Core Viewpoint - The Ministry of Finance emphasizes the need for innovative and reform-oriented approaches to implement proactive fiscal policies, ensuring strong financial support for China's modernization and national rejuvenation efforts [2][5]. Group 1: Implementation of Proactive Fiscal Policies - The Ministry of Finance has maintained a proactive fiscal policy since the 14th Five-Year Plan, with adjustments made according to changing circumstances, including increasing the deficit ratio from 2.7% to 4% [4]. - The total public budget expenditure is expected to exceed 136 trillion yuan during the 14th Five-Year Plan, representing a 24% increase compared to the previous five-year period [5]. - Over 70% of national fiscal expenditure is directed towards people's livelihoods, with nearly 10 trillion yuan allocated for social welfare over five years [5]. Group 2: Focus Areas for the 15th Five-Year Plan - The 15th Five-Year Plan aims to strengthen the domestic market, with fiscal policies focusing on boosting consumption, effective investment, and establishing a unified market [11][12]. - The Ministry plans to enhance consumer spending through subsidies and tax adjustments, while also increasing investment in strategic projects to improve overall productivity [11][12]. - A key goal is to create a fair market environment by reforming tax and fiscal policies to eliminate local protectionism and promote resource allocation efficiency [12]. Group 3: Fiscal Reform and Management - The Ministry of Finance aims to optimize resource allocation and improve fiscal management by implementing zero-based budgeting and enhancing the efficiency of fund usage [16]. - There is a focus on balancing efficiency and equity in tax policies to support high-quality development and social fairness [16]. - The Ministry will also work on improving the relationship between central and local finances, increasing local fiscal autonomy while ensuring sustainable debt management [16].

Core Viewpoint - The Chinese government will maintain an active fiscal policy during the "15th Five-Year Plan" period to stabilize the economy and ensure people's livelihoods, emphasizing the need for sufficient policy strength [2][3]. Fiscal Policy Strategy - The fiscal policy will focus on counter-cyclical and cross-cyclical adjustments, determining deficit rates and debt levels based on changing circumstances, and utilizing various tools such as budgets, taxes, government bonds, and transfer payments [2][3]. - The emphasis will shift from merely focusing on deficit rates to increasing expenditure growth, breaking the 3% deficit rate constraint to ensure necessary spending levels [3][5]. Economic Context - The "15th Five-Year Plan" period is characterized by complex changes in both domestic and international environments, including external instability and internal economic pressures [3]. - Despite challenges, China's economic fundamentals remain strong, with significant potential for long-term growth, although risks in certain sectors have not yet cleared [3]. Budget Expenditure Trends - National general public budget expenditure growth rates from 2020 to 2024 are projected at 2.8%, 0.3%, 6.1%, 5.4%, and 3.6%, with a growth rate of 3.1% in the first three quarters of 2025 [4]. - The total budget for 2025 is expected to approach 30 trillion yuan [5]. Debt and Fiscal Space - China's government debt ratio is projected to be 68.7% in 2024, significantly lower than that of major economies and emerging markets, indicating substantial room for further borrowing [5]. - The central government has considerable borrowing and deficit space, allowing for future fiscal policy initiatives [5]. Targeted Support Areas - The fiscal policy will prioritize high-quality development, focusing on key areas such as modern industrial systems, technology, education, social security, agriculture, and environmental protection [5][6]. - The "15th Five-Year Plan" suggests enhancing support for major national strategic tasks and basic livelihood financing, increasing the proportion of government investment in public services, and supporting high-tech enterprises [5][6]. Policy Coordination - There will be an emphasis on policy coordination, ensuring that fiscal policies align with monetary, industrial, and regional policies to create a synergistic effect for high-quality development [6].

2025.11. 15 他表示，"十五五"时期坚持积极取向，加强逆周期和跨周期调节，根据形势变化，合理确定赤字率和 举债规模，组合运用预算、税收、政府债券、转移支付等工具，用好政策空间，保持支出强度，形成 对经济社会发展的持续支撑。 近期《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（下称"十五五"规划建议） 对财政工作部署的核心是，"发挥积极财政政策作用，增强财政可持续性"。这与此前几次五年规划聚 焦财税制度改革有显著不同。多名财税专家告诉第一财经，这意味着"十五五"时期中国将继续实施积 极财政政策，而这又跟"十五五"时期宏观经济形势变化直接相关，即未来风险和不确定性增多。 蓝佛安表示，"十五五"时期是基本实现社会主义现代化夯实基础、全面发力的关键时期，我国发展环 境面临深刻复杂变化。从国际看，外部环境动荡不安，大国博弈更加复杂激烈，单边主义、保护主义 抬头，世界经济增长动能不足。从国内看，我国经济基础稳、优势多、韧性强、潜能大，长期向好的 支撑条件和基本趋势没有变，同时产业结构、商业模式、人口结构、财富分配等发生显著变化，一些 领域风险尚未出清。 "这些对财政运行、宏观调控、财税改革等产生深 ...

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].

粤开证券首席经济学家罗志恒认为，"十五五"时期，我国经济整体上仍处于新旧动能转换期，经济面临 较大的下行压力，积极财政政策是托底宏观经济、稳定发展大局的重要手段。财政政策从过去较多关注 赤字率转向支出增速，打破3%赤字率约束，确保必要的支出力度，增强财政政策的逆周期调节作用。 要保持一定的财政支出增速，根据经济社会发展需要合理确定实际赤字率水平，逐步采用基于全部财政 收支的全口径赤字和赤字率来衡量财政政策积极程度。 "十五五"坚持财政政策积极取向，保持支出强度稳经济 "十五五"时期中国财政政策将继续保持积极取向，并保持一定力度，以稳经济保民生。 近日，财政部部长蓝佛安接受新华社采访，在谈及"十五五"时期发挥积极财政政策作用的考量时，首先 强调的是"力度要给足"。 他表示，"十五五"时期坚持积极取向，加强逆周期和跨周期调节，根据形势变化，合理确定赤字率和举 债规模，组合运用预算、税收、政府债券、转移支付等工具，用好政策空间，保持支出强度，形成对经 济社会发展的持续支撑。 近期《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（下称"十五五"规划建议）对 财政工作部署的核心是，"发挥积极财政政策作用，增 ...

Core Viewpoint - The article emphasizes the importance of proactive fiscal policy in supporting high-quality development and the construction of Chinese-style modernization, as outlined in the 20th Central Committee's Fourth Plenary Session [1][4]. Group 1: Fiscal Policy Implementation - Since the beginning of the 14th Five-Year Plan, fiscal policy has maintained a proactive stance, with the deficit ratio increasing from 2.7% to 3.8%, and further to 4% this year [2][3]. - The total new local government special bond quota is set at 19.4 trillion yuan, with over 10 trillion yuan allocated for tax reductions and refunds, expanding fiscal policy space [2][3]. - 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 five-year period [3]. Group 2: Strategic Focus for the 15th Five-Year Plan - The 15th Five-Year Plan period is crucial for achieving foundational progress in socialist modernization, with a focus on addressing complex domestic and international challenges [4][5]. - Fiscal policy will prioritize effective demand expansion, with a strong emphasis on boosting consumption and effective investment [6][7]. - The government aims to enhance the efficiency of fiscal resource allocation, particularly in key areas such as technology, education, social security, and ecological protection [5][6]. Group 3: Market Development and Economic Structure - The construction of a strong domestic market is identified as a strategic foundation for Chinese-style modernization, with fiscal measures aimed at balancing supply and demand [6][7]. - The government will support consumption through fiscal subsidies and policies that enhance residents' income, while also focusing on effective investment in strategic projects [6][7]. - A unified market will be promoted through improved fiscal and tax systems to eliminate local protectionism and enhance resource allocation efficiency [7]. Group 4: Fiscal Reform and Management - The establishment of a high-level socialist market economy requires a balance between market freedom and effective regulation, with fiscal policy playing a key role [8][9]. - The government will focus on optimizing resource allocation, enhancing fiscal management, and improving the efficiency of public spending [9][10]. - Emphasis will be placed on coordinating development and safety, particularly in managing government debt sustainably [10].

Group 1 - The core viewpoint emphasizes the importance of active fiscal policy as a foundation for national governance and economic development, particularly in the context of the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan" [1][4] - The Ministry of Finance has recognized the effectiveness of active fiscal policies in recent years, highlighting a 24% increase in general public budget expenditure, which is expected to exceed 136 trillion yuan during the "14th Five-Year Plan" [2][4] - Over 70% of national fiscal expenditure is directed towards people's livelihoods, with nearly 10 trillion yuan allocated for social welfare over the past five years [2][4] Group 2 - The Ministry of Finance plans to enhance counter-cyclical and cross-cyclical adjustments to address structural and deep-seated economic issues, thereby boosting long-term development potential [3][4] - The focus will be on both supply-side and demand-side management, utilizing tax policies and government procurement to support the modern industrial system and stimulate consumption [3][6] - The Ministry aims to innovate fiscal tools, such as long-term special government bonds and fiscal subsidies, to improve the effectiveness of fiscal policies [3][4] Group 3 - The "15th Five-Year Plan" will prioritize expanding domestic demand, with strategies to boost consumption and effective investment, while also promoting a unified national market [6][7] - The Ministry of Finance will work on optimizing resource allocation and enhancing fiscal management, including zero-based budgeting reforms to improve fund utilization [9] - There will be a focus on balancing efficiency and equity in tax policies, as well as strengthening the fiscal relationship between central and local governments [9]

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].

Core Viewpoint - The article emphasizes the importance of proactive fiscal policy in achieving high-quality development and modernizing China's economy during the "15th Five-Year Plan" period, as outlined by the 20th Central Committee of the Communist Party of China [1][2]. Group 1: Fiscal Policy Considerations - The "15th Five-Year Plan" period is crucial for solidifying the foundation of socialist modernization, with complex changes in the development environment both domestically and internationally [2]. - The external environment is characterized by instability, intensified great power competition, and rising unilateralism and protectionism, while the domestic economy remains resilient with strong fundamentals and potential [2]. - Fiscal policy must adapt to these changes, enhancing its effectiveness and macro-control capabilities to better support high-quality development [2]. Group 2: Key Strategies for Fiscal Policy - The government will ensure sufficient fiscal strength by maintaining a proactive stance, adjusting deficit rates and debt levels according to changing circumstances, and utilizing various fiscal tools to sustain economic support [2][3]. - Fiscal resources will be allocated precisely to high-quality development areas, including modern industrial systems, technology, education, social security, agriculture, and environmental protection, ensuring effective use of funds [3]. - A coordinated approach will be adopted in fiscal policy design, aligning it with monetary, industrial, and regional policies to create a synergistic effect that promotes high-quality development [3].