今天（9月12日）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。 财政部部长蓝佛安表示，"真金白银"激发消费活力。 截至今年8月底，国家财政一共拿出约 4200亿元，带动各类商品销售额超2.9万亿元。 安排专项资金，支持开展县域商业建设行动， 引导释放乡村消费潜能，"十四五"以来，乡村消费品零售额增长了24%。我们推出了育儿补 贴、养老服务补贴等直接补贴，对重点领域个人消费贷款和相关行业经营主体贷款给予贴息， 让资源精准投向消费领域。完善免税店政策体系，鼓励更多国货"潮品"走出去。优化离境退税 政策，进一步降低起退点，提高现金退税金额，推动扩大入境消费。 发布会上，中央广播电视总台央视记者提问："十四五"期间我国财政宏观调控实现了很多新的 突破，能否详细介绍一下这几年财政宏观调控有哪些新的特点？下一步还有什么考虑？ 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。 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。 二是这些年我们积累了越来越多的宏观调控的经验，政策工具不断丰富，逆周期跨周期调节能 力大大增强 ...

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]

Core Viewpoint - The article emphasizes the robust fiscal policies and strategies being implemented to ensure high-quality economic development during the "14th Five-Year Plan" period, highlighting significant increases in both revenue and expenditure, as well as ongoing reforms in the fiscal system [3][5][10]. Fiscal Policy and Economic Development - The Ministry of Finance is committed to balancing risk prevention and development promotion, ensuring ample space for future fiscal policy adjustments [3]. - National public budget revenue is projected to reach 106 trillion yuan during the "14th Five-Year Plan," an increase of 17 trillion yuan or approximately 19% compared to the previous five-year period [5]. - Public budget expenditure is expected to exceed 136 trillion yuan, marking an increase of 26 trillion yuan or 24% from the "13th Five-Year Plan" [5]. Social Welfare and Investment - Significant allocations have been made for social welfare, with nearly 100 trillion yuan dedicated to education, social security, healthcare, and housing support during the "14th Five-Year Plan" [5]. - The government has introduced various subsidies, including 1 billion yuan for childcare and 200 million yuan for free preschool education, to address public concerns [5]. Risk Management and Debt Control - The government is enhancing supervision of local government debt, implementing a closed-loop management system to mitigate hidden debt risks [6]. - A total of nearly 50 trillion yuan has been allocated for transfer payments to local governments, ensuring stable fiscal operations at the local level [6][8]. Fiscal System Reform - The Ministry of Finance is advancing fiscal system reforms aimed at clarifying responsibilities and enhancing regional balance, with a focus on increasing the fiscal capacity of local governments [8]. - The government has developed a comprehensive plan for fiscal and tax system reforms, with specific annual work plans in place [7][8]. Stimulating Domestic Demand - The fiscal department is actively promoting domestic demand through various initiatives, including a 4.2 trillion yuan investment to stimulate consumption, resulting in over 29 trillion yuan in sales [10]. - The government aims to leverage fiscal tools to unlock the potential of domestic demand, which is seen as a significant growth driver for the economy [10]. Debt Management Strategy - The Ministry of Finance plans to implement a debt management mechanism that supports sustainable economic development while addressing existing debt levels [12]. - Measures include early allocation of new local government debt limits and strict management of debt issuance to ensure effective use of funds [12][13].

9月12日，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，介绍"十四五"时期财政 改革发展成效。上游新闻记者在发布会现场了解到，今年专门发行5000亿元特别国债，为大型商业银行注 入资本金，预计可撬动信贷投放约6万亿元。 财政部部长蓝佛安。 图片来源/国新网 三是发力上更加精准。聚焦经济发展堵点难点，以"牵一发而动全身"的举措，畅通经济循环。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，起到了"一石多鸟"作用。 四是时机上更加灵活。抓住时间窗口，政策出台能早则早，看准了就一次性给足，确保早落地、早见效。 蓝佛安表示，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。比如，财政宏观调控总体要 稳，但在形势变化较大时，也要及时调整、增强针对性和灵活性。比如，更加注重促进微观经济循环，通 过支持地方置换存量隐性债务、发行专项债券支持土地储备和收购存量商品房用作保障性住房等，畅通地 方和企业资金链条，打通循环堵点。再比如，加强财政与货币等政策协同，形成政策合力。今年专门发行 5000亿元特别国债，为大型商业银行注入资本金，预计可撬 ...

Core Points - The Chinese government emphasizes the importance of people's livelihood in its fiscal policy during the "14th Five-Year Plan" period, with significant budget allocations for education, social security, healthcare, and housing [2][3] - The central government has arranged nearly 50 trillion yuan in transfer payments to local governments, ensuring financial stability and support for essential services [3] - China's economy has maintained an average growth rate of 5.5% over the past four years, contributing approximately 30% to global economic growth [5] Fiscal Allocations - Total public budget allocations for education amount to 20.5 trillion yuan, social security and employment to 19.6 trillion yuan, healthcare to 10.6 trillion yuan, and housing security to 4 trillion yuan, leading to nearly 100 trillion yuan in total fiscal investment in people's livelihood [2] - In 2023, the government allocated 1 billion yuan for childcare subsidies and 200 million yuan for the gradual implementation of free preschool education [2] Economic Policy - The fiscal policy has become more proactive and adaptable, enhancing its alignment with economic conditions, which supports stable and healthy economic development [4] - The government is focusing on counter-cyclical adjustments to smooth short-term fluctuations while also promoting long-term development dynamics [4]

Core Viewpoint - The Ministry of Finance emphasizes the importance of balancing risk prevention and development promotion in fiscal policy, indicating that there is still ample room for future fiscal policy initiatives [1] Group 1: Fiscal Policy and Budget - The national general public budget revenue is expected to reach 106 trillion yuan during the "14th Five-Year Plan" period, an increase of 17 trillion yuan or approximately 19% compared to the "13th Five-Year Plan" period [2] - The national general public budget expenditure is projected to exceed 136 trillion yuan over five years, an increase of 26 trillion yuan or 24% compared to the "13th Five-Year Plan" period [2] - The fiscal strength of local governments is steadily growing, with 16 provinces expected to see fiscal revenue growth of over 20% compared to 2020 [2] Group 2: Social Welfare and Public Spending - The budget for education during the "14th Five-Year Plan" period is set at 20.5 trillion yuan, with social security and employment spending at 19.6 trillion yuan, and health spending at 10.6 trillion yuan [3] - The government has allocated 1 billion yuan for childcare subsidies and 200 million yuan for gradually implementing free preschool education, addressing public concerns [3] - Nearly 100 trillion yuan is earmarked for social welfare investments, reflecting a strong focus on improving the quality of life for citizens [3] Group 3: Fiscal Reform and Management - The Ministry of Finance is implementing a fiscal reform plan aimed at clarifying responsibilities and enhancing regional balance, with a focus on increasing the fiscal capacity of local governments [4] - A total of nearly 50 trillion yuan has been allocated for transfer payments to local governments to support the implementation of central government policies [4] - The Ministry is developing a comprehensive management system for government debt to ensure sustainable fiscal practices [7] Group 4: Stimulating Domestic Demand - The Ministry of Finance is actively promoting domestic demand through various fiscal policies, including subsidies for consumption and support for rural consumption growth, which has increased by 24% during the "14th Five-Year Plan" [6] - Approximately 4.2 trillion yuan has been allocated to support the replacement of consumer goods, leading to sales exceeding 2.9 trillion yuan [6] - The government aims to leverage fiscal tools to stimulate consumption and investment, recognizing the vast potential of domestic demand [6]

Core Viewpoint - The Chinese government is committed to maintaining a proactive fiscal policy to support high-quality economic development, with sufficient room for future fiscal policy adjustments [1][4]. Group 1: Fiscal Policy and Debt Management - The Minister of Finance, Lan Fo'an, stated that the government's debt level is within a reasonable range, with a total debt of 92.6 trillion yuan and a debt-to-GDP ratio of 68.7% as of the end of last year [1]. - The government plans to issue 5 trillion yuan in special bonds to inject capital into large commercial banks, which is expected to leverage approximately 6 trillion yuan in credit [2]. - Over the past two years, 1.5 trillion yuan in long-term special bonds have been allocated to promote "two重" construction [3]. Group 2: Fiscal Strength and Expenditure - Since the beginning of the "14th Five-Year Plan," the fiscal deficit ratio has increased from 2.7% to 4%, with new local government special bond quotas totaling 19.4 trillion yuan and tax reductions exceeding 1 trillion yuan [4]. - The national fiscal strength has significantly increased during the "14th Five-Year Plan," with general public budget revenue expected to reach 106 trillion yuan, a 19% increase from the previous five-year period [6]. - Total public budget expenditure is projected to exceed 136 trillion yuan, marking a 24% increase compared to the "13th Five-Year Plan" [6]. Group 3: Social Welfare and Public Spending - During the "14th Five-Year Plan," nearly 100 trillion yuan has been allocated for social welfare, with significant investments in education (20.5 trillion yuan), social security (19.6 trillion yuan), healthcare (10.6 trillion yuan), and housing security (4 trillion yuan) [7]. - The government has also allocated 1 billion yuan for childcare subsidies and 200 million yuan for gradually implementing free preschool education [7]. Group 4: Economic Contribution and Stability - Over the past four years, China's contribution to global economic growth has remained around 30%, with an average economic growth rate of 5.5% [8]. - The central government has arranged nearly 50 trillion yuan in transfer payments to local governments during the "14th Five-Year Plan," ensuring stable local fiscal operations [9].

财政部部长蓝佛安9月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，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。 二是这些年财政部门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。"这些都是我们做好财政工作的信心所在，优势所在。"他说。 蓝佛安表示，下一步财政部门将保持政策的连续性、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。 ...

Group 1 - The core viewpoint of the news is the significant achievements in fiscal reform and development during the "14th Five-Year Plan" period, highlighting increased public budget revenues and expenditures [1][2][3] - 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] - 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 development and people's livelihood [1] Group 2 - The fiscal policy has become more proactive and adaptable, contributing to an average economic growth rate of 5.5% over the past four years, with a contribution rate to global economic growth of around 30% [2] - The fiscal deficit ratio has been raised from 2.7% to 4% this year, with new local government special bond quotas of 19.4 trillion yuan and tax reductions exceeding 1 trillion yuan [3] - Central government transfers to local governments are nearly 50 trillion yuan over the "14th Five-Year Plan" period, ensuring stable local fiscal operations [4] Group 3 - The issuance of 500 billion yuan in special government bonds this year is expected to leverage approximately 6 trillion yuan in credit [5] - The national budget allocates 1 trillion yuan for childcare subsidies and 200 billion yuan for gradually implementing free preschool education, reflecting a strong focus on people's livelihoods [6] - The fiscal department plans to maintain policy continuity and stability while enhancing flexibility and foresight to support high-quality economic and social development [7] Group 4 - The Ministry of Finance has developed and is advancing an implementation plan for deepening the fiscal and tax system reform [8][9] - The government's total 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 debt level is within a reasonable range [10] - As of the end of August, the average interest cost of debt replacement has decreased by over 2.5 percentage points, saving more than 450 billion yuan in interest expenses [11] - Over 60% of financing platforms are expected to exit by June 2025, indicating significant progress in the reform and transformation of financing platforms [12]

Core Viewpoint - The Chinese government is committed to maintaining a proactive fiscal policy to support high-quality economic development during the "14th Five-Year Plan" period, with ample room for future fiscal policy adjustments [1][4]. Fiscal Policy and Economic Support - The Ministry of Finance plans to enhance the continuity, stability, flexibility, and foresight of fiscal policies, ensuring timely adjustments in response to changing economic conditions [1][2]. - A special bond issuance of 500 billion yuan is aimed at injecting capital into major commercial banks, which is expected to leverage approximately 6 trillion yuan in credit [2]. Fiscal Measures and Investments - Over the past two years, 1.5 trillion yuan in long-term special bonds have been allocated to promote "two重" construction, with a total of 19.4 trillion yuan in local government special bonds arranged over five years to support 150,000 construction projects [3]. - The fiscal deficit ratio has increased from 2.7% to 4% during the "14th Five-Year Plan," with over 10 trillion yuan in new tax reductions and refunds [3]. Fiscal Strength and Expenditure - The national fiscal strength has significantly improved, with general public budget revenue expected to reach 106 trillion yuan, an increase of 17 trillion yuan (approximately 19%) compared to the "13th Five-Year Plan" [5]. - Total public budget expenditure is projected to exceed 136 trillion yuan, marking a 24% increase from the previous five-year period [5]. Social Welfare and Public Spending - During the "14th Five-Year Plan," nearly 100 trillion yuan has been allocated for social welfare, including 20.5 trillion yuan for education, 19.6 trillion yuan for social security and employment, and 10.6 trillion yuan for health care [6]. - The government has also allocated 1 trillion yuan for childcare subsidies and 200 billion yuan for gradually implementing free preschool education [6]. Economic Contribution and Growth - Over the past four years, China's contribution to global economic growth has remained around 30%, 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," ensuring stable local fiscal operations [9].