Core Viewpoint - The article emphasizes the importance of proactive fiscal policy in driving China's modernization and economic development, as outlined in the 20th Central Committee's Fourth Plenary Session [1]. Group 1: Achievements of Fiscal Policy - Since the new era, China's fiscal policy has been adjusted based on changing circumstances, leading to significant achievements, including a 24% increase in general public budget expenditure during the "14th Five-Year Plan" period, totaling over 136 trillion yuan [2]. - More than 70% of national fiscal expenditure is directed towards people's livelihoods, with nearly 10 trillion yuan allocated for social welfare over five years [2]. Group 2: Key Strategies for Fiscal Policy - Emphasis on coordinating counter-cyclical and cross-cyclical adjustments to address structural and deep-seated economic issues while enhancing long-term development potential [3]. - Focus on both supply-side and demand-side management, utilizing tax policies and government procurement to support the modern industrial system and stimulate consumption [3]. - Innovation in fiscal tools, such as the use of ultra-long special government bonds and fiscal subsidies, to enhance the effectiveness of fiscal policy [3]. - Strengthening policy coordination to ensure alignment with national development plans and enhance the overall effectiveness of fiscal measures [3]. Group 3: Goals for the "15th Five-Year Plan" Period - The "15th Five-Year Plan" period is critical for achieving socialist modernization, requiring effective responses to complex domestic and international challenges [4]. - Fiscal policies will focus on providing robust support for key strategic goals, ensuring adequate funding and resource allocation to high-quality development areas [5]. Group 4: Expanding Domestic Demand - The construction of a strong domestic market is a priority, with fiscal measures aimed at boosting consumption and effective investment [6]. - Strategies include enhancing consumer spending through subsidies and increasing long-term consumption capacity by improving income levels [6]. - Effective investment will be directed towards strategic projects that enhance overall productivity, with an emphasis on preventing inefficient investments [6]. Group 5: Fiscal Reform and Management - The need for a high-level socialist market economy requires a balance between market freedom and effective fiscal regulation [8]. - Focus on optimizing resource allocation and improving fiscal management through zero-based budgeting and enhancing the efficiency of fund usage [9]. - Emphasis on balancing efficiency and equity in tax policies to promote high-quality development and social fairness [9].

Group 1 - The State Council's meeting on November 14 discussed the implementation of "two重" construction, indicating ongoing support and funding for this initiative during the 14th Five-Year Plan period [2][3] - The "two重" construction is expected to be a key driver for effective investment and the cultivation of new productive forces, serving as a significant point of focus for proactive fiscal policy [2][3] - The meeting emphasized the importance of aligning project construction with funding disbursement, leveraging long-term loans and policy financing to attract more private capital [2][3] Group 2 - The meeting highlighted the need to enhance supply-demand adaptability to unleash consumption potential and facilitate economic circulation [4][5] - The focus on supply-side precision in response to consumption upgrades aims to create a virtuous cycle of "demand driving supply and supply creating demand," injecting endogenous momentum into economic growth [4][5] - The integration of artificial intelligence and flexible manufacturing is seen as a key strategy to address consumer needs and enhance production efficiency [4][5][6] Group 3 - The meeting called for support for enterprises to expand the supply of high-quality consumer goods, updating safety and performance standards, and improving certification systems [5][6] - The development of flexible manufacturing factories and new consumption scenarios is expected to enrich consumer financial products and services, creating a favorable consumption environment [5][6] - This comprehensive policy deployment aims to shift consumption from scale expansion to quality enhancement, reinforcing its role as a stabilizing force for economic growth [5][6]

Group 1: Ice and Snow Economy Development - The core focus is on expanding ice and snow consumption, aiming for a 15% increase in tourist numbers and a 13% increase in tourism revenue in Liaoning Province by the 2025-2026 winter season [1] - Jilin Province targets over 180 million ice and snow tourists and total spending exceeding 330 billion yuan, both achieving double-digit growth this winter season [1] - Heilongjiang Province aims for a 10% increase in tourist numbers and a 15% increase in total spending during its winter tourism "Hundred Days Action" plan [1] Group 2: National Policy and Market Size - Ice and snow consumption is recognized as a significant avenue for expanding domestic demand and achieving high-quality service consumption, gaining increasing attention [2] - The total scale of China's ice and snow sports industry is projected to reach 970 billion yuan in 2024, with an expected breakthrough of 1 trillion yuan in 2025 [3] - The Northeast region is identified as a key player in the ice and snow economy, with plans to develop a full industry chain encompassing tourism, sports, culture, and equipment [3] Group 3: Long-term Goals for Northeast Provinces - Liaoning aims to establish high-quality ice and snow tourism destinations by 2030, with an industry output value of around 250 billion yuan [4] - Jilin targets 300 million ice and snow tourists and total spending of 540 billion yuan by 2030, along with over 5 billion yuan in ice equipment manufacturing output [4] - Heilongjiang's goal is to have its ice and snow industry output exceed 450 billion yuan by 2030, positioning it as a significant growth point for domestic demand [4] Group 4: Collaborative Efforts and Branding - The latest measures from Liaoning emphasize integrating regional resources to create premium cross-regional tourism routes, promoting the "Northeast Ice and Snow" brand [4]

Core Insights - Consumption is a key driver of economic growth and is emphasized in the recent policies aimed at expanding domestic demand [2][4][9] - Local governments are actively implementing consumption-boosting policies in response to the national strategy to enhance domestic demand [4][8] Policy Initiatives - Hainan Province has adjusted its vehicle scrapping subsidy policy to promote green consumption and industry upgrades, effective from November 4, 2025 [5] - Jiangsu Province has introduced measures to develop the sports event economy, aiming to stimulate consumption through various event-related activities [6] - Chongqing has issued 18 measures to eliminate restrictive consumption policies across six sectors, including automotive and housing, to release pent-up consumer demand [6][8] Economic Impact - The contribution of final consumption expenditure to economic growth reached 53.5% in the first three quarters, an increase of 9.0 percentage points compared to the previous year [10] - Experts suggest that activating domestic demand and promoting high-quality development requires a dual approach from both demand and supply sides [11][12] Future Recommendations - Future consumption initiatives should focus on institutional openness, technology-driven innovation, and the cultivation of consumption scenarios tailored to local resources [13]

Core Viewpoint - The article emphasizes the importance of proactive fiscal policy in China's economic development, particularly during the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan" periods, highlighting the need for innovative reforms and effective macroeconomic management to support modernization and address complex domestic and international challenges [1][4]. Group 1: Achievements of Fiscal Policy - Since the beginning of the new era, China's fiscal policy has been adjusted in response to changing circumstances, leading to significant achievements in economic recovery and modernization efforts [2]. - During the "14th Five-Year Plan," total public budget expenditure is expected to exceed 136 trillion yuan, a 24% increase compared to the "13th Five-Year Plan," with over 70% of fiscal spending directed towards people's livelihoods [2][4]. - The ability to respond to risks and challenges has strengthened, providing a more solid foundation for safe development [2]. Group 2: Key Strategies for the "15th Five-Year Plan" - The fiscal policy will focus on enhancing counter-cyclical and cross-cyclical adjustments to address structural and deep-seated economic issues while promoting long-term development potential [3][4]. - Emphasis will be placed on the synergy between supply-side and demand-side management, utilizing tax policies and government procurement to support a modern industrial system and stimulate consumption [3][5]. - The government will innovate fiscal tools, such as ultra-long special bonds and fiscal subsidies, to enhance the effectiveness of fiscal policies and improve macroeconomic management [3][8]. Group 3: Expanding Domestic Demand - The construction of a strong domestic market is identified as a key task, with fiscal measures aimed at boosting consumption and effective investment [6][7]. - Strategies include enhancing consumer spending through subsidies and tax adjustments, as well as increasing effective investment in strategic projects to improve overall productivity [6][7]. Group 4: Fiscal Reform and Management - The focus will be on creating a high-level socialist market economy by ensuring that fiscal macro-control supports effective market mechanisms while allowing micro-entities to thrive [8][9]. - The government aims to optimize resource allocation, enhance fiscal management, and improve the efficiency of public spending through reforms such as zero-based budgeting [9]. - There will be a concerted effort to balance efficiency and equity in tax policies, ensuring a reasonable macro tax burden while promoting social fairness and market unity [9].

Core Viewpoint - The article emphasizes the importance of proactive fiscal policy in driving high-quality development and achieving Chinese-style modernization, as outlined in the 15th Five-Year Plan proposed by the 20th Central Committee of the Communist Party of China [1][2]. Fiscal Policy Implementation - The fiscal policy has maintained a proactive stance since the 14th Five-Year Plan, with adjustments made according to changing circumstances, including an increase in the deficit ratio from 2.7% to 3.8%, and further to 4% this year [1][2]. - New local government special bond quotas amounting to 19.4 trillion yuan have been arranged, alongside over 1 trillion yuan in new tax reductions and deferred payments, expanding fiscal policy space [1][2]. Achievements During the 14th Five-Year Plan - The total public budget expenditure is expected to exceed 136 trillion yuan, a 24% increase compared to the 13th Five-Year Plan, with over 70% of fiscal spending directed towards people's livelihoods, totaling nearly 10 trillion yuan in social welfare investments [2][3]. - The ability to respond to risks and challenges has strengthened, providing a more solid foundation for safe development [2]. Strategic Focus for the 15th Five-Year Plan - The 15th Five-Year Plan is seen as a critical period for achieving socialist modernization, with a focus on adapting to complex domestic and international changes, including rising unilateralism and protectionism [3][4]. - The fiscal department aims to enhance the effectiveness of fiscal policies and macroeconomic regulation to better support high-quality development [3][4]. Key Areas of Fiscal Policy Action - The fiscal policy will focus on three main areas to support domestic market construction: boosting consumption, expanding effective investment, and promoting a unified market [5][6]. - Specific measures include using fiscal subsidies and tax adjustments to enhance consumer spending, optimizing government investment towards strategic projects, and improving the fiscal system to eliminate market fragmentation [5][6]. Fiscal Reform and Management - The establishment of a high-level socialist market economy requires a balance between market freedom and effective regulation, with fiscal funds directed towards public goods and areas with high social returns [6]. - The focus will be on optimizing resource allocation, enhancing tax systems, and ensuring a sustainable fiscal environment while promoting both development and safety [6].

"这是发挥政府投资撬动作用的一个重要方面，也是拓宽民间投资领域，优化营商环境的具体体现。"王 青预计，"十五五"期间，在"两重"建设带动下，基建投资会保持适度增速，在补短板、强基础、持续推 进经济转型升级的同时，切实发挥好逆周期调节作用。 会议指出，要把"两重"建设放在"十五五"全局中谋划和推进，牢牢把握战略性、前瞻性、全局性要求， 强化部门协同，注重软硬结合，推动国家重大战略深入实施、重点领域安全能力稳步提升。要优化项目 审核，更加注重创新要素投入、无形资产投资，促进新质生产力发展。要健全项目协调推进机制，严格 工程质量和安全管理，同步做好资产管理、后续运维等工作。 东方金诚首席宏观分析师王青接受上证报记者采访表示，国务院常务会议研究深入实施"两重"建设有关 工作，这意味着"两重"建设将在"十五五"时期持续推进，而且为其提供资金支持的超长期特别国债发行 规模有可能逐步扩大。 王青分析表示，未来五年，"两重"建设将作为扩大有效投资、培育新质生产力的重要抓手，同时也是积 极财政政策的一个重要发力点。 会议指出，要合理安排项目建设与资金拨付节奏，强化项目和资金匹配，积极撬动超长期贷款、政策性 金融等资金，引导更多 ...

Core Viewpoint - The article emphasizes the importance of proactive fiscal policy in driving high-quality development and modernizing China's economy, as outlined in the 20th Central Committee's proposals for the 15th Five-Year Plan [1][2]. Group 1: Fiscal Policy Implementation - Fiscal policy has maintained a proactive stance since the 14th Five-Year Plan, with the deficit rate increasing from 2.7% to 4% and the issuance of new local government special bonds amounting to 19.4 trillion yuan [1][2]. - The total public budget expenditure is expected to exceed 136 trillion yuan during the 14th Five-Year Plan, marking a 24% increase compared to the previous plan, with over 70% of fiscal spending directed towards people's livelihoods [2][3]. Group 2: Strategic Focus for the 15th Five-Year Plan - The 15th Five-Year Plan will focus on enhancing fiscal policy effectiveness in response to complex domestic and international challenges, including geopolitical tensions and economic uncertainties [3][4]. - Key strategies include ensuring sufficient fiscal strength, precise targeting of investments in high-quality development areas, and promoting policy coordination across various sectors [5][6]. Group 3: Domestic Market Development - The construction of a strong domestic market is identified as a strategic priority, with fiscal measures aimed at boosting consumption, increasing effective investment, and advancing the establishment of a unified market [6][7]. - Specific actions include leveraging fiscal subsidies and tax adjustments to enhance consumer spending and optimizing government investments to support strategic projects [6][7]. Group 4: Fiscal Reform and Management - The establishment of a high-level socialist market economy requires a balance between effective market mechanisms and appropriate fiscal regulation, focusing on public goods and minimizing direct government intervention [8][9]. - The emphasis will be on optimizing resource allocation, enhancing fiscal management, and ensuring a sustainable fiscal framework that aligns with high-quality development goals [9].

Core Insights - The article emphasizes the importance of China's super-large market advantage as a strategic asset for economic development and modernization [1][5][6] - It highlights the continuous growth of domestic consumption and the shift towards service consumption as key trends in the market [2][3] Group 1: Market Growth and Consumption Trends - China's social retail sales reached 36.5877 trillion yuan in the first three quarters of this year, with a year-on-year growth of 4.5%, accelerating by 1.2 percentage points compared to the previous year [2] - The retail sales of social consumer goods are projected to grow from 39.1 trillion yuan in 2020 to 48.3 trillion yuan in 2024, with an average annual growth rate of 5.5% [1] - Service retail sales are expected to grow by 6.2% in 2024, outpacing goods retail sales by 3 percentage points, indicating a shift towards service-oriented consumption [2] Group 2: New Consumption Patterns - New consumption formats are emerging, integrating experiences such as shopping, exhibitions, and entertainment, enhancing leisure experiences for consumers [3] - Innovative products and cultural items, including traditional clothing and local specialties, are gaining popularity both domestically and internationally [3] Group 3: Strategic Initiatives and Future Outlook - The "14th Five-Year Plan" emphasizes expanding domestic demand as a strategic foundation, focusing on three key tasks: expanding increments, improving efficiency, and ensuring smooth circulation [5][6] - The plan aims to enhance government investment in public welfare and infrastructure, optimize investment structures, and eliminate market barriers to fully leverage the benefits of the super-large market [6] - The eighth China International Import Expo saw a record high in participating enterprises, with intended transaction amounts reaching 83.49 billion USD, reflecting strong market engagement [5]

Core Viewpoint - The Ministry of Finance emphasizes the importance of building a strong domestic market as a key to leveraging China's economic advantages and a priority task during the 14th Five-Year Plan period [1] Group 1: Consumer Spending - The government aims to boost consumption by releasing current consumption potential through fiscal subsidies and loan interest discounts, expanding goods and services consumption, and cultivating new consumption growth points [1] - Long-term consumption capacity will be enhanced by increasing residents' income through tax, social security, and transfer payments, effectively combining livelihood improvement with consumption promotion [1] Group 2: Effective Investment - The government plans to optimize the direction of government investment by utilizing special bonds and ultra-long-term special treasury bonds, focusing on foundational, long-term, and structural projects to improve overall productivity [1] - There is an emphasis on preventing ineffective investments and encouraging private capital participation in major projects, stimulating social investment through government investment [1] Group 3: Unified Market Construction - The Ministry of Finance will improve the fiscal and tax system to facilitate market unification, standardizing tax incentives and fiscal subsidy policies to eliminate local protectionism and market segmentation [1] - The goal is to create a fair market environment that enhances the efficiency of resource allocation [1]