新华社北京7月25日电 题：充分释放财政政策推动高质量发展的效能 新华社记者申铖 【纠错】 【责任编辑:施歌】 财政政策是宏观调控的关键工具。近年来，在世界经济复苏乏力的大背景下，财政政策在很多国家 宏观调控工具箱中的主体地位日益凸显，成为推动经济行稳致远的关键手段。 积极发挥财政政策护航经济"稳"的重要功能。赤字水平和赤字规模均为近年最高，上半年新增地方 政府专项债券发行超2万亿元，下达1620亿元超长期特别国债资金推动消费品以旧换新，中央金融机构 注资特别国债发行，债务置换政策落实落细……面对复杂的国内外形势，今年我国财政政策从"积极"转 向"更加积极"，政策力度更大、强度更高，在扩投资、促消费、防风险等方面持续发力。展望后续，国 际环境仍然复杂多变、不稳定性不确定性增加，要根据形势变化和经济情景变化相机抉择、"开准药 方"，将更加积极的财政政策用好用足。 积极发挥财政政策推动发展"进"的关键作用。持续强化对教育和科技的支持，上半年教育、科学技 术支出同比增长5.9%、9.1%；完善各项惠企助企政策；进一步完善横向生态保护补偿机制……今年以 来，财政更加着力"增后劲"，推动高质量发展"成色"更足。当前，" ...

Group 1: Economic Policy and Fiscal Measures - The central government is implementing a more proactive fiscal policy to enhance investment in people's livelihoods, promote consumption, and strengthen economic resilience [1][5] - The Central Political Bureau meeting emphasized the need for sustained macroeconomic policy efforts and timely adjustments to ensure effective policy implementation [1][9] Group 2: Fiscal Revenue and Expenditure - In the first half of the year, the national general public budget revenue was 11.56 trillion yuan, a year-on-year decrease of 0.3%, while expenditure was 14.13 trillion yuan, an increase of 3.4% [2][4] - Local general public budget revenue reached 669.77 billion yuan, growing by 1.6%, with 27 out of 31 provinces reporting revenue growth [2][3] Group 3: Investment and Consumption Initiatives - The government is accelerating the issuance of special bonds to support consumption, with 690 billion yuan allocated for the third batch of consumer goods replacement subsidies [5][6] - The total sales of consumer goods under the replacement program reached 1.6 trillion yuan, contributing to a 5% year-on-year increase in total retail sales of consumer goods [6][7] Group 4: Social Welfare and Support - New policies for free preschool education and childcare subsidies are expected to benefit approximately 12 million children, with an additional 20 billion yuan in fiscal spending [8][9] - The central government has increased transfer payments to local governments by 8.4%, amounting to 1.03415 trillion yuan, to enhance local financial capacity and support basic livelihood guarantees [9][10] Group 5: Future Outlook - The implementation of more proactive fiscal policies is expected to continue into the second half of the year, with a focus on maintaining spending intensity to support consumption and investment [10][11] - The introduction of long-term special bonds and local special bonds is anticipated to further solidify the positive trend in high-quality economic development [10]

Core Viewpoint - China's fiscal policy has become more proactive this year, with a series of measures aimed at enhancing people's livelihoods, promoting consumption, and boosting economic momentum, as highlighted in the recent Central Political Bureau meeting [1][7]. Fiscal Revenue and Expenditure - In the first half of the year, the national general public budget revenue reached 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. Meanwhile, expenditure was 14.13 trillion yuan, an increase of 3.4% [1][3]. - Local general public budget revenue was 669.77 billion yuan, growing by 1.6%, with 27 out of 31 provinces reporting growth [1][2]. Investment and Consumption Promotion - The issuance of government bonds has accelerated, with a total of 7.88 trillion yuan issued in the first half, a year-on-year increase of 35.28%. Special bonds for consumption support have also been issued, with 690 billion yuan allocated for consumption upgrades [4][6]. - The "old-for-new" consumption initiative has led to significant sales in various sectors, with total sales reaching 1.6 trillion yuan, contributing to a 5% year-on-year increase in total retail sales of consumer goods [5][6]. Social Welfare and Local Government Support - The central government has increased transfer payments to local governments, with a total of 103.415 billion yuan allocated, reflecting an 8.4% increase year-on-year. This aims to enhance local financial capacity and support basic livelihood guarantees [7][8]. - New policies for early childhood education and direct cash subsidies for families with young children are set to benefit millions, with an estimated increase in national fiscal expenditure of around 200 billion yuan [6][7]. Future Outlook - The Central Political Bureau meeting emphasized the need for continued macroeconomic policy support, with a focus on maintaining spending strength to promote consumption and investment, thereby stabilizing and developing the macro economy [7][8].

Core Insights - The exchange rate of RMB against USD showed slight appreciation on August 6, 2025, with the central parity rate at 7.1366, indicating a stable market expectation for RMB [3][4] - The impact of RMB appreciation varies across different groups, benefiting individuals planning to travel or study abroad while posing challenges for export-oriented businesses [3][4] - The recent narrowing of RMB exchange rate fluctuations signals increased market confidence and stable cross-border capital flows, reflecting a balanced financial market sentiment [3][4] Exchange Rate Impact on Different Groups - RMB appreciation reduces exchange costs for travelers, students, and overseas shoppers, making it more economical for these groups [3][4] - Conversely, for export enterprises, RMB appreciation diminishes international competitiveness, potentially leading to reduced orders and profit margins [3][4] Underlying Factors of Exchange Rate Stability - Enhanced market confidence is indicated by the stability of the exchange rate, suggesting strong expectations for China's economic future [3][4] - The People's Bank of China (PBOC) has effectively intervened to maintain the exchange rate within a reasonable range, contributing to financial market stability [4][6] Recommended Exchange Strategies - For short-term exchange needs, a phased approach to currency exchange is advisable due to the current stability, rather than waiting for the lowest rate [4][6] - Investors in USD assets should consider factors beyond just the exchange rate, including USD interest rates and the international economic environment [4][6] - A strategy of gradual exchange and investment is recommended to mitigate risks associated with currency fluctuations [4][6] Broader Economic Implications - Exchange rate movements serve as indicators of international capital flow trends, reflecting the economic health of the country [4][6] - The confidence index related to exchange rates reflects investor sentiment regarding future economic developments [6]

Group 1 - The unemployment rate in Brazil decreased to 5.8% in Q2 2025, the lowest since 2012, down from 7.0% in Q1 and 6.9% year-on-year [1] - The number of unemployed individuals reached 6.3 million, a reduction of over 1.3 million from Q1, representing a decline of 17.4% [1] - The total employment reached 102.3 million, with a quarter-on-quarter increase of 1.8% and a year-on-year increase of 2.4% [1] Group 2 - The average real monthly salary in Brazil rose to 3,477 reais in Q2, reflecting a quarter-on-quarter growth of 1.1% and a year-on-year growth of 3.3%, marking a historical high [2] - The total wage bill reached 351.2 billion reais, also a record high, with a quarterly increase of 2.9% and an annual increase of 5.9% [2] - The number of discouraged workers, or those who have stopped looking for jobs, fell to 2.8 million, the lowest since 2016, with a quarter-on-quarter decline of 13.7% [2] Group 3 - The public sector saw significant growth, particularly in education, with the number of public employees reaching 12.8 million, a quarterly increase of 5.0% and an annual increase of 3.4% [2] - The informal employment rate decreased to 37.8%, with the number of informal workers at 38.7 million, the lowest level since 2020 [1] - The Brazilian Central Bank maintained the Selic rate at 15% to address inflation challenges amid rising income levels and increased service prices [2]

Core Viewpoint - The National Development and Reform Commission has allocated over 300 billion yuan to support the third batch of "two major" construction projects for 2025, completing the annual allocation of 800 billion yuan for such projects, which are crucial for promoting high-quality development [1][4]. Group 1: Investment and Economic Impact - The "two major" construction projects are expected to directly drive effective investment and promote economic growth, with an estimated direct impact of around 1.6 trillion yuan on fixed asset investment, helping to offset declines in real estate investment [4][5]. - The projects focus on key areas such as ecological restoration, major transportation infrastructure, and urban underground pipelines, which enhance both immediate physical workload and long-term asset quality [4][6]. Group 2: Project Implementation and Coordination - The successful implementation of the "two major" projects requires a focus on key organizational aspects and addressing bottlenecks, with suggestions for weekly scheduling and monthly reporting to ensure progress [7][8]. - There is a need for a technical guideline and performance evaluation system for the projects, emphasizing safety, resilience, and sustainability [8]. Group 3: Long-term Development and Structural Optimization - The "two major" projects are seen as a foundation for long-term national development and security, promoting industrial structure optimization and enhancing overall productivity [6][8]. - The projects are designed to balance demand management and supply-side reform, contributing to regional coordination and optimizing investment direction [4][5].

Group 1 - The core viewpoint of the article is that despite facing external and internal challenges, China's economy showed a steady improvement in the second quarter, with a GDP growth of 5.2% year-on-year, supported by resilient exports, recovering consumer demand, and the growth of new economic drivers [1][2][4] Group 2 - The main constraints on economic recovery are identified as persistent low prices and slow nominal economic growth, with CPI remaining around 0% for 27 months and PPI negative for 33 months, indicating a prolonged period of deflation [2][3] - The report highlights that while supply capacity has improved, it has also exposed long-standing demand deficiencies, prompting the government to enhance policies like the trade-in program for consumer goods, which is expected to boost retail sales growth by approximately 0.7 to 0.8 percentage points [3][4] Group 3 - Future macroeconomic policies should focus on balancing supply and demand, promoting reasonable price recovery, and boosting nominal economic growth through measures such as increasing the fiscal deficit ratio and implementing inflation-targeted monetary policies [4] - Recommendations include stabilizing housing prices, enhancing income, reducing burdens, and promoting service consumption, alongside a structured approach to urbanization and industry self-regulation [4]

Core Viewpoint - The meeting of the Political Bureau of the Central Committee emphasizes the need for a stable yet flexible macroeconomic policy framework to address the complex domestic and international economic environment, aiming to achieve the goals set for the "14th Five-Year Plan" [2][5]. Group 1: Economic Policy Framework - The meeting highlights the importance of maintaining policy continuity and stability while also enhancing flexibility and foresight in macroeconomic policies [2][3]. - The shift in macroeconomic regulation from a focus on "cross-cycle adjustment" to a more dynamic balance and immediate response indicates a strategic evolution in policy-making [3][4]. - The concept of "flexibility" suggests that policies will be adjusted in real-time based on economic indicators, market sentiments, and external events, akin to a skilled helmsman navigating changing conditions [3][4]. Group 2: Policy Implementation and Effectiveness - The emphasis on "timely reinforcement" does not imply a return to strong stimulus measures but rather focuses on improving policy effectiveness through reforms and enhancing resilience in both domestic and international circulation [4][5]. - The approach of "timely reinforcement" involves precise and targeted policy interventions, reflecting a more proactive and artful macroeconomic management strategy [4]. - The anticipated future macroeconomic policies will exhibit greater "forecasting" and "fine-tuning," closely aligning with the actual economic pulse, including adjustments in fiscal, monetary, and industrial policies [4][5].

Core Viewpoint - The report from the Chinese Academy of Social Sciences indicates that while the Chinese economy is stabilizing, persistent low prices are dragging down nominal economic growth, widening the gap between macro and micro economic conditions [1] Economic Indicators - The Consumer Price Index (CPI) has shown a year-on-year growth rate around 0% for 27 consecutive months, while the Producer Price Index (PPI) has seen a year-on-year decline of 3.6%, marking 33 months of negative growth [1] - The GDP deflator has recorded negative year-on-year growth for nine consecutive quarters, surpassing the seven quarters of negative growth during the 1998 Asian financial crisis [1] Causes of Low Prices - The low price environment is attributed to the pains of transitioning from old to new economic drivers. While the impact of durable goods and rental prices on CPI has eased, weakened income expectations are constraining service consumption growth, preventing a virtuous cycle of consumption expansion, price increase, and wage growth [1] - Supply fluctuations, weak domestic demand, and shrinking external demand are increasing downward pressure on PPI, particularly in midstream chemical products and downstream essential consumer goods [1] Policy Recommendations - The report suggests five key recommendations to address the low price situation, including increasing nominal fiscal deficit rates, implementing inflation-targeted monetary policies, and stabilizing real estate prices to mitigate liquidity risks for major property firms [2] - It emphasizes the importance of enhancing service consumption to alleviate persistent low prices, as service consumption tends to exhibit differentiated supply expansion and price increases, unlike the homogeneous supply of general goods [2][4] Future Outlook - The report anticipates that the focus of macroeconomic regulation will be on strengthening the coordination of fiscal, monetary, industrial, employment, and social security policies to promote economic supply-demand balance and reasonable price recovery [4] - It advocates for the inclusion of a broad price index, covering general prices (CPI, PPI, and GDP deflator) and asset prices (housing and stock prices), into macroeconomic regulation targets, and encourages the use of unconventional counter-cyclical adjustment policies [4]

积极发挥财政政策推动发展"进"的关键作用。持续强化对教育和科技的支持，上半年教育、科学技术支 出同比增长5.9%、9.1%；完善各项惠企助企政策；进一步完善横向生态保护补偿机制……今年以来， 财政更加着力"增后劲"，推动高质量发展"成色"更足。当前，"十五五"规划正在谋划，要更加聚焦经济 社会发展的薄弱领域和关键环节，更加注重提升未来潜在增长率，优化财政政策供给，加强财政政策储 备，为高质量发展提供更加给力的"真金白银"和政策保障。 推动财政政策效能充分释放，还要加强政策协同、形成工作合力。加强财政政策与货币、就业、产业、 区域等政策的协同联动，这样才能"五指成拳"形成合力，放大政策叠加效应。要统筹财政政策与其他政 策制定和执行的全过程，提升政策目标、工具、时机、力度、节奏的匹配度，确保同向发力。各级相关 部门应加强沟通对接，确保把准政策意图，靶向精准施策，让政策落实"最后一公里"和政策制定"最先 一公里"更好贯通起来。 财政政策是宏观调控的关键工具。近年来，在世界经济复苏乏力的大背景下，财政政策在很多国家宏观 调控工具箱中的主体地位日益凸显，成为推动经济行稳致远的关键手段。 积极发挥财政政策护航经济"稳"的 ...