国新办12日举行"高质量完成'十四五'规划"系列主题新闻发布会，介绍"十四五"时期财政改革发展成 效。财政部部长蓝佛安在会上表示，化债是手段，发展是目的。财政部坚持化债和发展两条腿走路，有 效推动经济发展和债务管理良性循环。 一是增强了地方发展动能。化债打通了资金链条，地方腾挪出更多的资金资源、时间精力和政策空间， 用于解决经济发展的堵点、痛点和难点。 二是推动了融资平台加快退出。截至2025年6月末，超六成的融资平台实现退出，意味着60%以上的融 资平台隐性债务已经清零，融资平台改革转型加快推进。 三是改善了金融环境。金融机构资产质量得到改善，风险显著降低，对实体经济的信贷投放意愿和能力 明显增强。 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制度。依法加大 债务信息公开力度，提升管理透明度。 第三，在效益上做乘法。科学安排债券规模、结构，合理把 ...

Core Viewpoint - The article discusses the achievements and future plans of China's fiscal policy during the "14th Five-Year Plan" period, emphasizing the importance of balancing risk prevention and economic development while ensuring fiscal policy remains flexible and proactive [2][3]. Fiscal Policy and Debt Management - The Ministry of Finance will continue to maintain the continuity and stability of fiscal policies while enhancing flexibility and foresight, preparing policies in advance to support high-quality economic development [3]. - The government will implement a debt management mechanism that aligns with high-quality development, focusing on reducing existing hidden debts, managing new debt limits, and improving the efficiency of bond usage [4]. - A total of 19.4 trillion yuan of local government special bonds have been arranged over five years to support 150,000 construction projects, alongside 3.3 trillion yuan in central budget investments for infrastructure [6]. Economic Stimulus and Consumption - The issuance of 5 trillion yuan in special government bonds this year aims to inject capital into large commercial banks, potentially stimulating around 6 trillion yuan in credit [7]. - Fiscal policies have successfully stimulated consumption, with approximately 420 billion yuan allocated to support the replacement of old consumer goods, resulting in over 2.9 trillion yuan in sales [11]. - The rural retail sales of consumer goods have increased by 24% since the beginning of the "14th Five-Year Plan," driven by targeted fiscal measures [11]. Debt and Risk Management - As of the end of 2024, the total government debt is projected to be 92.6 trillion yuan, with a debt-to-GDP ratio of 68.7%, indicating that the debt level is within a reasonable range and manageable [9]. - Over 60% of financing platforms have exited by mid-2025, indicating significant progress in reducing hidden debts [10]. - The average interest cost of debt has decreased by over 2.5 percentage points after debt swaps, saving more than 450 billion yuan in interest expenses [12].

Group 1 - The core viewpoint of the article emphasizes the significant achievements in fiscal reform and development during the "14th Five-Year Plan" period, highlighting the proactive fiscal policies that support economic stability and growth [1][2][6] - The 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 [1][6] - The national general public budget expenditure is projected to exceed 136 trillion yuan, an increase of 26 trillion yuan or 24% compared to the "13th Five-Year Plan" period, with more funds directed towards major development and livelihood projects [1][6] Group 2 - Fiscal macro-control has become more proactive and effective, enhancing the adaptability of fiscal policies to economic conditions, thus supporting stable and healthy economic development [2][7] - The average economic growth rate over the past four years has been 5.5%, contributing approximately 30% to global economic growth [2][7] - The central government has arranged nearly 50 trillion yuan in transfer payments to local governments over five years, ensuring local fiscal stability [2][3] Group 3 - The fiscal policy has been adjusted to enhance counter-cyclical regulation and support long-term development momentum, with a focus on expanding domestic demand and promoting economic circulation [2][7] - The deficit ratio has increased from 2.7% to 3.8%, with further increases planned, and new local government special bond quotas of 19.4 trillion yuan have been arranged [2][15] - More than 10 trillion yuan has been allocated for tax reductions and refunds [2][15] Group 4 - The fiscal system reform aims to clarify responsibilities and enhance coordination between central and local finances, promoting regional balance [3][24] - The transfer payment system has been optimized to support high-quality development and ecological protection [3][24] - The central government has provided nearly 50 trillion yuan in transfer payments to local governments since the beginning of the "14th Five-Year Plan" [3][24] Group 5 - The fiscal policy has a clear focus on improving people's livelihoods, with significant allocations for education, social security, and healthcare [8][36] - The total fiscal expenditure for education is expected to exceed 25 trillion yuan during the "14th Five-Year Plan" period, representing a growth of approximately 38% compared to the "13th Five-Year Plan" [36] - The government has implemented various measures to enhance educational equity and quality, including increased funding for rural education and teacher training [36][38]

Core Insights - The financial strength of the country has significantly increased during the "14th Five-Year Plan" period, with general public budget revenue expected to reach 106 trillion yuan, an increase of 17 trillion yuan or approximately 19% compared to the "13th Five-Year Plan" period [3] - The government has maintained a reasonable debt ratio, with total government debt projected to be 92.6 trillion yuan and a debt ratio of 68.7%, indicating that risks are manageable [5] - The government is committed to enhancing fiscal policies to support high-quality economic development while ensuring risk management [4] Fiscal Policy and Management - The fiscal policy will continue to balance risk prevention and development promotion, with a focus on maintaining continuity and stability while enhancing flexibility and foresight [4] - The government plans to implement a debt management mechanism that aligns with high-quality development, including measures to reduce existing hidden debts and manage new local government debt limits [6][7] Investment in Public Welfare - The government has allocated 1 trillion yuan for childcare subsidies and 200 billion yuan for gradually implementing free preschool education, addressing public concerns [9] - During the "14th Five-Year Plan" period, nearly 100 trillion yuan has been invested in public welfare, with significant allocations for education, social security, healthcare, and housing [10] Social Security and Support - China has established the world's largest and most comprehensive social security system, with over 1.07 billion people participating in basic pension insurance and 1.33 billion in basic medical insurance [11] - The central government has arranged nearly 50 trillion yuan in transfer payments to local governments during the "14th Five-Year Plan" period to ensure stable local fiscal operations [12] Infrastructure and Economic Growth - The government has issued 1.5 trillion yuan in special long-term bonds to promote infrastructure construction, supporting 150,000 projects [13] - A special bond issuance of 500 billion yuan is expected to leverage approximately 6 trillion yuan in credit [14] Innovation and Development - The government aims to innovate fiscal and tax policy tools to stimulate consumption and expand effective investment, thereby enhancing economic vitality [15] - The implementation of zero-based budgeting reform is intended to ensure accountability for spending and improve the efficiency of fund usage [16] Support for SMEs - Government financing guarantees have supported over 300,000 small and medium-sized technology enterprises in obtaining approximately 800 billion yuan in loans, with guarantee fees reduced to below 1% [17] Income Growth in Rural Areas - In poverty alleviation areas, the per capita disposable income of rural residents has increased by nearly 40% during the "14th Five-Year Plan" period, reaching 17,522 yuan in 2024 [18]

Core Insights - The financial strength of the country has significantly increased during the "14th Five-Year Plan" period, with general public budget revenue expected to reach 106 trillion yuan, an increase of 17 trillion yuan or approximately 19% compared to the "13th Five-Year Plan" period [2] - The government has made substantial investments in people's livelihoods, with nearly 100 trillion yuan allocated for social welfare during the "14th Five-Year Plan" period [6] - The fiscal policy remains flexible and proactive, with ample room for future policy adjustments to support economic development [3][4] Financial Performance - General public budget expenditure is projected to exceed 136 trillion yuan, an increase of 26 trillion yuan or 24% compared to the previous five-year period [2] - The fiscal deficit rate has been raised from 2.7% to 4% during the "14th Five-Year Plan" period, reflecting a more aggressive fiscal policy stance [11] Debt Management - The government plans to implement a robust debt management mechanism, including early issuance of new local government debt limits for 2026 and measures to reduce hidden debt [5] - As of the end of June 2025, over 60% of financing platforms are expected to have exited, indicating progress in reducing hidden debt [17][18] Social Investment - The central government has allocated approximately 3,186 billion yuan for employment support, a 29% increase from the "13th Five-Year Plan" period, contributing to over 50 million new urban jobs [16] - By the end of this year, over 10.7 billion people are participating in basic pension insurance, and 13.27 billion in basic medical insurance, showcasing the extensive social security system [22] Economic Contribution - The country has contributed around 30% to global economic growth over the past four years, with an average economic growth rate of 5.5% [7][8] - The central government has arranged nearly 50 trillion yuan in transfer payments to local governments during the "14th Five-Year Plan" period, ensuring stable local fiscal operations [9] Future Outlook - The Ministry of Finance aims to enhance macroeconomic regulation efficiency and deepen fiscal and tax reforms in the upcoming "15th Five-Year Plan" period [10] - The government plans to innovate fiscal and tax policy tools to stimulate domestic demand and enhance economic vitality [14]

Group 1 - The Ministry of Finance emphasizes the importance of balancing development and security during the "14th Five-Year Plan" period, aiming to establish a government debt management mechanism that aligns with high-quality development [1] - The strategy includes reducing existing hidden debts through a series of measures, such as advancing part of the 2026 new local government debt limit and utilizing debt resolution quotas effectively [1] - The management approach will involve strict limits on local government debt, ensuring sustainable borrowing and repayment, and enhancing transparency through improved debt information disclosure [1] Group 2 - The focus will also be on maximizing the effectiveness of bond issuance by scientifically arranging the scale and structure of bonds, ensuring funding for major projects, and improving the performance of bond fund usage [1] - Risk management will be strengthened by shifting from reactive measures to proactive prevention, including the establishment of a special bond repayment reserve management mechanism to mitigate repayment risks [2] - A "zero tolerance" regulatory approach will be maintained to enforce accountability for debt issues and prevent the emergence of new hidden debts [2]

Core Viewpoint - The Chinese government is committed to a "zero tolerance" high-pressure regulatory approach to manage local government debt, aiming to eliminate new hidden debts while ensuring sustainable economic development during the 14th Five-Year Plan period [1][2] Group 1: Debt Management Strategies - The government plans to reduce existing hidden debts by implementing a series of debt resolution measures and pre-allocating part of the 2026 new local government debt limit [1] - A strict limit on local government debt will be enforced to ensure that borrowing is manageable and sustainable, with a focus on lifecycle management of special bonds [1] - The government aims to enhance the effectiveness of bond issuance by scientifically arranging the scale and structure of bonds, ensuring funds meet the needs of major projects and key areas [1] Group 2: Risk Management - There will be a shift from reactive measures to proactive risk monitoring and prevention, with a focus on establishing a special bond repayment reserve management mechanism to mitigate repayment risks [2] - The government will maintain a high-pressure regulatory stance to ensure accountability in borrowing practices and to prevent the emergence of new hidden debts [2]

Group 1 - The National People's Congress (NPC) Standing Committee is focusing on the implementation of the Trade Union Law, highlighting improvements in legal governance and the need for further enhancements in worker rights protection and grassroots organization [2] - The report emphasizes the importance of trade unions in political roles and their contribution to the overall economic and social development [2] - Recommendations include strengthening the legal framework for trade unions, enhancing their operational support, and improving the service system for workers [2] Group 2 - The National Development and Reform Commission reported positive trends in the national economy, with a focus on high-quality development and expanding domestic demand [3] - Key strategies for the second half of the year include promoting technological and industrial innovation, deepening reforms, and ensuring coordinated regional development [3] - The Ministry of Finance highlighted the need for proactive fiscal policies to support employment, foreign trade, and improve living standards while managing financial risks [3] Group 3 - The Ministry of Culture and Tourism reported on initiatives to integrate cultural and tourism sectors, aiming to enhance cultural content in tourism and innovate products and services [4] - Challenges in the integration process were identified, with plans to improve mechanisms and promote a favorable market environment for cultural and tourism exchanges [4] Group 4 - The Ministry of Ecology and Environment outlined progress in climate change initiatives, focusing on legal frameworks and market mechanisms to support green and low-carbon transitions [5] - Future considerations include enhancing climate adaptation capabilities and increasing China's influence in global climate governance [5]

Core Points - The 17th meeting of the Standing Committee of the 14th National People's Congress (NPC) is scheduled to be held in Beijing from September 8 to 12 [1][2] - The agenda includes the review of various legislative drafts, including the Atomic Energy Law, Public Health Emergency Response Law, and several environmental laws [1][2] - Reports on the execution of the national economic and social development plan, budget execution, and government debt management for 2024 will also be discussed [2] Legislative Focus - The meeting will review drafts related to public health, environmental protection, and economic management, indicating a strong legislative focus on these areas [1][2] - Specific laws under consideration include the Food Safety Law amendment and the Ecological Environment Code, highlighting the government's commitment to safety and sustainability [1][2] Economic Reports - The meeting will include discussions on the economic performance analysis report for the current year, reflecting the government's ongoing assessment of economic conditions [2] - Reports on the integration of culture and tourism, climate change responses, and water resource tax reforms will be presented, showcasing a comprehensive approach to economic and environmental issues [2]

Group 1 - The meeting of the 14th Municipal People's Congress Standing Committee focused on implementing Xi Jinping's important discourse on common prosperity and the "Ten Million Project" as the first agenda item [1] - The meeting reviewed and approved the draft of the Hangzhou Municipal Health Promotion Regulations, which will be modified based on the review opinions [2] - Reports were heard and discussed regarding the government's efforts to deepen the "Ten Million Project" and reduce the "three major gaps" [2] Group 2 - The meeting included discussions on the planning and construction of the Greater North City, promoting national unity, and the implementation of the decision on building a youth development-oriented city [2] - The meeting assessed the satisfaction of the implementation of the reports on the development of the headquarters economy and the execution of the 2024 government major investment project plan [2] - Personnel matters were voted on and new appointees received their appointment letters, with an emphasis on the importance of the Party's leadership in the work of the People's Congress [3]