Core Viewpoint - The article emphasizes the importance of proactive fiscal policy in supporting China's modernization efforts and high-quality development, as outlined in the 14th Five-Year Plan and the recent 20th Central Committee meeting [1][3]. 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 4% this year, and the issuance of new local government special bonds amounting to 19.4 trillion yuan [2][3]. - The government has implemented over 10 trillion yuan in tax reductions and deferrals, enhancing fiscal policy space [2]. Achievements of the 14th Five-Year Plan - During the 14th Five-Year Plan, total public budget expenditure is expected to exceed 136 trillion yuan, a 24% increase from the previous five-year period, with over 70% of fiscal spending directed towards people's livelihoods [3]. - The fiscal response to risks has strengthened, with nearly 100 trillion yuan allocated for social welfare over five years [3]. 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 enhancing fiscal policy effectiveness in response to complex domestic and international challenges [4][5]. - The government aims to maintain strong fiscal support, ensuring that spending intensity continues to support economic and social development [5]. Key Areas of Fiscal Policy Action - The government will focus on three main areas to strengthen the domestic market: boosting consumption through subsidies and income increases, expanding effective investment in strategic projects, and promoting a unified market through improved fiscal policies [6][7]. - Emphasis will be placed on optimizing resource allocation and enhancing the efficiency of fiscal management, including reforms in budget processes and tax systems [9][10].

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].

新华社北京11月14日电 题：发挥积极财政政策作用为奋力开创中国式现代化建设新局面提供坚强财政 保障——访财政部党组书记、部长蓝佛安 新华社记者申铖 财政事关治国安邦、强国富民，在推动高质量发展和中国式现代化建设中承担重要职责。党的二十届四 中全会审议通过的《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》，对发挥积极财 政政策作用提出明确要求。 "十五五"时期如何发挥积极财政政策作用？围绕建设强大国内市场、加快构建高水平社会主义市场经济 体制方面，财政将如何发力？新华社记者采访了财政部党组书记、部长蓝佛安。 因时因势施策，不断深化对财政宏观调控的规律性认识 问：科学的宏观调控、有效的政府治理是发挥社会主义市场经济体制优势的内在要求。"十四五"以来， 我国在加强财政宏观调控、实施财政政策方面，进展和成效如何？ 党的二十届四中全会擘画了中国未来五年的发展蓝图。我们要以改革的思维、创新的精神，完整准确全 面贯彻全会部署，统筹生财、聚财、用财之道，有力有效实施积极的财政政策，为以中国式现代化全面 推进强国建设、民族复兴伟业提供坚强财政保障。 把准形势任务，有力有效实施积极的财政政策 问：迈向"十五五"，党 ...

Group 1 - The core viewpoint of the article emphasizes the need for proactive fiscal policies to enhance fiscal sustainability during the "15th Five-Year Plan" period, contrasting with the previous "14th Five-Year Plan" which focused on establishing a modern fiscal and tax system [2][19] - The "15th Five-Year Plan" suggests strengthening central authority and increasing the proportion of central fiscal expenditure while enhancing local financial autonomy, especially in the context of declining reliance on land finance [3][4] - The central government's transfer payment budget has exceeded 10 trillion yuan for three consecutive years, indicating a significant effort to increase local financial autonomy [4][6] Group 2 - The article discusses the need for a long-term mechanism for government debt management that aligns with high-quality development, highlighting the establishment of a debt management department by the Ministry of Finance [6][7] - Transparency in local government debt information is crucial for effective debt management, and there is a need to enhance the proactive management of local government debt [7] - The article points out that the macro tax burden should be reasonable and aligned with fiscal expenditure, as the tax revenue to GDP ratio has been declining since 2017, which is not conducive to high-quality development [8][13] Group 3 - The "15th Five-Year Plan" aims to deepen tax system reforms to ensure that tax obligations correspond with the tax capacity of micro entities, addressing discrepancies in tax burdens [8][13] - Zero-based budgeting reform is highlighted as a significant initiative to break the rigid expenditure patterns and improve the efficiency of fiscal resources [14][15] - The article notes that the "15th Five-Year Plan" period is critical for laying the foundation for achieving socialist modernization by 2035, requiring strategic actions to overcome challenges and enhance economic resilience [17][19]

1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - In October, China's economic growth continued to slow down and was lower than expected. The overall domestic demand economic data in October continued to slow down, with the decline in investment continuing to widen and falling short of market expectations, the consumption growth rate continuing to decline but slightly higher than market expectations, and industrial production significantly slowing down in the short term. The short - term investment side continued to slow down. The real estate market continued to slow down and bottom out, infrastructure investment continued to slow down, and manufacturing investment also faced challenges. The short - term domestic commodity supply - demand side showed weak demand and relatively abundant supply. The released data was significantly lower than market expectations, which was short - term negative for the domestic demand - type commodity market. In the medium - to - long term, the "anti - involution" work entering the substantial promotion stage was positive for the recovery of the domestic market. Overseas, the prices of external demand - type commodities such as non - ferrous metals and energy oscillated, and the support for precious metals increased due to the resurgence of safe - haven demand [3][5]. 3. Summary by Relevant Catalogs 3.1 Industrial Production - In October, the year - on - year growth rate of the added value of large - scale industrial enterprises was 4.9%, with an expected 5.5% and a previous value of 6.5%, a significant decline from the previous value and far lower than market expectations. This was mainly due to holiday factors and the slowdown in external demand orders, which led to a slowdown in the increase of industrial enterprise operating rates. Among the three major categories, the added value of the mining industry increased by 4.5% year - on - year, the manufacturing industry by 4.9%, and the production and supply of electricity, heat, gas, and water by 5.4%. High - end manufacturing such as the automobile manufacturing, railway, ship, aerospace, and other transportation equipment manufacturing, and computer, communication, and other electronic equipment manufacturing industries still had relatively fast growth rates. In the fourth quarter, with the gradual weakening of the US replenishment demand, the overall growth rate of domestic industrial production might decline but was expected to remain at a relatively high level [3][4]. 3.2 Consumption - In October, the year - on - year growth rate of total retail sales of consumer goods was 2.9%, with an expected 2.7% and a previous value of 3.0%, a 0.1 - percentage - point decline from the previous value but slightly higher than market expectations. The slowdown was due to the withdrawal of the consumer goods trade - in policy, the high base of categories such as automobiles, and weak holiday consumption. The growth rate of total retail sales of consumer goods further slowed down under the influence of the trade - in policy withdrawal. The retail sales of consumer goods such as household appliances, furniture, automobiles, and communication equipment showed significant slowdowns, while service - related consumption growth accelerated with policy support. In the short term, the growth rate of commodity consumption was expected to continue to decline, but in the later stage, with the implementation of service consumption stimulus policies and the recovery of residents' wealth effect, domestic consumption would continue to recover [4]. 3.3 Fixed - Asset Investment - From January to October, fixed - asset investment decreased by 1.7%, with an expected - 0.8% and a previous value of - 0.5%, and the decline widened by 1.2% and was far lower than expected. The decline rates of manufacturing, infrastructure, and real estate investment all further widened [3][4]. - **Real Estate**: In October, the year - on - year growth rate of real estate development investment was - 23.2%, with a 1.9 - percentage - point increase in the decline from the previous month. The year - on - year growth rates of the floor area of commercial housing sold and sales volume were - 19.6% and - 25.1% respectively, with significant increases in the decline rates from the previous values. This was mainly due to the high - base effect of the "9.24 real estate new policy" last year and the mild real estate stimulus policies this year. The real estate market continued to adjust and bottom out, with the transaction activity in the housing market decreasing, and the investment side remaining weak. The year - on - year growth rate of real estate development funds in October was - 21.4%, with a 10.4 - percentage - point increase in the decline. The floor area of newly started construction, construction, and completion of real estate all faced challenges [4]. - **Infrastructure**: In October, the year - on - year growth rate of infrastructure investment was - 8.9%, with a 4.3 - percentage - point increase in the decline from the previous value. Considering the continuous decline after the end of the photovoltaic rush - to - install market and the constraints of local debt resolution on project reserves and funds for traditional infrastructure, the growth rate of infrastructure investment continued to decline [4][5]. - **Manufacturing**: The year - on - year growth rate of manufacturing investment in October was - 6.7%, with a 4.8 - percentage - point increase in the decline from the previous value. It continued to slow down due to the high - base effect last year and the decline in investment willingness caused by "anti - involution". High - tech industries maintained a high level of prosperity, but factors such as tariff uncertainty, the marginal decline in policy funds for large - scale equipment renewal and transformation, and the slowdown in US replenishment demand in the fourth quarter affected manufacturing investment. However, with the support of 500 billion yuan in new policy - based financial instruments and the implementation of relevant policies, there might be some support for manufacturing investment in the future [4][5]. 3.4 Impact on Commodities - On the demand side, the short - term investment side continued to slow down, and domestic commodity demand as a whole slowed down and was lower than market expectations. On the supply side, industrial production slowed down due to factors such as the decline in foreign demand orders and the slowdown in the increase of industrial enterprise operating rates. The short - term domestic commodity supply - demand side showed weak demand and relatively abundant supply. The "anti - involution" policy had a certain supporting effect on the prices of domestic demand - type commodities. The released data was significantly lower than market expectations, which was short - term negative for the domestic demand - type commodity market. In the medium - to - long term, the "anti - involution" work entering the substantial promotion stage was positive for the recovery of the domestic market. Overseas, due to the overall easing of US trade policies, the impact on the economy weakened, but the short - term government shutdown affected the economy. The prices of external demand - type commodities such as non - ferrous metals and energy oscillated and showed significant differentiation, and the support for precious metals increased due to the resurgence of safe - haven demand [3][5].

Core Viewpoint - The article emphasizes the importance of a scientific fiscal and tax system as a foundation for national governance, aiming to optimize resource allocation, maintain market unity, promote social equity, and ensure long-term stability of the state [1] Group 1: Fiscal Policy and Economic Development - The "14th Five-Year Plan" suggests leveraging proactive fiscal policies to enhance fiscal sustainability, which is a key component of Xi Jinping's economic thought [1] - The need for deepening fiscal and tax system reforms is highlighted, focusing on the relationship between government and market, efficiency and equity, and growth and sharing [2] Group 2: Central and Local Government Dynamics - The fiscal system should ensure sufficient macro-control capabilities for the central government while granting local governments adequate autonomy and development space [2] - It is crucial to clearly define the responsibilities and expenditure duties of different government levels, matching them with appropriate financial resources [2] Group 3: Balancing Efficiency and Equity - The article discusses the need for a dynamic balance between efficiency and equity in tax design and fiscal expenditure, promoting a virtuous cycle where both aspects enhance each other [3]

Core Viewpoint - The "15th Five-Year Plan" emphasizes the role of proactive fiscal policy in promoting economic growth, structural adjustment, and risk prevention while ensuring fiscal sustainability [1][3]. Fiscal Policy and Economic Development - Fiscal policy will focus on expanding domestic demand, supporting high-level technological self-reliance, and improving people's livelihoods during the "15th Five-Year Plan" period [2][4]. - The government aims to enhance fiscal sustainability while maintaining an active fiscal stance, balancing development and security, efficiency and equity, and short-term and long-term goals [1][3]. Major Tasks and Strategic Goals - Key tasks include building a modern industrial system, accelerating technological self-reliance, optimizing productivity layout, and promoting green transformation [3][4]. - Significant public investment is required for these tasks, which often have strong externalities and long return cycles, necessitating government leadership [3]. Technological Modernization and Support - The plan highlights the importance of fiscal support for technological modernization, focusing on basic research and key core technology breakthroughs [4]. - The strategy includes using various fiscal tools to optimize traditional industries and foster emerging sectors [4][5]. Demand and Supply Dynamics - The emphasis is on shifting fiscal support from supply-side policies to demand-side initiatives, enhancing social welfare for households [4][5]. - The goal is to create a dynamic balance where new demand leads to new supply and vice versa, supporting a new development pattern [5]. Fiscal Sustainability and Taxation - The plan calls for enhancing fiscal sustainability through structural adjustments in tax policies, including improving local tax systems and maintaining reasonable macro tax burdens [7][8]. - Experts suggest optimizing existing tax reduction policies for precision and efficiency, particularly for technology innovation and small enterprises [7]. Local Government Debt Management - The government aims to prevent and mitigate local government debt risks by implementing a comprehensive debt management strategy and ensuring no new hidden debts are created [8]. - A unified long-term regulatory system for local government debt is to be established, with strict accountability for violations [8].

Core Viewpoint - The article emphasizes the importance of proactive fiscal policy in promoting economic balance and structural optimization, as outlined in the "14th Five-Year Plan" proposal, which aims to enhance fiscal sustainability [1][6]. Group 1: Continuation of Proactive Fiscal Policy - China has consistently implemented proactive fiscal policies to stabilize employment and prices, support domestic demand, and target key areas for economic and social development [2][3]. - The fiscal policy approach is expected to continue, focusing on expanding expenditure, optimizing spending schedules, and innovating policy tools to stimulate total demand and stabilize economic growth [3][4]. Group 2: Enhancing Efficiency of Fund Utilization - The article highlights the need to optimize the structure of fiscal spending to improve the effectiveness of fiscal policies and fund utilization [4][5]. - It suggests focusing fiscal resources on public sectors and areas with high social benefits, such as healthcare, education, and social welfare, while also expanding effective investments in emerging fields like digital economy [4][5]. Group 3: Strengthening Sustainability - The "14th Five-Year Plan" period is crucial for achieving socialist modernization, requiring effective implementation of proactive fiscal policies amidst complex development environments [6][7]. - Experts advocate for deepening fiscal and tax system reforms to enhance fiscal sustainability, including the implementation of zero-based budgeting and optimizing the relationship between central and local finances [7][8].

Core Viewpoint - The article emphasizes the need to maintain a reasonable macro tax burden level while ensuring fiscal sustainability and health, highlighting the importance of tax reform and management in the context of economic governance [2][12]. Tax Burden and Fiscal Policy - Maintaining a reasonable macro tax burden requires finding increments from fair tax burdens, identifying new tax sources, standardizing tax incentives, and adapting to new situations to accelerate tax system construction and improve tax collection [5][11]. - The macro tax burden has been decreasing from 20.36% of GDP in 2017 to an estimated 16.29% in 2024, indicating a trend of significant tax reductions [4][11]. Tax System Reform - The key directions for tax reform include improving local taxes and direct tax systems, refining income tax policies, and standardizing tax incentives to ensure a fair tax burden [2][12]. - The article stresses the importance of adapting tax policies to the changing economic landscape, particularly as new economic drivers emerge [7][10]. Fiscal Management and Sustainability - The article discusses the need for cautious use of fiscal policy space to avoid excessive reliance on debt due to high spending demands and tax reductions [3][11]. - It highlights the importance of optimizing expenditure structures to ensure that funds are allocated to critical areas, particularly in social welfare [11][12]. Zero-Based Budgeting - The implementation of zero-based budgeting is seen as a way to enhance the efficiency of fiscal funds and improve overall fiscal policy effectiveness [15]. - This approach allows for a reassessment of spending priorities, ensuring that funds are directed towards high-performance projects while potentially cutting low-performance expenditures [15]. Government Investment Planning - The introduction of a comprehensive government investment plan aims to clarify government investment accounts and improve management of fiscal resources [16]. - This initiative seeks to address issues of fragmented funding and enhance the overall efficiency of government investments [16]. Economic Growth and Market Vitality - The article underscores the importance of economic growth and market vitality in addressing fiscal challenges, advocating for policies that create a conducive environment for economic expansion [17][18]. - It suggests that enhancing market vitality is crucial for resolving various fiscal issues, emphasizing the need for supportive policies that facilitate economic development [17][18].

Core Viewpoint - The article discusses recent significant political and economic developments in China, including the outcomes of the 20th Central Committee's Fourth Plenary Session, the US-China summit, and the introduction of substantial fiscal policies aimed at addressing hidden debt risks and promoting economic growth [2][3]. Group 1: Recent Political Developments - The General Secretary conducted inspections in Hainan and Guangdong, emphasizing the importance of high-standard construction of the Hainan Free Trade Port, which is set to officially start on December 18, marking a significant step in China's commitment to high-level opening-up [7][8]. - The focus on the Guangdong-Hong Kong-Macao Greater Bay Area was highlighted as both a major responsibility and a development opportunity, aiming to create a world-class city cluster with international competitiveness [8]. Group 2: Fiscal Policy Changes - The establishment of a new "Debt Management Department" by the Ministry of Finance aims to enhance monitoring and regulation of government debt, particularly to prevent and mitigate hidden debt risks [2][10]. - The Ministry of Finance's report on the execution of fiscal policies for the first half of 2025 indicates a commitment to proactive fiscal measures, including support for employment and public services, while strictly controlling the emergence of new hidden debts [13]. Group 3: Financial Market Adjustments - The People's Bank of China resumed trading of government bonds in the open market, with a net injection of 20 billion yuan in October, indicating a move to enhance liquidity in the financial system [2][10]. - Adjustments to tariffs on imports from the US were announced, reflecting ongoing efforts to optimize trade relations and facilitate compliance in export controls [3][10].