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]

Core Insights - The article emphasizes the significant enhancement of national fiscal strength during the "14th Five-Year Plan" period, highlighting its role in supporting national governance and meeting public expectations [1][2]. Fiscal Strength Enhancement - 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 [2]. - General public budget expenditure is projected to exceed 136 trillion yuan, marking an increase of 26 trillion yuan or 24% compared to the previous period [2]. Focus on Livelihood Investment - Fiscal investment in the livelihood sector has approached 100 trillion yuan, accounting for over 70% of the national general public budget expenditure [3]. - In education, fiscal investment is expected to exceed 25 trillion yuan, representing a growth of around 38% compared to the "13th Five-Year Plan" period, with education funding consistently above 4% of GDP for over a decade [3]. Active Fiscal Macroeconomic Regulation - Fiscal policy has become more proactive and precise, enhancing its adaptability to economic conditions, supporting stable economic development [4]. - National fiscal science and technology expenditure is expected to reach 5.5 trillion yuan, a 34% increase from the "13th Five-Year Plan" period, focusing on basic research and national strategic technology tasks [4]. Tax and Fiscal Reform - The "14th Five-Year Plan" period has seen deepening tax and fiscal reforms to better serve national governance modernization [5][6]. - Key reform focuses include optimizing resource allocation, enhancing efficiency and fairness in tax systems, and improving the incentive mechanisms for high-quality development [7]. Risk Prevention and Management - The fiscal department has prioritized risk prevention in key areas, particularly in local government debt management, with a focus on regular supervision and a legal debt management system [8]. - Central fiscal transfers to local governments are projected to be nearly 50 trillion yuan over five years, ensuring stable local fiscal operations [8].

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 ...

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。 "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…… "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。 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。 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 ...

"十四五"时期，财政宏观调控更加积极有为：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；财政政策不断强 化逆周期调节，助力新质生产力发展，推动经济实现质的有效提升和量的合理增长。 央视网消息（新闻联播）：在国务院新闻办9月12日举行的"高质量完成'十四五'规划"系列主题新闻发布会上，财政部相关负责人介绍，"十四五"时期， 国家财政实力大大增强，财政的民生导向更加鲜明。 据介绍，"十四五"时期，我国财政实力大大增强，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%。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%，更多"真金白银"投向发展大事和民生实事。 ...

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].

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 ...

下一步财政宏观调控有哪些考虑？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。 他介绍，一是我国经济长期向好的趋势没有变，这决定了财政运行的基本盘始终是坚实稳固的。二是这 些年积累了越来越多的宏观调控经验，政策工具不断丰富，逆周期、跨周期调节能力大大增强。三是随 着重点领域风险防范的制度机制进一步健全，以及存量风险逐步消化，财政应对未来挑战更有底气、更 加从容。这些都是做好财政工作的信心所在、优势所在。 其中，从国家财政实力看，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。 从民生导向看，国家财政账本里，分量最重、成色最足的始终是民生。"十四五"时期，全国一般公共 ...

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了"十四五"时期财政改革发展成 效。 蓝佛安：未来财政政策发力空间依然充足 蓝佛安介绍， 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。 蓝佛安：财政部门将做好政策储备 主动靠前发力 蓝佛安表示，下一步财政部门将继续保持政策的连续性、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。 蓝佛安：提前下达部分2026年新增地方政府债务限额 靠前使用化债额度 蓝佛安表示，"十五五"期间，我们将继续统筹好发展和安全，加快建立健全与高质量发展相适应的政府债务管理机制，在发展中化债、在化 债中发展，为经济行稳致远提供有力支撑。 第一，在存量上做减法。继续落实好一揽子化债举措，提前下达部分2026年新增地方政府债务限额，靠前使用化债额度，多措并举化解存 量隐性债务。 第二，在管理上做加法。严格地方政府债务限额管理，确保用得好、还得起、可持续。强化专项债"借用管还"全生命周期管理，推进隐性 债、法定债"双轨"合并管理，建立统一的长效监管 ...

Group 1 - The core viewpoint emphasizes the continuous enhancement of China's fiscal strength and efficiency during the "14th Five-Year Plan" period, which supports national governance and meets the people's expectations [1] - The fiscal policy has become more proactive and adaptable to economic conditions, contributing to an average economic growth rate of 5.5% over the past four years and maintaining a 30% contribution to global economic growth [4] - The focus on public welfare in fiscal policy is evident, with significant allocations for education (20.5 trillion yuan), social security and employment (19.6 trillion yuan), health (10.6 trillion yuan), and housing (4 trillion yuan), totaling nearly 100 trillion yuan in public welfare spending [6] Group 2 - Effective risk prevention measures are in place to promote high-quality development and safety, including a legal debt management system and substantial transfer payments to local governments, amounting to nearly 50 trillion yuan over five years [8] - Fiscal reforms are advancing to better serve national governance, focusing on optimizing resource allocation, enhancing efficiency, and improving the tax structure [11] - International financial cooperation is deepening, with the Ministry of Finance managing multiple bilateral and multilateral financial dialogue mechanisms and expanding high-level openness, reducing the overall tariff level to 7.3% [13]