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]

Key Points - The core viewpoint of the article emphasizes the characteristics of fiscal policy during the "14th Five-Year Plan" period, highlighting its proactive and precise nature to support stable economic development [1][2][3][4] Group 1: Characteristics of Fiscal Policy - The fiscal policy has become more forceful, with the deficit ratio increasing from 2.7% to 3.8%, and further to 4% this year. Additionally, a new quota of 19.4 trillion yuan for local government special bonds has been arranged, along with over 1 trillion yuan in new tax reductions and deferrals [1] - The tools used in fiscal policy have become more diverse, employing government bonds, tax measures, fiscal subsidies, and special funds to enhance the synergy with other macro policies, thereby amplifying the policy multiplier effect [1] - The focus of fiscal policy has become more precise, addressing economic bottlenecks and challenges, such as a one-time arrangement of 6 trillion yuan in debt limit to replace hidden debts, significantly alleviating repayment pressure for local governments [1] Group 2: Flexibility and Future Outlook - The timing of policy implementation has become more flexible, with a focus on early execution and ensuring policies are effective as soon as possible [2] - There is a deepening understanding of the laws of fiscal macro-control, emphasizing the promotion of microeconomic circulation and the collaboration between fiscal and monetary policies [3] - The future fiscal policy space remains ample, with a solid foundation for fiscal operations and enhanced counter-cyclical adjustment capabilities, ensuring readiness for future challenges [4]

9月12日，国新办举行"高质量完成'十四五'规划"系列主题新闻发布会，请财政部部长蓝佛安介绍"十四 五"时期财政改革发展成效。 关于下一步财政政策、扩内需、化解存量隐性债务、保障和改善民生等热点问题，财政部有关负责人一 一回应。 财政部副部长廖岷在回答中国证券报记者提问时表示，过去几年，财政部积极开展国际财经合作，全力 服务元首外交，以务实的财金领域成果，有力拓展了我国高质量发展的国际新空间，在促进全球可持 续、包容发展方面，发挥着越来越重要的作用。 要 点速览 财政政策统筹考虑防风险和促发展，始终留有后手 加强对形势的前瞻研判做好政策储备 谈及财政宏观调控，蓝佛安介绍，"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。 蓝佛安表示，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。下 一步，财政部门将继续保持政策连续性稳定性，增强灵活性预见性，加强对形势的前瞻研判，做好政策 储备，主动靠前发力，为经济社会高质量发展贡献财政力量。 创新运用财税政策工具， ...

M1与M2"剪刀差"持续收窄。 从价格看，贷款利率保持在历史低位水平。8月份企业新发放贷款加权平均利率约为3.1%，比上年同期 低约40个基点；个人住房新发放贷款加权平均利率约为3.1%，比上年同期低约25个基点。 不过，观察金融支持实体经济情况的"全貌"不宜只看信贷单一渠道。近年来实体经济融资渠道越来越多 样化，企业债券、政府债券和非金融企业境内股票融资等直接融资占比稳步提升，相比于新增信贷，社 融规模、M2增速能更全面刻画金融总量情况。 9月12日，中国人民银行（简称"央行"）公布的8月信贷社融数据显示，前八个月人民币贷款增加13.46 万亿元，社会融资规模增量26.56万亿元。截至8月末，反映资金活化程度的M1（狭义货币）与M2（广 义货币）"剪刀差"较上月进一步收窄至2.8%，是2021年6月以来最低值。 值得注意的是，截至8月末，反映金融支持实体经济力度的两大重要金融总量指标——社会融资存量增 速、广义货币（M2）增速均保持高增，且增速均为8.8%。 权威专家表示，无论是反映宽货币的M2，还是反映宽信用的社融规模，同比增速均保持在8%—9%之 间，说明金融总量是比较宽松的，对实体经济的支持力度已经很 ...

Group 1: US Economic Indicators - August non-farm employment data was weaker than expected, with previous months' employment figures revised down[1] - The unemployment rate remains stable due to a significant increase in household survey employment, but the job market shows signs of prolonged weakness[1] - Inflation indicators show a mild increase in overall CPI, but the super core CPI excluding housing and used cars has slowed down, raising concerns[1] Group 2: European Economic Outlook - The European Central Bank (ECB) maintained its current policy stance, showing confidence in future inflation and economic growth in the Eurozone[1] - Market expectations for another rate cut before mid-2026 have dropped below 50%[1] Group 3: Domestic Economic Conditions - August export growth declined year-on-year due to a high base effect from last year, with exports to non-US countries outperforming those to the US[4] - PPI year-on-year growth has narrowed due to low base effects and "anti-involution" policies, while CPI growth is significantly impacted by food and energy prices[4] - The Ministry of Finance plans to implement more proactive fiscal policies to strengthen domestic circulation and enhance fiscal-financial coordination[4] Group 4: Market Trends and Prices - Real estate transactions remain sluggish, while wholesale prices of agricultural products have rebounded[4] - Steel prices are stable, cement prices have slightly increased, and coal prices have decreased, while non-ferrous metal prices have risen[4]

"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%；创造性发行使用超长期特别国债， 用于"两重""两新"；一次性安排6万亿元债务限额置换存量隐性债务，帮助地方极大减轻偿债压力，腾 出财力用于保民生、促发展…… 作为宏观调控的主要手段，"十四五"以来，财政政策始终保持积极取向，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。 新华社北京9月12日电（记者申铖、刘开雄）财政部部长蓝佛安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，"十四五"时期，国家财政实力持续增强，效能不断提升，财政作 为国家治理基础和重要支柱的作用进一步凸显。 "国家财政实力大大增强，集中财力办成许多大事要事。"蓝佛安说，一方面，收入"蛋糕"越来越 大。"十四五"时期，全国一般公共预算收入预计达到106万亿元，比"十三五"时期增加17万亿元，增长 约19%。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。 另一方面，支出强度前所未有。全国一般公共预算支出五年预计超过136万亿元，比"十三五 ...

Core Viewpoint - The Chinese government is implementing a more proactive fiscal policy during the "14th Five-Year Plan" period to stabilize and promote economic growth, with a focus on enhancing the adaptability of fiscal policies to economic conditions [1][2][3]. Group 1: Fiscal Policy Characteristics - The fiscal macro-control during the "14th Five-Year Plan" has four key characteristics: increased strength, richer tools, more precise implementation, and greater flexibility in timing [3]. - The fiscal policy has shifted from being merely proactive to being more actively engaged, which is crucial for supporting stable and healthy economic development [1][3]. Group 2: Economic Cycle Management - The goal of macroeconomic regulation is to smooth out economic cycles, preventing significant fluctuations that could waste resources and impact social welfare [2]. - Cross-cycle regulation is increasingly important for finding new growth drivers for medium- to long-term development, especially in the context of China's evolving economic landscape [2]. Group 3: Coordination of Policies - Effective fiscal macro-control requires the coordination of fiscal and monetary policies, which enhances the overall effectiveness of macroeconomic governance [4]. - The issuance of 500 billion yuan in special government bonds is an example of fiscal and monetary policy collaboration, expected to leverage approximately 6 trillion yuan in credit [4]. Group 4: Fiscal Space and Debt Management - China's fiscal policy still has significant room for maneuver, with the fiscal deficit rate increasing from 2.7% to 4% during the "14th Five-Year Plan," allowing for greater fiscal policy space [4]. - The government debt ratio in China is projected to be 68.7% by the end of 2024, significantly lower than the G20 average of 118.2% and the G7 average of 123.2%, indicating potential for further fiscal expansion [4]. Group 5: Long-term Economic Outlook - The long-term positive trend of the Chinese economy remains intact, supported by a vast market, which is expected to lead to increased fiscal revenues and enhanced fiscal strength [5]. - The ability to utilize fiscal policy effectively is improving, with a growing toolbox for macro-control, indicating a more forward-looking and targeted approach to fiscal policy [5][6].

Core Viewpoint - The article discusses the achievements and future directions of China's fiscal policy during the "14th Five-Year Plan" period, emphasizing the strengthening of fiscal capabilities, proactive macroeconomic adjustments, and a focus on improving people's livelihoods [3][4][5][6][10]. Group 1: Fiscal Strength and Achievements - National fiscal strength has significantly increased, with general public budget revenue expected to reach 106 trillion yuan, a 19% increase from the "13th Five-Year Plan" period [4]. - General public budget expenditure is projected to exceed 136 trillion yuan, marking a 24% increase, with a focus on optimizing the structure to support major development and livelihood projects [4]. - The fiscal policy has been actively adjusted to enhance economic stability, contributing to an average growth rate of 5.5% over the past four years, with a 30% contribution to global economic growth [5]. Group 2: Focus on People's Livelihoods - The fiscal budget allocates significant resources to education (20.5 trillion yuan), social security and employment (19.6 trillion yuan), healthcare (10.6 trillion yuan), and housing security (4 trillion yuan), totaling nearly 100 trillion yuan for livelihood investments [6]. - Initiatives such as 1 billion yuan for childcare subsidies and 200 million yuan for free preschool education demonstrate a commitment to addressing public concerns [6]. Group 3: Risk Management and Reform - The government has implemented measures to manage local government debt, with nearly 50 trillion yuan allocated for transfers to local governments, ensuring stable fiscal operations [6][8]. - Fiscal reforms focus on optimizing resource allocation, enhancing efficiency, and clarifying responsibilities between central and local governments [7][16]. Group 4: International Cooperation and Global Engagement - The Ministry of Finance is actively involved in international financial cooperation, participating in over 26 multilateral and bilateral financial dialogue mechanisms, and promoting global economic governance reforms [8][42]. - The Asian Infrastructure Investment Bank has reached 110 members and financed over 60 billion USD, showcasing China's commitment to global inclusive development [8]. Group 5: Future Directions - The Ministry of Finance aims to enhance macroeconomic regulation, deepen fiscal reforms, and improve fiscal management to support the goal of building a modern socialist country [9][10]. - The focus will be on expanding domestic demand, supporting technological self-reliance, and ensuring the sustainability of poverty alleviation efforts [20][23][38].

作为宏观调控的主要手段，"十四五"以来，财政政策始终保持积极取向，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。 新华社北京9月12日电（记者申铖、刘开雄）财政部部长蓝佛安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，"十四五"时期，国家财政实力持续增强，效能不断提升，财政作 为国家治理基础和重要支柱的作用进一步凸显。 "国家财政实力大大增强，集中财力办成许多大事要事。"蓝佛安说，一方面，收入"蛋糕"越来越 大。"十四五"时期，全国一般公共预算收入预计达到106万亿元，比"十三五"时期增加17万亿元，增长 约19%。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。 另一方面，支出强度前所未有。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，增长24%。同时，结构不断优化，更多"真金白银"投向了发展大事和民生实事。 与此同时，"十四五"时期，财政宏观调控更加积极有为，推动经济实现质的有效提升和量的合理增长。 "十四五"以来，赤字率从2.7%提 ...

今天下午，国务院新闻办公室举行"高质量完成'十四五'规划"系列主题新闻发布会。 财政部部长蓝佛安介绍，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"时期，财政宏观调控实现了很 多新的突破。 财政部部长蓝佛安介绍，在这一过程中，对财政宏观调控的规律性认识也在逐步深化。 "十四五"以来，财政政策始终保持积极取向，成为推动经济平稳健康发展的重要力量。 力度上更加给力。"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。 财政政策工具更加丰富。综合运用政府债券、税收、财政贴息、专项资金等工具，强化与其他宏观政策协同，放大政策乘数效应。比如，创造 性发行使用超长期特别国债，用于"两重""两新"，支持全方位扩大内需。 财政政策聚焦畅通经济循环，发力上更加精准。比如，一次性安排6万亿元债务限额置换存量隐性债务，帮助地方极大减轻偿债压力，腾出财 力用于保民生、促发展。 财政政策出台时机更加灵活。抓住时间窗口，确保早落地、早见效。 再比如，加强财政与货币等政策协同，形成 ...