Group 1 - The core viewpoint emphasizes that the government is significantly increasing its fiscal investment in people's livelihoods during the "14th Five-Year Plan" period, with nearly 100 trillion yuan allocated, accounting for over 70% of the national general public budget expenditure [1] - The national general public budget revenue is expected to reach 106 trillion yuan during the "14th Five-Year Plan," an increase of 17 trillion yuan or approximately 19% compared to the "13th Five-Year Plan" [1] - The total expenditure is projected to exceed 136 trillion yuan, marking an increase of 26 trillion yuan or 24% from the previous five-year period, with a focus on optimizing the structure of spending [1] Group 2 - The government debt total is projected to be 92.6 trillion yuan by the end of 2024, with a debt-to-GDP ratio of 68.7%, which is considered reasonable compared to G20 and G7 averages [2] - The government debt is backed by substantial quality assets, indicating that the overall risk is manageable [2] Group 3 - The government aims to enhance the quality of life for citizens, with a focus on expanding social security systems, which currently cover over 1.07 billion people in basic pension insurance and 1.327 billion in basic medical insurance [3] - Financial assistance for residents' medical insurance will increase from 580 yuan to 700 yuan per person per year during the "14th Five-Year Plan" [3] - The government is also addressing public service gaps in rural areas, achieving significant improvements in infrastructure and service coverage [3] Group 4 - The national fiscal education expenditure is expected to remain above 4% of GDP, with significant improvements in education access and quality, including a 95.9% consolidation rate for compulsory education by 2024 [4] - The government emphasizes the need for continuous efforts to improve people's welfare, aligning fiscal investments with public needs [4] Group 5 - The government is implementing fiscal policies to stimulate domestic demand, with a focus on employment and consumption, including a 29% increase in employment subsidy funding to 318.6 billion yuan [5] - Approximately 4.2 trillion yuan has been allocated to stimulate consumption, resulting in over 2.9 trillion yuan in sales [5] - The government has arranged over 19.4 trillion yuan in special bonds to support infrastructure projects, enhancing social investment [5] Group 6 - The government recognizes the potential for significant investment demand driven by new industrialization and urbanization, aiming to leverage fiscal tools to stimulate consumption and investment [6]

● 本报记者 彭扬 浙江省义乌市某圣诞用品加工企业表示，当前属于圣诞订单旺季，企业积极开拓东南亚、南美洲等新兴 市场，在企业谋求转向多元化经营的关键时点，融资需求得到充分满足，经营韧性进一步增强。 另一方面，从个人部门看，个人贷款增长也有提振。8月是传统暑期消费旺季，个人消费需求的内生增 长叠加"以旧换新"等提振消费政策的外生推动，消费需求得到进一步释放，贷款需求也有所上升。 尤其是8月以来，北京、上海、深圳等地相继出台一揽子房地产调控政策，包括放松非核心区域限购要 求、调整个人住房信贷政策等，更好地满足刚性和多样化改善性住房需求。（下转A02版） （上接A01版）上海市房管局数据显示，"沪六条"楼市新政出台仅一周，上海房地产成交量较政策调整 前显著增长，推动8月商品住房成交量实现环比由负转正。当地银行反映，按揭贷款咨询和签约单量明 显增长。 中国人民银行9月12日发布的金融数据显示，8月末，广义货币（M2）、社会融资规模增速均保持在较 高水平，为经济持续回升向好创造适宜的货币金融环境。 专家表示，后续宏观政策将保持连续性和稳定性，适度宽松的货币政策仍将保持对实体经济较强的支持 力度，财政政策也将积极发力，推 ...

Core Insights - The fiscal strength of the country has significantly increased since the "14th Five-Year Plan," with a notable enhancement in the structure of fiscal expenditures and proactive macroeconomic regulation [1][2] - The total public budget revenue is expected to reach 106 trillion yuan, an increase of 17 trillion yuan or approximately 19% compared to the "13th Five-Year Plan" [1] - The total public budget expenditure is projected to exceed 136 trillion yuan, marking an increase of 26 trillion yuan or 24% compared to the previous five-year period [1] Fiscal Policy and Economic Growth - Fiscal policy has shifted from active to more proactive, becoming a crucial support for stable economic growth, with an average growth rate of 5.5% over the past four years [2] - The deficit ratio has increased from 2.7% to 3.8%, with a further rise to 4% this year, and new local government special bond quotas amounting to 19.4 trillion yuan have been arranged [2] - Over 10 trillion yuan in tax reductions and deferred payments have been implemented, expanding fiscal policy space [2] Focus on Domestic Demand - The Ministry of Finance aims to innovate fiscal and tax policy tools to stimulate consumption and expand effective investment, tapping into the potential of domestic demand [3] Social Welfare Investments - More than 70% of the national public budget expenditure is allocated to social welfare, with significant investments in education (20.5 trillion yuan), social security and employment (19.6 trillion yuan), health (10.6 trillion yuan), and housing security (4 trillion yuan) [4] - The central government has arranged nearly 50 trillion yuan in transfer payments to local governments over five years to strengthen financial support [5] Debt Management - The Ministry of Finance has effectively managed existing debt and curbed new debt, leading to a gradual reduction in hidden debt risks [7] - As of the end of August this year, 4 trillion yuan of the newly increased 6 trillion yuan special debt limit has been issued, with an average interest cost reduction of over 2.5 percentage points [8] - The total government debt is projected to be 92.6 trillion yuan by the end of 2024, with a debt-to-GDP ratio of 68.7%, indicating that the overall government debt level is within a reasonable range [8]

◎记者 李苑 财政部部长蓝佛安9月12日在国新办举行的"高质量完成'十四五'规划"系列主题新闻发布会上表示，财 政政策统筹考虑防风险和促发展，始终留有后手，未来财政政策发力空间依然充足。 创新运用财税政策工具，开发好内需这座"富矿" "十四五"时期，财政部认真落实扩大内需战略，从供需两侧协同发力，打出一系列"组合拳"，推动消费 和投资良性互动，更好发挥内需的主动力和稳定锚作用，增强高质量发展内生动力。 比如，大力支持消费品以旧换新。截至今年8月底，国家财政一共拿出约4200亿元，带动各类商品销售 额超2.9万亿元。安排专项资金，支持开展县域商业建设行动，引导释放乡村消费潜能，"十四五"以 来，乡村消费品零售额增长了24%。 为了扩大有效投资，财政部这两年安排超长期特别国债1.5万亿元，推进"两重"建设。五年来，共安排 地方政府专项债券19.4万亿元，支持建设项目15万个；安排中央预算内投资3.33万亿元，支持水利、交 通等基础设施建设。 "下一步，我们将按照党中央、国务院决策部署，创新运用财税政策工具，激发有潜能的消费，扩大有 效益的投资，开发好内需这座'富矿'，发挥好牵引力作用，为高质量发展添动能、增活力。 ...

本报记者 刘琪 9月12日，中国人民银行发布8月份金融数据。数据显示，8月末，广义货币（M2）余额331.98万亿元，同比增长8.8%；人 民币贷款余额269.1万亿元，同比增长6.8%；社会融资规模存量为433.66万亿元，同比增长8.8%。 "8月末，社会融资规模和M2同比增速仍保持较高水平，与经济增长和价格总水平预期目标相匹配并略高一些，体现了适 度宽松的货币政策取向。"有业内专家在接受《证券日报》记者采访时表示，下半年宏观政策将保持连续性和稳定性，适度宽 松的货币政策仍保持对实体经济较强的支持力度，财政政策也在积极发力，有助于推动经济进一步回升向好。 个人贷款增长有所提振 数据显示，前8个月人民币贷款增加13.46万亿元。从8月份来看，当月人民币贷款增加5900亿元。其中，住户贷款增加303 亿元，企（事）业单位贷款增加5900亿元。 据业内专家分析，财政政策发力增多、社融和贷款均保持合理增长，对M2增速起到一定支撑作用。此外，去年同期M2基 数较低，也为当前M2增速保持较高读数创造了条件。 此外，8月末，狭义货币供应量M1余额111.23万亿元，同比增长6%，比7月末加快0.4个百分点。M1增速上行 ...

Group 1 - Fiscal policy remains a key macroeconomic tool, balancing demand expansion and structural adjustment since the start of the 14th Five-Year Plan [1] - The Minister of Finance, Lan Fo'an, indicated that there is still ample room for fiscal policy to act in the future, with a focus on risk prevention and development promotion [1][2] - The overall fiscal strength of the country is increasing, with public budget revenue expected to reach 106 trillion yuan during the 14th Five-Year Plan, a 19% increase from the previous plan [2] Group 2 - The total public budget expenditure during the 14th Five-Year Plan is projected to exceed 136 trillion yuan, marking a 24% increase compared to the 13th Five-Year Plan [2] - Central government transfers to local governments are expected to approach 50 trillion yuan over five years, with annual transfers exceeding 10 trillion yuan in recent years [2] - The macroeconomic policies have effectively supported economic growth, with GDP reaching 66.05 trillion yuan in the first half of the year, reflecting a 5.3% year-on-year increase [3]

Core Viewpoint - The "14th Five-Year Plan" period has seen significant growth in China's fiscal strength, with a focus on enhancing macroeconomic regulation and promoting quality economic development through active fiscal policies [2][4]. Fiscal Revenue and Expenditure - National general public budget revenue is expected to reach 106 trillion yuan, an increase of 17 trillion yuan or approximately 19% compared to the "13th Five-Year Plan" period [1] - National general public budget expenditure is projected to exceed 136 trillion yuan, an increase of 26 trillion yuan or 24% compared to the "13th Five-Year Plan" period [1] - Total fiscal investment in people's livelihood during this period is nearly 100 trillion yuan, with significant allocations for education, social security, health, and housing [1] Fiscal Policy and Economic Strategy - The fiscal policy has maintained an active orientation, focusing on expanding domestic demand, benefiting people's livelihoods, and supporting technological innovation [2][3] - The deficit ratio has increased from 2.7% to 3.8%, with a further increase to 4% planned for this year [2] - A total of 11.86 trillion yuan in government bonds has been issued, marking a historical high [2] Debt Management and Risk Mitigation - A comprehensive debt reduction initiative was launched, involving 12 trillion yuan in measures to address local government debt [5] - By mid-2025, over 60% of financing platforms have exited, indicating a significant reduction in hidden debts [5] - The total government debt is projected to be 92.6 trillion yuan, with a debt-to-GDP ratio of 68.7%, which is considered manageable compared to G20 and G7 averages [6] Future Outlook - The government aims to establish a debt management mechanism that aligns with high-quality development, ensuring sustainable debt practices [7] - Continued efforts will be made to enhance transparency in debt management and prevent the accumulation of new hidden debts [7]

中国财长：未来财政政策发力空间依然充足 中新社北京9月12日电 (记者 赵建华)中国财政部部长蓝佛安12日在北京强调，财政政策统筹考虑防风险 和促发展，始终留有后手，未来财政政策发力空间依然充足。 当天在国务院新闻办公室举行的发布会上，蓝佛安介绍，中国财政收入"蛋糕"越来越大，支出强度前所 未有。"十四五"时期，全国一般公共预算收入预计达到106万亿元(人民币，下同)，比"十三五"时期增加 17万亿元。地方财政实力稳步壮大，从2024年数据看，16个省份财政收入比2020年增长20%以上；7个 省份超5000亿元，其中2个省份超1万亿元。全国一般公共预算支出五年预计超过136万亿元，比"十三 五"时期增加26万亿元。 蓝佛安表示，财政政策作为宏观调控主要手段，具有扩大总需求和定向调结构的双重优势。"十四五"以 来，财政政策始终保持积极取向，力度更加给力，工具更加丰富，发力更加精准，时机更加灵活。其中 包括： "十四五"以来，赤字率从2.7%提高到3.8%，今年进一步提高到4%；安排新增地方政府专项债券额度 19.4万亿元；新增减税降费及退税缓税缓费超10万亿元，财政政策空间进一步打开。综合运用政府债 券、税收 ...

杨志勇（中国财政科学研究院院长、研究员） "十四五"时期，财政政策与货币政策等协同作用，宏观调控效果显著。"十四五"已经过去的4年，年均 增速5.5%，为世界经济增长贡献率保持在30%左右。 9月12日，国新办举行新闻发布会，财政部部长蓝佛安介绍"十四五"时期财政改革发展成就。在发布会 上，蓝佛安部长专门就财政宏观调控作了介绍。 蓝佛安部长概括了"十四五"时期财政宏观调控的四个特点，即力度上更加给力、工具上更加丰富、发力 上更加精准、时机上更加灵活。这是对"十四五"财政宏观调控实践的总结。这个总结也显示了各方对财 政宏观调控的规律性认识逐步深化。财政宏观调控总体要稳，同时也要保持针对性灵活性。现实千变万 化，特别是外部因素不确定性增加，如果仅仅固守既有的调控做法，那么宏观调控就可能贻误良机。财 政政策就是要因时因势而动。当前全球科技革命和产业变革加速演进，对世界经济的影响不断加深，经 济运行态势都在发生变化，财政宏观调控也必须有相应的创新。 去年9月底，增量财政政策的出台极大地提升了市场信心，有力推动经济企稳回升。今年我国实施更加 积极的财政政策，增量财政政策和存量财政政策接续发力，更加积极的财政政策持续发力 ...

Group 1 - As of the end of August 2025, China's social financing scale reached 433.66 trillion yuan, reflecting a year-on-year growth of 8.8% [1] - The balance of RMB loans issued to the real economy was 265.42 trillion yuan, with a year-on-year increase of 6.6% [1] - The cumulative increase in social financing for the first eight months of 2025 was 26.56 trillion yuan, which is 4.66 trillion yuan more than the same period last year [1] Group 2 - The chief economist of China Minsheng Bank, Wen Bin, noted that the combination of more proactive fiscal policies and moderately loose monetary policies has supported the growth of social financing [1] - The scale of social financing that includes government bonds has become a leading indicator for the recovery of the Chinese economy [1] - Direct financing, primarily through government and corporate bonds, has been growing faster than credit financing, indicating a shift in the financing structure that aligns better with economic transformation [1] Group 3 - Looking ahead, the fourth quarter is crucial for achieving the annual and "14th Five-Year" economic targets, with expectations for new policies to be introduced [2] - Key sectors such as infrastructure and real estate are anticipated to receive more favorable policies, especially with the continued growth of government bond issuance [2] - Financial data is expected to improve, supported by factors like the "Golden September and Silver October" in real estate [2]