支撑“十五五”高质量发展，财政、货币政策新提法释放新信号

Core Viewpoint - The "15th Five-Year Plan" emphasizes high-quality development without setting explicit economic growth targets, focusing instead on enhancing domestic consumption and ensuring sustainable fiscal and monetary policies [3][5][6]. Fiscal Policy - The "15th Five-Year Plan" suggests a shift towards a more sustainable fiscal policy, emphasizing the importance of active fiscal measures while ensuring fiscal sustainability [5][6]. - In the first three quarters of this year, China's general public budget revenue was 163.876 billion yuan, a year-on-year increase of 0.5%, while expenditure was 208.064 billion yuan, up 3.1% [5]. - The plan indicates a need for fiscal policy to support economic stability and new growth drivers, while managing debt effectively [6][7]. Monetary Policy - The plan prioritizes the improvement of the central banking system and the establishment of a comprehensive macro-prudential management framework [7][8]. - There is a focus on enhancing the transmission mechanism of monetary policy to better serve the real economy, with expectations of maintaining a moderately loose monetary policy [9][10]. - The central bank is expected to continue reforms to improve the efficiency of monetary policy transmission, addressing challenges in interest rate adjustments [9][10]. Consumer Spending - The plan highlights the importance of increasing the resident consumption rate, aiming to boost consumer spending through policy coordination and income enhancement [11][12]. - In the first three quarters, final consumption expenditure contributed 53.5% to economic growth, an increase of 9 percentage points compared to the previous year [12]. - Recent policies, such as the implementation of personal consumption loan interest subsidies, aim to lower borrowing costs and stimulate consumer demand [13][12]. Policy Implementation - The plan calls for the removal of unreasonable restrictions on consumption and the establishment of supportive measures for new consumption patterns [13][12]. - It emphasizes the need for precise policy delivery to enhance consumer confidence and reduce living burdens, thereby unlocking suppressed consumption potential [13][12].