Core Viewpoint - The meeting of the Central Political Bureau emphasizes the importance of the 14th Five-Year Plan period for achieving socialist modernization and addresses the current economic situation, highlighting the need for strategic focus and adaptability in the face of complex challenges and opportunities [1][2]. Economic Development Strategy - The meeting outlines the necessity to adhere to Marxist principles and Xi Jinping's thoughts, aiming for a comprehensive approach to achieve the second centenary goal and advance national rejuvenation through Chinese-style modernization [2]. - It stresses the importance of maintaining a balance between quality and reasonable growth in the economy, ensuring the well-being of the people, and making significant progress towards socialist modernization [2][3]. Policy Recommendations - The meeting calls for sustained macroeconomic policies, including proactive fiscal measures and moderately loose monetary policies, to enhance policy effectiveness and support economic recovery [4]. - It emphasizes the need to stimulate domestic demand, particularly through consumption initiatives and effective investment strategies [4][5]. Reform and Innovation - The meeting highlights the importance of deepening reforms, particularly in technology and industry, to foster new competitive industries and optimize market conditions [4][5]. - It advocates for high-level opening-up to stabilize foreign trade and investment, while also addressing risks in key sectors [5]. Social Welfare and Employment - The meeting prioritizes employment policies, particularly for vulnerable groups, and aims to ensure food security and prevent large-scale poverty [5][6]. - It underscores the need for a robust social safety net and effective disaster response measures to protect public welfare [5]. Engagement and Implementation - The meeting encourages active participation from all sectors, urging leaders and entrepreneurs to align with the new development philosophy and contribute to high-quality economic growth [6].

Core Viewpoint - The article emphasizes the importance of utilizing proactive fiscal policies to enhance economic performance and stability, focusing on measures such as issuing long-term special bonds and local government bonds to stimulate growth and improve microeconomic circulation [1][2]. Group 1: Fiscal Policy Measures - The Ministry of Finance plans to accelerate the issuance and utilization of ultra-long-term special bonds and local government special bonds to create tangible work volume as soon as possible [1]. - A total of 14.1 trillion yuan was spent from the national general public budget in the first half of the year, ensuring strong support for key areas [1]. - By the end of June, the central government had allocated 9.29 trillion yuan in transfer payments to local governments, with over 90% of central budget investments disbursed [1]. Group 2: Debt Management and Economic Support - The Ministry of Finance has implemented a one-time increase of 6 trillion yuan in the debt limit for 2024, with 3.8 trillion yuan in new replacement bonds issued by the end of June [2]. - The average interest cost of replaced debt has decreased by over 2.5 percentage points, significantly alleviating repayment pressure and freeing up more funds for development and public needs [2]. - The focus is on promoting consumption to expand domestic demand, with policies aimed at enhancing service consumption in areas such as elderly care, childcare, culture, and tourism [2]. Group 3: Social Spending and Employment Support - In 2025, the budget for education, social security, and employment is set to be nearly 4.5 trillion yuan, with year-on-year growth of 6.1% and 5.9% respectively [3]. - The central government has allocated 1.1 trillion yuan for basic pension insurance subsidies, ensuring timely and full payment of pensions [3]. - Policies to support employment, such as job retention subsidies and tax reductions, are being strengthened to protect key groups in the labor market [3]. Group 4: Fiscal and Tax System Reform - The article discusses the need for a modern budget system and improved budget management practices to enhance local fiscal autonomy [4]. - There are plans to optimize the consumption tax system and improve the value-added tax refund policy to align with new business models [4]. - The Ministry of Finance is promoting zero-based budgeting reforms at the central level to support local governments in similar reforms [4].

同时，财政部深入落实2024年一次性增加6万亿元债务限额政策，截至今年6月底，已累计发行新增置换 债券3.8万亿元。各地置换后债务平均利息成本降低超过2.5个百分点，还本付息压力大幅减轻，财政空 间得到释放，腾出更多资金用于发展所需、民生所盼。 财政部部长蓝佛安日前在《学习时报》发表的署名文章《以优良作风凝心聚力为经济持续向新向好贡献 财政力量》提到，用好用足更加积极的财政政策，加大财政逆周期调节力度。 具体举措包括：加快发行和使用超长期特别国债、地方政府专项债券，尽早形成实物工作量。发挥财政 资金引导和带动效应，推动各项政策效能不断释放。落实好助企帮扶各项财税政策，有效改善经济微观 循环。统筹运用专项资金、税收优惠、政府采购和政府投资基金等政策工具，支持传统产业改造提升、 新兴产业发展壮大和未来产业前瞻布局。指导督促地方做好隐性债务置换工作，积极稳妥化解地方政府 债务风险。 财政部数据显示，上半年全国一般公共预算支出14.1万亿元，保持较大强度，重点领域支出得到有力保 障。新增地方政府债券额度4月底已全部下达地方。截至6月底，中央对地方转移支付已下达9.29万亿 元，中央预算内投资下达超过90%，2025年 ...

Core Viewpoint - The article emphasizes the need for comprehensive regulation of "involutionary" competition in various industries, particularly in the context of stabilizing industrial growth in China. This involves creating a long-term mechanism to address irrational competition and promote a healthier industrial ecosystem [2][4][6]. Group 1: Key Tasks for Industrial Growth - The Ministry of Industry and Information Technology (MIIT) has outlined eight key areas for focus in the second half of the year, including expanding domestic demand and enhancing the quality of key industrial chains [2]. - The emphasis on "strengthening the foundation" and "value creation" aims to address current economic contradictions and improve industrial governance [2][21]. Group 2: Regulation of Involutionary Competition - The MIIT is prioritizing the regulation of "involutionary" competition in sectors like new energy vehicles and photovoltaics, with a focus on establishing a long-term regulatory mechanism [6][11]. - Recent meetings have highlighted the need for systematic policies to combat unfair competition practices and promote product quality [8][9]. Group 3: Legal Framework and Policy Developments - The revision of the Anti-Unfair Competition Law and the upcoming amendments to the Price Law are expected to enhance legal measures against low-price dumping and other unfair pricing behaviors [17][18]. - The new legal framework aims to create a comprehensive regulatory system that addresses irrational competition and supports market order [19]. Group 4: Industrial Economic Performance - China's industrial economy has shown resilience, with a reported 6.4% year-on-year growth in industrial value added for the first half of the year, driven by high-tech and equipment manufacturing sectors [22][24]. - The MIIT plans to implement a new round of growth stabilization actions across ten key industries, focusing on structural adjustments and the elimination of outdated production capacity [23]. Group 5: Addressing Corporate Debt Issues - The issue of overdue accounts receivable remains a significant challenge for many companies, with a reported 26.69 trillion yuan in accounts receivable as of June 2025, reflecting a 7.8% year-on-year increase [25]. - The government is taking steps to accelerate the clearance of overdue payments and establish a long-term regulatory mechanism for corporate fees [26][27].

Core Points - The sixth National Non-Public Economic Person Excellent Builder of Socialism with Chinese Characteristics Award ceremony was held, recognizing 100 individuals from various sectors including technology, pharmaceuticals, and consumer industries [1][3] - The event highlights the importance of private enterprises, which account for over 92% of all companies in China, and over 92% of national high-tech enterprises are private [3] Group 1: Technology Sector - Notable entrepreneurs from the technology sector were recognized, including Wang Xingxing, CEO of Hangzhou Yushu Technology Co., Li Xiang, founder and CEO of Li Auto, and Chen Tianshi, Chairman and General Manager of Cambricon Technologies [4] Group 2: Pharmaceutical Sector - Representatives from the pharmaceutical industry also received awards, including Xu Haoyu, Chairman and President of Yangtze River Pharmaceutical Group, Chen Baohua, President of Zhejiang Huahai Pharmaceutical Co., and You Hongtao, Chairman of Chongqing Huasen Pharmaceutical Co. [5] Group 3: Consumer Sector - The consumer sector gained attention, with awardees from traditional and emerging consumption fields, including snack foods, textiles, and grain and oil industries, such as Beida Cang, Wanshili, Mingming Hen Mang, and Hainan Oscar [6] - Wanshili Group, with over 40 years of history, has transformed its focus to silk cultural creativity, reflecting the upgrade of traditional consumption industries [6] - The emerging snack food industry, represented by "Mingming Hen Mang," is gaining traction among young consumers, emphasizing high frequency, low price, and experiential consumption [7][8]

（原标题：蓝佛安最新署名文章） 来源：《学习时报》 《学习时报》7月30日刊发财政部党组书记、部长蓝佛安的署名文章《以优良作风凝心聚力 为经济持续 向新向好贡献财政力量》。 以下为全文： 习近平总书记深刻指出，"风险越大、挑战越多、任务越重，越要加强党的作风建设，以好的作风振奋 精神、激发斗志、树立形象、赢得民心"。在全党开展深入贯彻中央八项规定精神学习教育，是今年党 建工作的重点任务。习近平总书记亲自谋划、亲自部署、亲自推动，多次发表重要讲话，作出重要指 示，为全党开展学习教育提供了行动指南。财政部深入学习习近平总书记关于加强党的作风建设的重要 论述精神，自觉将开展学习教育作为践行"两个维护"的实际行动，坚持学查改贯通发力，切实将作风建 设成效内化为攻坚克难的强大动力，深化为贯彻习近平总书记重要指示精神的坚决行动，转化为实施财 政宏观调控的有力举措，推动经济持续回升向好和高质量发展。 聚焦作风建设的关键，建立"宝塔型"责任体系，推动严的要求一贯到底。全面从严治党，必须牢牢抓住 责任制这个"牛鼻子"。作风建设也必须拧紧责任链条。财政部严格落实全面从严治党主体责任和监督责 任，强化党组织书记"第一责任人"责任， ...

消费品以旧换新是当前扩大内需的重要抓手。据悉，7月，国家发展改革委、财政部已向地方下达了今 年第三批690亿元超长期特别国债支持消费品以旧换新资金，并计划于10月下达今年第四批690亿元超长 期特别国债资金。 多位专家表示，扩内需仍然要靠财政政策和货币政策发力。超长期特别国债支持消费品以旧换新政策或 扩围至服务消费，促进服务消费发展；结构性货币政策工具将继续发力支持科技创新、提振消费等主 线。 已多次被预告的"新型政策性金融工具"下半年有望落地。国家发展改革委党组近期在《学习时报》发文 提到"设立新型政策性金融工具，进一步解决项目建设资本金和配套资金不足问题"。在中信证券首席经 济学家明明看来，新型政策性金融工具再度发力，不仅将延续对传统基础设施领域的支持，还会将资金 精准导向科技创新、扩大消费、稳定外贸等重点领域，既注重短期需求的提振，也着眼于长期经济结构 的转型及经济新动能的培育。 又至年中政策观察窗口期。近期，多部门召开经济形势座谈会、年中工作会或相关发布会，透露未来工 作重点。下半年政策主线聚焦扩内需、"反内卷"竞争思路明晰，值得期待。多位专家表示，扩内需仍然 要靠财政政策和货币政策发力；本轮"反内卷 ...

Core Viewpoint - The article emphasizes the importance of implementing proactive fiscal policies to support economic recovery and high-quality development, while also addressing social welfare and employment issues [1][16]. Group 1: Fiscal Policy Implementation - The Ministry of Finance will accelerate the issuance and utilization of ultra-long special government bonds and local government special bonds to create tangible work output [1][16]. - A total of 14.1 trillion yuan was spent from the national general public budget in the first half of the year, maintaining a strong expenditure intensity [7][15]. - By the end of June, 9.29 trillion yuan in central transfers to local governments had been disbursed, with over 90% of central budget investments allocated [8][15]. Group 2: Economic Stability and Growth - The article highlights the need to support employment, stabilize enterprises, and maintain market expectations through fiscal measures [7][15]. - Domestic demand is emphasized as a strategic focus, with measures to stimulate consumption and investment, including 1,620 billion yuan in special bond funds to support consumer goods [9][15]. - The GDP grew by 5.3% year-on-year, with domestic demand contributing 68.8% to economic growth, indicating a strong recovery [15]. Group 3: Social Welfare and Employment - The Ministry of Finance plans to enhance social security, healthcare, and education funding, with education and social security expenditures each approaching 4.5 trillion yuan, reflecting a year-on-year increase of 6.1% and 5.9% respectively [11][15]. - Employment support policies will be strengthened, including a 667.4 billion yuan allocation for employment subsidies [11][15]. - The implementation of a childcare subsidy system and gradual promotion of free preschool education are also highlighted to meet the needs of families [17]. Group 4: Fiscal System Reform - The Ministry of Finance is committed to deepening fiscal and tax system reforms to align with modern governance needs, including optimizing tax policies and enhancing budget management [12][18]. - A zero-based budgeting reform pilot is being conducted in 16 central departments to improve financial efficiency [13][18]. - The establishment of a modern budget system and a more effective transfer payment system is also a focus to enhance local fiscal autonomy [18].

Group 1 - The article emphasizes the need for the Ministry of Finance to align its actions with the central government's analysis of the economic situation, promoting high-quality economic and social development through effective fiscal policies [1][22] - The Ministry plans to implement a childcare subsidy system, gradually promote free preschool education, and provide subsidies for elderly care services for disabled seniors to better meet the service needs of the population [1][23] Group 2 - The Ministry of Finance aims to enhance employment stability through policies such as job retention subsidies, tax reductions, and employment support for key groups [1][23] - There is a focus on increasing educational support and improving the quality of educational resources, alongside the implementation of social security, healthcare, and welfare policies to ensure basic living standards for vulnerable groups [1][23] Group 3 - The Ministry is committed to accelerating the issuance and utilization of long-term special bonds and local government bonds to create tangible work output as part of its fiscal policy [1][22] - The article highlights the importance of using fiscal funds to guide and stimulate economic activity, ensuring that various policy effects are continuously released [1][22]

Group 1 - The article emphasizes the need for a more proactive fiscal policy to enhance economic stability and growth through increased fiscal counter-cyclical adjustments [1] - It highlights the importance of issuing and utilizing ultra-long special bonds and local government special bonds to generate tangible work output promptly [1] - The article discusses the role of fiscal funds in guiding and stimulating policy effectiveness, particularly in supporting traditional industry upgrades and the development of emerging industries [1] Group 2 - The article stresses the importance of strengthening social welfare measures to address urgent public concerns, including employment stability and educational support [2] - It advocates for the implementation of a childcare subsidy system and the gradual introduction of free preschool education to better meet the needs of families [2] - The article calls for enhanced social security, healthcare, and assistance policies to ensure basic living standards for vulnerable populations [2] Group 3 - The article outlines the need for continuous reform of the fiscal and tax system to improve governance efficiency and budget management [3] - It suggests optimizing the VAT refund policy and developing tax systems that align with new business models [3] - The article emphasizes the importance of enhancing local fiscal autonomy through improved transfer payment systems [3] Group 4 - The article focuses on promoting consumption to expand domestic demand and unlock market potential [4] - It discusses the need to improve policies supporting service consumption in areas such as elderly care, childcare, culture, and tourism [4] - The article highlights the importance of coordinating fiscal and financial policies to better meet consumer demand and support the real estate market's sustainable development [4]