（文章来源：中国新闻网） 中新社北京7月25日电 (记者赵建华)今年，中国实施更加积极的财政政策。财政部预算司一级巡视员、 政府债务研究和评估中心主任李大伟25日在北京表示，通过加快预算下达、用好债券资金、保障基本民 生、提振消费、保障地方财力等，财政部加强政策供给和资金拨付管理，确保尽早发挥政策效果，为经 济社会发展提供支撑。 同时，支持提高基本养老保障水平，继续提高基本公共卫生服务经费、城乡居民医保财政补助标准，支 持国家奖助学金提标扩面。快速预拨中央自然灾害救灾资金，支持地方应对重大自然灾害。 同一场发布会上，谈及提振消费时，财政部经济建设司副司长吴盖表示，今年安排3000亿元超长期特别 国债资金支持消费品"以旧换新"，持续释放消费潜能。1月和4月，财政部已分两批累计预拨超长期特别 国债资金1620亿元。近期，下达第三批超长期特别国债资金690亿元，剩余资金将在10月份下达。 同时，提高资金政策效能，强化资金监督管理，对资金分配、兑付和使用等情况加大抽查检查力度，严 防资金挤占挪用、骗补套补。吴盖介绍，下一步，将按照《提振消费专项行动方案》部署，加快出台提 振消费增量政策举措，引导地方提升消费环境，优化 ...

Group 1 - In the first half of 2025, China's general public budget revenue was approximately 11.56 trillion yuan, a year-on-year decrease of 0.3%, with the decline narrowing by 0.8 percentage points compared to the first quarter [1] - National general public budget expenditure reached 14.13 trillion yuan, showing a year-on-year growth of 3.4%, indicating strong fiscal spending [1] - The issuance of government bonds and local bonds increased significantly, with 7.88 trillion yuan in national bonds issued, a year-on-year increase of 35.28% [1][3] Group 2 - The fiscal policy has been notably proactive, with a planned deficit rate of 4%, corresponding to a deficit scale of 5.66 trillion yuan, and a total of 11.86 trillion yuan in new government bonds to be issued, which is an increase of 2.9 trillion yuan compared to last year [3][4] - The issuance of special bonds and local government bonds totaled 2.6 trillion yuan, supporting major projects in local areas [4] - The retail sales of consumer goods increased by 5% year-on-year, significantly supported by the consumption upgrade policy [6] Group 3 - The export tax rebate reached 1.27 trillion yuan, a year-on-year increase of 11.6%, which positively supported foreign trade but negatively impacted fiscal revenue [2][3] - The fiscal revenue quality is improving, with tax revenue showing positive growth for three consecutive months starting from April [2][3] - The government plans to accelerate the implementation of policies to boost consumption, including support for new consumption models and enhancing the consumer environment [7]

21世纪经济报道记者周潇枭 北京报道7月25日，财政部召开2025年上半年财政收支情况新闻发布会。 上半年，全国一般公共预算收入约11.56万亿元，同比下降0.3%，降幅较一季度收窄0.8个百分点。其 中，全国税收收入9.29万亿元，下降1.2%；非税收入2.27万亿元，增长3.7%。分中央和地方看，上半年 中央一般公共预算收入4.86万亿元，下降2.8%；地方一般公共预算本级收入6.7万亿元，增长1.6%。 上半年，全国一般公共预算支出14.13万亿元，同比增长3.4%。分中央和地方看，中央一般公共预算本 级支出1.99万亿元，增长9%；地方一般公共预算支出12.14万亿元，增长2.6%。 （财政部2025年上半年财政收支情况发布会现场图，21记者现场拍摄） 从主要税种收入状况来看，上半年国内增值税3.64万亿元，增长2.8%；企业所得税2.49万亿元，下降 1.9%；国内消费税8980亿元，增长1.7%；进口货物增值税、消费税8729亿元，下降6.1%；个人所得税 7945亿元，增长8%。另外，上半年出口退税1.27万亿元，增长11.6%。 今年上半年我国GDP增长5.3%，受物价低迷、出口退税增长较快等 ...

1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - In the first half of 2025, the cumulative issuance of local government bonds reached 5.49 trillion yuan, a year - on - year increase of 57.18%, hitting a record high for the same period. The issuance of government special bonds for implicit debt replacement reached 1.80 trillion yuan, completing 90% of the annual quota of 2 trillion yuan, and the implicit debt replacement was basically completed within the year [2]. - The third - quarter planned issuance scale will not change much compared with the first and second quarters. The proactive fiscal policy will be implemented more quickly. In the short term, the downward space for the issuance interest rate of local government bonds is limited, and there is a possibility of periodic fluctuations. The strict supervision of local government debt will continue, and the debt - resolution thinking will shift to "both risk prevention and development promotion", with further differentiation in debt - resolution resources and local investment and financing space [2]. 3. Summary by Relevant Catalogs 3.1 Local Government Bond - Related Policy Review - Implement a more proactive fiscal policy, arrange a larger - scale government bond, and continue to standardize and promote the work of land reserve special bonds. In 2025, the fiscal deficit rate is set at about 4%, an increase of 1 percentage point from the previous year, and the deficit scale is 5.66 trillion yuan, an increase of 1.6 trillion yuan. The total new government debt scale in 2025 is 11.86 trillion yuan, an increase of 2.9 trillion yuan from the previous year. Policies are also introduced to support land reserve work and promote the stabilization of the real estate market [4][5]. - Promote local implementation of the implicit debt replacement policy and improve government investment efficiency. From 2024 - 2026, 2 trillion yuan of local government debt quota is approved each year to replace the stock implicit debt. In the first half of 2025, 90% of the 2 - trillion - yuan replacement quota has been issued, effectively relieving the local debt - resolution pressure [6]. - Improve the local debt monitoring system and government debt risk indicator system, optimize the special bond management mechanism, and strengthen the in - depth supervision of local government special bonds. The "iron - clad rule" of no new implicit debt is emphasized, and the accountability for illegal debt - raising and false debt - resolution is strengthened. Measures are also taken to optimize the special bond management mechanism and prevent new implicit debt [8]. 3.2 Review of the Local Government Bond Market in the First Half of 2025 3.2.1 Issuance Overview - In the first half of 2025, 1,086 local government bonds were issued, with a total amount of 5.49 trillion yuan, a year - on - year increase of 57.18%. Special bonds accounted for 78.52% of the newly issued local government bonds. Newly issued bonds totaled 2.61 trillion yuan, and refinancing bonds totaled 2.88 trillion yuan, with 1.80 trillion yuan for implicit debt replacement [11][12]. - The land reserve special bonds totaled 1,708.76 billion yuan in the first half of 2025, with an accelerated issuance in the second quarter. The net financing amount was 4.41 trillion yuan, a year - on - year increase of 135.69% [12]. - The issuance proportion of local government bonds with a term of 10 years or more increased significantly, with a weighted average issuance term of 15.88 years. Economically active regions such as Guangdong and Fujian were the main issuers of new bonds, while key provinces mainly issued refinancing bonds [16]. 3.2.2 Interest Rate and Spread Analysis - The average issuance interest rate of local government bonds decreased in the second quarter of 2025 after a slight increase in February. The average issuance interest rates in the first and second quarters were 1.94% and 1.85% respectively [22]. - The spreads in the first and second quarters of 2025 widened quarter - on - quarter, with significant differentiation among provinces. In the second quarter of 2025, Inner Mongolia had the highest average issuance spread for 10 - year local bonds, followed by Hunan and Guangxi [25]. 3.2.3 Investment Areas of Local Government Special Bonds - In the first half of 2025, infrastructure remained the main focus of special bond funds, and many cities restarted the issuance of land reserve special bonds. The top three investment areas were transportation infrastructure construction, urban - rural development, and railway tracks, accounting for 48.43% of the issuance amount. The issuance amount of land reserve special bonds accounted for 6.80% [30]. 3.3 Future Outlook for Local Government Bonds - The issuance rhythm in the third quarter is expected to be similar to that in the first and second quarters. The planned issuance of local government bonds in the third quarter is 2.73 trillion yuan, including 1.49 trillion yuan of new special bonds [33]. - The proactive fiscal policy will be implemented more quickly, and the acceleration of construction projects in the second half of the year may drive social investment. The deficit rate in 2025 has reached about 4%, and the new local special bonds are arranged at 4.40 trillion yuan [34]. - In the short term, the downward space for the issuance interest rate of local government bonds is limited, and there is a possibility of periodic fluctuations. The local debt - resolution thinking is shifting to "both risk prevention and development promotion", with further differentiation in debt - resolution resources and local investment and financing space [36][37].

Group 1 - The issuance of ultra-long-term special government bonds in 2025 has reached a total scale of 1.23 trillion yuan, with over half of the planned issuance completed by mid-July 2023 [1] - The total planned issuance for ultra-long-term special government bonds this year is 1.3 trillion yuan, an increase of 300 billion yuan compared to the previous year [1] - The issuance progress of ultra-long-term special government bonds has reached 52%, with 678 billion yuan issued as of July 18, 2023 [1] Group 2 - In the second quarter, China issued 9 tranches of ultra-long-term special government bonds totaling 555 billion yuan, with plans for 11 tranches in the third quarter [2] - The issuance in the third quarter is expected to maintain a rapid growth rate, aiming to support major project construction and stimulate economic growth [2] - The issuance of ultra-long-term special government bonds is expected to provide significant funding for infrastructure and strategic industries, creating more job opportunities and stimulating consumer demand [2][3] Group 3 - The issuance of ultra-long-term special government bonds contributes to stable and sustainable investment increments, supporting economic stability and growth [3] - It also aids in stabilizing employment and ensuring basic livelihoods by expanding job opportunities through investment [3] - The issuance is seen as a strong support for structural adjustment and development, laying a solid foundation for future economic stability and high-quality growth [3]

Group 1 - The issuance of local government bonds has significantly accelerated, with over 4 trillion yuan issued this year, of which nearly 40% are new special bonds [1] - The new special bonds are primarily directed towards major project construction, with 16.457 billion yuan in new local bonds issued [1] - The issuance of land reserve special bonds has reached 108.348 billion yuan, accounting for 7.75% of the new special bond funds [1] Group 2 - Land reserve activities are concentrated in economically stable regions, with third and fourth-tier cities showing high participation rates, accounting for nearly 75% of acquisition amounts [2] - More than half of the local bonds issued this year are for "borrowing new to repay old," primarily to replace hidden debts, with 82.8% of the planned total already disclosed [2] - The issuance of new local bonds is expected to accelerate, with June's issuance projected at around 1 trillion yuan [3] Group 3 - Infrastructure investment remains a key focus for the funding from new special bonds, with a significant emphasis on construction projects in the real estate sector [3] - The issuance pace of local government bonds is anticipated to increase in the second quarter, with an estimated total of 1.2 trillion yuan for the entire quarter [3]

中央要求加快超长期特别国债发行使用，部分超长期特别国债发行时间明显提前 今年超长期特别国债发行时间较去年整体有所提前。公开数据显示截至上半年全国已经发行超长期特别 国债5550亿元，剩余的7450亿元将在下半年发行，且集中在三季度，四季度仅有一只超长期特别国债发 行，发债时间定在10月10日。 为何部分超长期特别国债会提前发行？这主要是落实中央相关要求。 面对外部冲击影响加大等变化，今年4月25日召开的中共中央政治局会议要求，要加紧实施更加积极有 为的宏观政策，用好用足更加积极的财政政策和适度宽松的货币政策。加快地方政府专项债券、超长期 特别国债等发行使用。 财政部部长蓝佛安近期在作《国务院关于2024年中央决算的报告》时，也提出下一步加快政策落地，强 化部门协同，多措并举帮扶困难企业，尽早发行和使用超长期特别国债、专项债券等，发挥财政资金引 导和带动效应，支持做好"两重""两新"等工作，推动促消费、扩投资、稳外贸、惠民生等政策早见效、 多见效。 另外，近期由于部分地方获得的用于消费品以旧换新的超长期特别国债资金用完，新疆、广西等多省暂 停了部分消费品的国补。一些市场人士也呼吁加快消费品以旧换新的超长期特别国 ...

Core Viewpoint - The report outlines the 2024 central government budget execution, highlighting a slight increase in revenue and stable expenditure, with a central fiscal deficit of 3.34 trillion yuan, aligning with budget expectations [1][2]. Revenue Summary - The central general public budget revenue reached 10,046.206 billion yuan, achieving 98.1% of the budget and reflecting a 0.9% increase from 2023 [1]. - Total revenue, including transfers from various funds and carryover funds, amounted to 10,884.406 billion yuan [1]. Expenditure Summary - Central general public budget expenditure totaled 14,105.59 billion yuan, completing 97.9% of the budget and remaining stable compared to 2023 [1][2]. - Specific expenditures included: - General public services: 155.238 billion yuan - Defense: 1,665.208 billion yuan - Education: 166.071 billion yuan - Science and technology: 361.909 billion yuan [2]. Debt Issuance Summary - The central government issued 12,567.361 billion yuan in national bonds for 2024, with the year-end national debt balance at 34,572.362 billion yuan, within the approved limit [3]. - Local government debt issuance reached 9,804.214 billion yuan, with a focus on replacing hidden debts and supporting government investment projects [3]. Special Bonds and Support Measures - A total of 1 trillion yuan in special long-term bonds was issued to support consumption and investment, with 700 billion yuan allocated for major projects and 300 billion yuan for consumer incentives [4]. - The report noted significant consumer activity, with over 6.8 million vehicles and 62 million home appliances replaced, generating over 1.3 trillion yuan in sales [4]. Social Welfare and Employment - Over 110 billion yuan was spent on employment support, with increased living allowances for economically disadvantaged students benefiting nearly 20 million individuals [5]. - The report indicated a planned adjustment in retirement benefits and an increase in the minimum pension standard, with participation in basic pension insurance reaching 1.07 billion people by the end of 2024 [5]. Fiscal Performance Overview - From January to May, national general public budget expenditure grew by 4.2%, while revenue saw a slight decline of 0.3% [6]. - The issuance of national bonds and local government bonds increased significantly, with a focus on enhancing fiscal support for public welfare and consumption [6].

Group 1: Economic and Fiscal Overview - In 2024, the central general public budget revenue is projected to be 100,462.06 billion yuan, achieving 98.1% of the budget [1] - The central general public budget expenditure is expected to be 141,055.9 billion yuan, completing 97.9% of the budget [1] - The central fiscal deficit is aligned with the budget, with national debt issuance of 125,673.61 billion yuan and local government debt issuance of 98,042.14 billion yuan, both within approved limits [1] Group 2: Fiscal Policy Implementation - The government plans to increase local government debt limits by 60,000 billion yuan to replace hidden debts, reducing the total hidden debt to 23,000 billion yuan by the end of 2028 [2] - A special long-term bond issuance of 10,000 billion yuan is arranged to support consumption and investment, with 3,000 billion yuan allocated for fiscal interest subsidies [2] - The sales of replaced automobiles and home appliances are expected to exceed 6.8 million and 62 million units respectively, generating over 13,000 billion yuan in sales [2] Group 3: Technological and Industrial Development - The report highlights a 22.2% increase in integrated circuit production in 2024, with export value surpassing 1,100 billion yuan [5] - The high-tech manufacturing industry's added value is projected to grow by 8.9%, accounting for 16.3% of total industrial output [5] - The production of new energy vehicles is expected to exceed 13 million units, maintaining a global leadership position for ten consecutive years [5] Group 4: Green Development and Innovation - By April 2025, the cumulative trading volume of carbon emission allowances is expected to reach 640 million tons, with a total transaction value of 44.05 billion yuan [6] - Non-fossil energy consumption is projected to account for 19.8% of total energy consumption [6] - The financial support for high-tech enterprises is expected to reach 15.2 trillion yuan, reflecting a year-on-year growth of 13.8% [6] Group 5: Talent Development and Education - The total number of high-skilled talents in the country has exceeded 60 million, supported by initiatives in higher education and vocational training [7] - The government is focusing on cultivating top talent in foundational disciplines and establishing specialized colleges in key technology areas [7] - The contribution of domestic demand to economic growth is projected to reach 69.7% in 2024, highlighting the importance of the domestic market [7]

Core Viewpoint - The 2024 Central Financial Settlement Report indicates that the overall financial situation is satisfactory, with significant progress in fiscal reform and development [1][2]. Group 1: Financial Performance - In 2024, the central general public budget revenue reached 100,462.06 billion yuan, which is 98.1% of the budget, and the total revenue, including transfers and carryover funds, amounted to 108,844.06 billion yuan [1]. - The central general public budget expenditure was 141,055.9 billion yuan, completing 97.9% of the budget, with total expenditure, including the supplementary central budget stabilization fund, reaching 142,244.06 billion yuan [1]. - The report highlights a 7.4% increase in central fiscal science and technology expenditure, reflecting a commitment to enhancing technological investment [1]. Group 2: Debt Management and Policy Implementation - An increase of 60,000 billion yuan in local government debt limit was approved for replacing hidden debts, with 20,000 billion yuan of this replacement quota fully issued and nearly completed [1]. - The issuance of 10,000 billion yuan in ultra-long-term special bonds was arranged, with measures for fund supervision established to support the construction of "two heavy" projects and the implementation of "two new" policies [1][2]. - The fiscal department is focused on enhancing the management of local government debt and improving the performance of fiscal fund utilization [2]. Group 3: Economic Stabilization Measures - The fiscal department is committed to implementing a more proactive fiscal policy, increasing counter-cyclical adjustments, and addressing prominent issues with targeted measures [2][3]. - In the first five months of the year, 62,900 billion yuan in national bonds were issued, marking a 38.5% year-on-year increase, while new local government bonds issued reached 19,800 billion yuan, up 36.6% [3]. - The central government has allocated 10,340 billion yuan for transfer payments to local governments, with 9,030 billion yuan already disbursed [3].