementation of fiscal policies has already shown positive effects, with GDP growth of 5% in the previous year and a strong start to the current year [9][18]. - The government aims to further enhance fiscal policy effectiveness through reforms and improved management practices, focusing on high-quality development and addressing key economic challenges [17][20].