Core Viewpoint - The report outlines the execution of the national economic and social development plan for 2025, highlighting the positive performance of key economic indicators and the effectiveness of macroeconomic policies under the leadership of the central government [2][3][4]. Economic Performance - GDP growth for the first half of the year was 5.3%, an increase of 0.3 percentage points compared to the previous year [3]. - Urban employment increased by 8.2 million in the first seven months, achieving 68% of the annual target, with an average urban unemployment rate of 5.2% [3]. - The total value of goods imports and exports increased by 3.5%, with exports rising by 7.3% [3]. Structural Optimization - Fixed asset investment grew by 1.6%, while project investment excluding real estate development increased by 5.3% [3]. - Retail sales of consumer goods rose by 4.8%, a 1.3 percentage point increase from the previous year [3]. - Industrial value added for large-scale enterprises grew by 6.3%, with equipment manufacturing increasing by 9.9% [3]. Innovation and New Momentum - High-tech manufacturing value added increased by 9.5% in the first seven months, driven by breakthroughs in key technologies [3][5]. - The production of industrial robots surged by 32.9%, and the production and sales of new energy vehicles approached a growth rate of 40% [5][6]. Policy Implementation - Macroeconomic policies have been proactive, with social security, education, and health spending increasing by 9.8%, 5.7%, and 5.3% respectively in the first seven months [4]. - A more accommodative monetary policy was implemented, including a 0.5 percentage point reduction in the reserve requirement ratio [4]. Reform and Opening Up - The construction of a unified national market is progressing, with the implementation of guidelines for market access and the promotion of the private economy [6]. - The number of countries with visa-free access has increased to 46, and the number of countries with mutual visa exemptions has reached 29 [6]. Regional Development - Economic growth in major provinces such as Jiangsu, Shandong, and Zhejiang was 5.7%, 5.6%, and 5.8% respectively in the first half of the year [7]. - Efforts to integrate urban and rural development are ongoing, with a focus on consolidating poverty alleviation achievements and promoting rural revitalization [7]. Social Welfare - Employment stabilization measures have been strengthened, with the urban unemployment rate for migrant agricultural workers at 4.9% in July [8]. - Public services and social security levels are improving, with policies aimed at enhancing basic education and expanding elderly care services [8].

9月12日，国新办举行"高质量完成'十四五'规划"系列主题新闻发布会，请财政部部长蓝佛安介绍"十四 五"时期财政改革发展成效。 关于下一步财政政策、扩内需、化解存量隐性债务、保障和改善民生等热点问题，财政部有关负责人一 一回应。 财政部副部长廖岷在回答中国证券报记者提问时表示，过去几年，财政部积极开展国际财经合作，全力 服务元首外交，以务实的财金领域成果，有力拓展了我国高质量发展的国际新空间，在促进全球可持 续、包容发展方面，发挥着越来越重要的作用。 要 点速览 财政政策统筹考虑防风险和促发展，始终留有后手 加强对形势的前瞻研判做好政策储备 谈及财政宏观调控，蓝佛安介绍，"十四五"以来，赤字率从2.7%提高到3.8%，今年进一步提高到4%； 安排新增地方政府专项债券额度19.4万亿元；新增减税降费及退税缓税缓费超10万亿元，财政政策空间 进一步打开。 蓝佛安表示，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。下 一步，财政部门将继续保持政策连续性稳定性，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。 创新运用财税政策工具， ...

Core Viewpoint - The article discusses the achievements and future directions of China's fiscal policy during the "14th Five-Year Plan" period, emphasizing the strengthening of fiscal capabilities, proactive macroeconomic adjustments, and a focus on improving people's livelihoods [3][4][5][6][10]. Group 1: Fiscal Strength and Achievements - National fiscal strength has significantly increased, with general public budget revenue expected to reach 106 trillion yuan, a 19% increase from the "13th Five-Year Plan" period [4]. - General public budget expenditure is projected to exceed 136 trillion yuan, marking a 24% increase, with a focus on optimizing the structure to support major development and livelihood projects [4]. - The fiscal policy has been actively adjusted to enhance economic stability, contributing to an average growth rate of 5.5% over the past four years, with a 30% contribution to global economic growth [5]. Group 2: Focus on People's Livelihoods - The fiscal budget allocates significant resources to education (20.5 trillion yuan), social security and employment (19.6 trillion yuan), healthcare (10.6 trillion yuan), and housing security (4 trillion yuan), totaling nearly 100 trillion yuan for livelihood investments [6]. - Initiatives such as 1 billion yuan for childcare subsidies and 200 million yuan for free preschool education demonstrate a commitment to addressing public concerns [6]. Group 3: Risk Management and Reform - The government has implemented measures to manage local government debt, with nearly 50 trillion yuan allocated for transfers to local governments, ensuring stable fiscal operations [6][8]. - Fiscal reforms focus on optimizing resource allocation, enhancing efficiency, and clarifying responsibilities between central and local governments [7][16]. Group 4: International Cooperation and Global Engagement - The Ministry of Finance is actively involved in international financial cooperation, participating in over 26 multilateral and bilateral financial dialogue mechanisms, and promoting global economic governance reforms [8][42]. - The Asian Infrastructure Investment Bank has reached 110 members and financed over 60 billion USD, showcasing China's commitment to global inclusive development [8]. Group 5: Future Directions - The Ministry of Finance aims to enhance macroeconomic regulation, deepen fiscal reforms, and improve fiscal management to support the goal of building a modern socialist country [9][10]. - The focus will be on expanding domestic demand, supporting technological self-reliance, and ensuring the sustainability of poverty alleviation efforts [20][23][38].

今天下午，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，财政部部长蓝佛安介绍了"十四五"时期财政改革发展成 效。 蓝佛安：未来财政政策发力空间依然充足 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。 蓝佛安：财政部门将做好政策储备 主动靠前发力 蓝佛安表示，下一步财政部门将继续保持政策的连续性、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。 蓝佛安：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 蓝佛安表示，"十五五"期间，我们将继续统筹好发展和安全，加快建立健全与高质量发展相适应的政府债务管理机制，在发展中化债、在化 债中发展，为经济行稳致远提供有力支撑。 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 ...

2025.09. 12 财政部部长蓝佛安12日在国务院新闻办发布会上回答第一财经记者提问时表示，大国经济的独特优势是 内需为主导、内部可循环。我国是全球最具成长性的超大规模市场。新型工业化加快推进，城镇化稳定发 展，能够带动规模可观的投资需求，内需蕴含巨大的增长空间。 蓝佛安表示，下一步将创新运用财税政策工具，激发有潜能的消费，扩大有效益的投资，开发好内需这 座"富矿"，发挥好牵引力作用，为高质量发展添动能、增活力。 蓝佛安介绍，"十四五"时期，从供需两侧协同发力，打出一系列"组合拳"，推动消费和投资良性互动，更 好发挥内需的主动力和稳定锚作用，增强高质量发展内生动力。 一是强根基，在保障和改善民生中扩大消费需求。突出以就业带动增收，提升消费能力。实施稳岗返还、 就业补贴等一系列政策，"十四五"时期，中央财政安排就业补助资金3186亿元，比"十三五"时期增长 29%，城镇累计新增就业超过5000万人。健全社会保障体系，提升养老、医疗、社会救助等保障水平， 减轻老百姓的后顾之忧，增强消费底气。 二是挖潜力，"真金白银"激发消费活力。大力支持消费品以旧换新，截至今年8月底，国家财政一共拿出 约4200亿元，带动各 ...

发布会上，财政部部长蓝佛安介绍称， "十四五"时期，财政宏观调控更加积极有为，财政政策进一步 增强与经济情景的适配性，从积极到更加积极，战略上更加主动、战术上更加精准，成为支撑经济平稳 健康发展的重要力量。 一方面，强化逆周期调节，熨平短期波动。另一方面，协调推进跨周期调节， 增强中长期发展动能。 支持扩大内需，助力新质生产力发展，推动畅通经济循环，推动经济实现质的 有效提升和量的合理增长。过去4年，我国经济实现了平均5.5%的增速，对世界经济增长贡献率保持在 30%左右。 财政部部长蓝佛安还介绍了"十四五"时期财政改革发展成效，国家财政实力大大增强，收入"蛋糕"越来 越大，全国一般公共预算收入预计达到106万亿元，比"十三五"时期增加17万亿元，增长约19%。 "十四五"时期，国家财政的民生导向更加鲜明，中国式现代化建设成果更多更公平惠及全体人民。国家 财政账本里，分量最重、成色最足的始终是民生。 "十四五"时期，全国一般公共预算安排教育支出20.5万亿元，社会保障和就业支出19.6万亿元，卫生健 康支出10.6万亿元，住房保障支出4万亿元，加上其他领域支出，财政民生投入近100万亿元。今年，国 家财政安排 ...

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]

Group 1 - The Ministry of Finance emphasizes the significant growth potential of domestic demand and plans to innovate fiscal and tax policy tools to stimulate consumption and investment, thereby enhancing high-quality development [1] - The Minister of Finance, Lan Fang'an, highlights that China's unique advantage lies in its domestic demand-driven economy, which is expected to lead to substantial investment needs due to accelerated new-type industrialization and stable urbanization [1] - The government aims to implement a series of policies to boost consumption and investment, enhancing the internal driving force for high-quality development during the 14th Five-Year Plan period [3] Group 2 - The government plans to expand consumption demand by improving people's livelihoods, focusing on job creation and income growth, with a central budget allocation of 318.6 billion yuan for employment support, a 29% increase from the previous five-year period [3] - Direct subsidies such as childcare and elderly care support are introduced to stimulate consumption, with approximately 420 billion yuan allocated to promote the replacement of old consumer goods, resulting in over 2.9 trillion yuan in sales [3][4] - The government is committed to enhancing supply quality to lead demand, supporting over 30,000 major technical equipment and 190 innovative material products during the 14th Five-Year Plan [4] Group 3 - The government has arranged over 1.5 trillion yuan in special long-term bonds and 19.4 trillion yuan in local government special bonds to support 150,000 construction projects, aiming to effectively drive social investment [4] - The focus is on improving logistics and supply chain resilience through the construction of national comprehensive freight hubs in 37 cities, enhancing the overall safety and efficiency of the supply chain [4]

牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限 量发放！先到先得！ 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。 "下一步，财政部门将继续保持政策连续性稳定性，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。" 蓝佛安 说。 全国一般公共预算支出 五年预计超过136万亿元 谈及"十四五"时期财政事业的发展成就，蓝佛安介绍，国家财政实力大大增强，集中财力办成许多 大事要事。 一方面，收入"蛋糕"越来越大 。"十四五"时期，全国一般公共预算收入预计达到106万亿元， 比"十三五"时期增加17万亿元，增长约19%。地方财政实力稳步壮大，从2024年数据看，16个省 份财政收入比2020年增长20%以上；7个省份超5000亿元，其中2个省份超1万亿元。 另一方面，支出强度前所未有 。全国一般公共预算支出五年预计超过136万亿元，比"十三五"时期 增加26万亿元，增长24%。同时，结构不断优化 ...

Core Insights - The article highlights the gradual improvement in supply-demand relationships due to policies aimed at expanding domestic demand, countering excessive competition, and developing new growth drivers [1][2]. CPI Analysis - In August, the Consumer Price Index (CPI) showed a flat month-on-month change and a year-on-year decline of 0.4%, influenced by falling food and energy prices [4]. - Food prices were weaker than seasonal trends, with a month-on-month increase of 0.5%, below the historical average of 1.5%. Pork prices fell by 0.5%, while egg prices rose by 1.5%, both lower than historical averages [4]. - Energy prices decreased due to lower international oil prices, with transportation fuel prices down by 0.9% month-on-month and 7.1% year-on-year [4]. - Core CPI improved, remaining flat month-on-month and increasing by 0.9% year-on-year, marking the fourth consecutive month of growth [4]. PPI Analysis - The Producer Price Index (PPI) showed signs of recovery, with a month-on-month change from a decline of 0.2% to flat, and a year-on-year decline of 2.9%, narrowing by 0.7 percentage points [12]. - Prices for production materials improved, with a month-on-month increase of 0.1% and a year-on-year decline of 3.2%, also narrowing by 1.1 percentage points [12]. - Specific industries saw price increases, such as coal processing prices rising by 9.7% month-on-month, indicating a positive trend in domestic market competition [13]. Future Outlook - The outlook suggests a moderate recovery in prices, driven by the continued effects of domestic demand expansion policies and improved market competition [14]. - CPI is expected to reflect a trend of "food and energy prices declining while core inflation rises," with seasonal factors likely to support a decrease in food prices [15]. - PPI may enter a recovery phase, supported by ongoing policy measures against excessive competition and improvements in export structures [15].