整治“内卷”稳收入 财政政策着力“投资于人”

Core Viewpoint - The fiscal policy for the second half of the year will continue to follow a theme of "more proactive, more precise, and more sustainable" measures aimed at boosting consumption and investing in human capital [1][10]. Group 1: Fiscal Policy Direction - Recent actions by fiscal authorities indicate a shift towards "investing in people," with a focus on enhancing tax fairness and addressing "involution" in competition [1][3]. - The increase in public budget revenue in July, the highest year-to-date, is attributed to the effectiveness of "anti-involution" policies, which have improved corporate profits and tax revenues [3][4]. - The restoration of VAT on interest from government bonds aims to create a fairer tax environment and guide funds towards credit bond markets [3][4]. Group 2: Investment in Human Capital - There has been a noticeable increase in public budget expenditures on social security, health, and cultural sectors, reflecting a clear shift towards "investing in people" [6][7]. - New fiscal policies, including direct subsidies for childcare and support for personal consumption loans, are designed to alleviate the financial burden on families and stimulate consumer demand [7][8]. - The introduction of new policy financial tools, with an initial scale of 500 billion yuan, is expected to boost infrastructure investment by approximately 2 percentage points this year [8]. Group 3: Future Measures - Experts anticipate that the fiscal policy will implement additional measures to alleviate employment pressure among youth and enhance social security systems [10][11]. - Future fiscal strategies may include providing financial subsidies for consumer spending in areas such as green appliances and education, as well as promoting tourism and elderly care services [11].