Group 1 - The article emphasizes the importance of utilizing more proactive fiscal policies to enhance economic stability and growth, with a focus on accelerating the issuance and use of ultra-long special government bonds and local government special bonds [1][3] - In the first half of the year, the proactive fiscal policy and other macro policies worked in synergy, contributing to a stable and improving economic situation in China [1][2] - The Ministry of Finance has implemented measures to support consumption and investment, including the issuance of 162 billion yuan in ultra-long special government bonds to stimulate consumer spending, resulting in over 1.6 trillion yuan in sales across five major product categories [2][3] Group 2 - The issuance of local government special bonds reached 2.16 trillion yuan in the first half of the year, expanding the scope of investment and supporting major project construction [2] - As of June 30, the cumulative issuance of new replacement bonds was 3.8 trillion yuan, significantly reducing the average interest cost of replaced debts by over 2.5 percentage points, thereby alleviating repayment pressure and freeing up fiscal space for development and public welfare [2] - The article highlights the need for a robust policy framework to support consumption in various sectors, including elderly care, childcare, culture, and tourism, while also promoting the healthy development of the duty-free retail business [3][4] Group 3 - The Ministry of Finance aims to enhance employment stability through policies such as job retention subsidies, tax reductions, and employment support, while also focusing on improving educational resources and implementing childcare subsidies [3] - The article discusses the need for reforms in the fiscal and tax system, including the establishment of a modern budget system and improvements in the fiscal transfer payment system to enhance local financial autonomy [4]

Core Viewpoint - The article emphasizes the need for a more proactive fiscal policy to support economic stability and growth in China, highlighting the issuance of long-term special government bonds and local government bonds as key measures to enhance fiscal capacity and address economic challenges [1][2][3]. Fiscal Policy Measures - The Ministry of Finance plans to accelerate the issuance and utilization of ultra-long-term special government bonds and local government special bonds to quickly generate tangible work output [3]. - In 2023, the total new government debt is set at 11.86 trillion yuan, an increase of 2.9 trillion yuan from the previous year, indicating a significant boost in fiscal spending [1][2]. Budget Allocation and Spending - In the first half of 2023, the national general public budget expenditure reached 14.1 trillion yuan, maintaining a high intensity with strong support for key areas [2]. - 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 [2]. Debt Management - The Ministry of Finance has issued 3.8 trillion yuan in new refinancing special bonds to replace existing hidden debts, with 3.44 trillion yuan already utilized, resulting in an average interest cost reduction of over 2.5 percentage points [4]. - The government aims to curb the creation of new hidden debts and enforce strict financial discipline among local governments [4]. Consumer Support and Economic Growth - The fiscal policy will focus on promoting consumption to expand domestic demand, including the implementation of personal consumption loan subsidies and support for the real estate sector [4][5]. - The introduction of a child-rearing subsidy system starting January 1, 2025, aims to reduce family costs associated with child-rearing, with an estimated annual expenditure of 100 to 120 billion yuan [5][6]. Social Welfare and Pension Reforms - Fiscal spending is increasingly directed towards social welfare, with significant year-on-year increases in expenditures for social security, education, and health care [6]. - The central government has allocated 1.1 trillion yuan for basic pension insurance subsidies, ensuring timely and full payment of pensions [6]. Tax System Reforms - The Ministry of Finance plans to deepen fiscal and tax reforms to enhance governance efficiency, including the development of a modern budget system and improvements to the fiscal transfer payment system [6].

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].

从主要支出科目看，重点领域支出得到较好保障。数据显示，上半年，教育支出21483亿元，增长 5.9%；科学技术支出4790亿元，增长9.1%；社会保障和就业支出24504亿元，增长9.2%；卫生健康支出 11004亿元，增长4.3%。 财政部25日发布的上半年财政收支半年报显示，今年以来，财政运行总体平稳，部分行业税收表现良 好，财政支出力度持续加大，重点领域支出得到较好保障。 收入方面，上半年，全国一般公共预算收入115566亿元，同比下降0.3%，降幅比一季度收窄0.8个百分 点。 "税收收入逐步回升。"财政部国库支付中心副主任唐龙生表示，上半年，全国税收收入9.29万亿元，同 比下降1.2%。从4月份起，月度税收收入连续3个月同比保持增长。主要税种增长平稳，装备制造业、 现代服务业等行业税收表现良好。 分中央和地方看，上半年，中央一般公共预算收入48589亿元，下降2.8%；地方一般公共预算本级收入 66977亿元，增长1.6%。"多数地区收入保持增长。"唐龙生说，31个省份中，27个省份实现增长。 支出方面，数据显示，上半年，全国一般公共预算支出141271亿元，同比增长3.4%。 "财政部坚决实施更 ...

智通财经APP获悉，7月30日，财政部部长蓝佛安在学习时报刊文表示，用好用足更加积极的财政政 策，加大财政逆周期调节力度。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。 蓝佛安表示，推动税收制度改革，关税、增值税立法取得积极进展，优化离境退税政策，出台实施境外 投资者以分配利润直接投资有关税收优惠政策，研究明确海南自由贸易港全岛封关后税收制度。建立促 进高质量发展转移支付激励约束机制，激发地方发展产业、涵养税源的内生动力。构建更加科学高效的 政府投资基金管理体系，提升专业化市场化运作水平，促进政府投资基金高质量发展。 蓝佛安提到，以促消费为重点支持扩大内需，进一步释放国内市场潜力。不断完善支持养老、育幼、文 化、旅游等服务消费的政策体系。完善免税店政策，推动免税商品零售业务健康有序发展。强化财政与 ...

Core Viewpoint - The Ministry of Finance emphasizes the need for a more proactive fiscal policy to enhance counter-cyclical adjustments and improve the microeconomic cycle [1] Group 1: Fiscal Policy Measures - The government plans to accelerate the issuance and utilization of ultra-long special bonds and local government special bonds to create tangible work volume as soon as possible [1] - There is a focus on leveraging fiscal funds to guide and stimulate economic policies, ensuring continuous release of policy effectiveness [1] Group 2: Support for Industries - The implementation of various fiscal and tax policies aimed at assisting enterprises is crucial for improving the microeconomic cycle [1] - The government will utilize special funds, tax incentives, government procurement, and investment funds to support the transformation of traditional industries, the growth of emerging industries, and the forward-looking layout of future industries [1] Group 3: Debt Management - The Ministry of Finance will guide and supervise local governments in replacing hidden debts and actively and prudently resolving local government debt risks [1]

Core Viewpoint - The Minister of Finance, Lan Fang'an, emphasizes the need for a more proactive fiscal policy and increased counter-cyclical fiscal regulation to enhance economic stability and growth [1] Group 1: Fiscal Policy Measures - The government plans to accelerate the issuance and utilization of ultra-long-term special government bonds and local government special bonds to quickly generate tangible work output [1] - There is a focus on leveraging fiscal funds to guide and stimulate economic activities, ensuring that various policy effects are continuously released [1] Group 2: Support for Enterprises - The implementation of tax and fiscal policies aimed at assisting enterprises is crucial for effectively improving the microeconomic cycle [1] - The government will utilize special funds, tax incentives, government procurement, and investment funds to support the transformation of traditional industries, the growth of emerging industries, and the forward-looking layout of future industries [1] Group 3: Debt Management - The government will guide and supervise local authorities in managing hidden debt replacement, actively and prudently addressing local government debt risks [1]

Summary of Key Points Core Viewpoint - The Ministry of Finance reported that in the first half of the year, national general public budget revenue decreased by 0.3% year-on-year, while expenditure increased by 3.4%, indicating a focus on supporting key areas such as social security, science and technology, education, and health care. Revenue and Expenditure - National general public budget revenue reached 1.15566 trillion yuan, a decrease of 0.3% year-on-year, with the decline narrowing by 0.8 percentage points compared to the first quarter [1] - National general public budget expenditure was 1.41271 trillion yuan, an increase of 3.4% year-on-year, with significant growth in social security and employment (9.2%), science and technology (9.1%), education (5.9%), and health care (4.3%) [1][6] Tax Revenue Trends - National tax revenue amounted to 929 billion yuan, down 1.2% year-on-year, but showed a positive trend with three consecutive months of growth since April [2] - Major tax categories saw stable growth: domestic value-added tax (2.8%), domestic consumption tax (1.7%), and individual income tax (8%) [2] Export Support - Export tax rebates totaled 127 billion yuan, an increase of 13.22 billion yuan compared to the same period last year, supporting foreign trade exports [3] Sector Performance - The equipment manufacturing and modern service industries showed strong tax revenue performance, with specific sectors like railway, shipbuilding, and aerospace equipment seeing tax revenue growth of 32.2%, 9.2%, and 6.3% respectively [3] - The scientific research and technical service industry experienced a tax revenue increase of 13.8%, while the cultural, sports, and entertainment sectors grew by 8.6% [4] Non-Tax Revenue - Non-tax revenue reached 227 billion yuan, growing by 3.7% year-on-year, although the growth rate declined compared to the first quarter [5] - Revenue from state-owned resource usage increased by 4.8%, driven by local governments optimizing asset utilization [5] Local Government Revenue - Local general public budget revenue grew by 1.6%, with 27 out of 31 provinces reporting increases [5] Fiscal Policy Outlook - The Ministry of Finance plans to continue implementing a more proactive fiscal policy, accelerating budget execution and improving fund utilization efficiency to promote economic recovery [8] - The government aims to support consumption through initiatives like trade-in programs and enhance the consumption environment in key cities [8] Special Bonds and Debt Issuance - The issuance of special bonds has accelerated, with a 45% year-on-year increase, and the scope of projects eligible for funding has expanded [9] - The Ministry of Finance plans to issue 46 general bonds and 11 super long-term special bonds in the third quarter, maintaining stability in the bond market [9]

Core Viewpoint - The Chinese government is implementing a more proactive fiscal policy to support economic recovery and ensure the stability of key areas such as people's livelihoods and employment [1][3]. Fiscal Policy Overview - In the first half of the year, the overall fiscal operation was stable, with national general public budget revenue at 11.56 trillion yuan, a year-on-year decrease of 0.3%, narrowing the decline by 0.8 percentage points compared to the first quarter [2]. - Tax revenue reached 9.29 trillion yuan, down 1.2% year-on-year, but monthly tax revenue has shown a growth trend since April [2]. Budget Execution and Support - The Ministry of Finance has accelerated budget approvals and fund disbursement to enhance policy effectiveness, with 9.29 trillion yuan in transfer payments to local governments, accounting for 89.8% of the annual budget [3]. - A total of 2.6 trillion yuan in new local government bonds was issued to support major projects, along with 658.3 billion yuan in special bonds for long-term projects [3]. Social Welfare and Employment - General public budget expenditure reached 14.13 trillion yuan, a year-on-year increase of 3.4%, with significant growth in social security (9.2%), education (5.9%), and health (4.3%) [5]. - The central government allocated 667.4 billion yuan for employment subsidies, aiming to stabilize jobs and support new graduates [5]. Consumer Spending Initiatives - The government is promoting consumption through initiatives like the trade-in program for consumer goods, with 300 billion yuan allocated to support this effort [8]. - The Ministry of Finance has pre-allocated 162 billion yuan in special long-term bond funds for this program, with additional funds to be distributed in October [8]. Future Plans - The Ministry of Finance plans to continue implementing proactive fiscal policies, enhancing budget execution, and increasing the effectiveness of fund usage to support ongoing economic recovery [4][9].

Group 1 - The Ministry of Finance reported that in the first half of 2025, the national general public budget expenditure reached 141,271 billion yuan, a year-on-year increase of 3.4% [1] - Central government expenditure was 19,914 billion yuan, growing by 9% year-on-year, while local government expenditure was 121,357 billion yuan, increasing by 2.6% [1] - Key areas of expenditure included education (21,483 billion yuan, +5.9%), science and technology (4,790 billion yuan, +9.1%), social security and employment (24,504 billion yuan, +9.2%), health (11,004 billion yuan, +4.3%), and environmental protection (2,556 billion yuan, +5.9%) [1] Group 2 - National general public budget revenue was 115,566 billion yuan, a year-on-year decrease of 0.3% [1] - Central government revenue was 48,589 billion yuan, down 2.8%, while local government revenue was 66,977 billion yuan, up 1.6% [1] - The Ministry of Finance emphasized a stable overall fiscal operation, with tax revenue gradually recovering and most regions experiencing revenue growth [1] Group 3 - The Ministry of Finance's Social Security Department outlined five key areas of work in employment, pension, and healthcare [2] - Employment support included 667.4 billion yuan in employment subsidies from the central government [2] - The central government increased funding for basic pension insurance and ensured timely payments for over 300 million elderly citizens [2] - Medical security services were enhanced with 5,522 billion yuan allocated for related subsidies [2] - Support for vulnerable populations included 1,566.8 billion yuan in assistance for those in need [2]