Core Viewpoint - The construction of a unified national market is essential for strengthening domestic circulation and better integrating international circulation, with significant progress made at both national and local levels through policy improvements and practical measures [4][5][6]. Group 1: Achievements in Building a Unified National Market - A series of detailed policies have been introduced to provide actionable measures for the construction of a unified national market, including the issuance of the "Opinions on Accelerating the Construction of a Unified National Market" in March 2022 and the "Guidelines for the Construction of a Unified National Market (Trial)" set to be released by the end of 2024 [5]. - Key areas such as market access, fair competition, and investment promotion have seen continuous policy enhancements, including a reduction in the number of items in the "Negative List for Market Access (2025 Edition)" from 117 to 106, indicating a further relaxation of market access restrictions [5][6]. - Actions have been taken to eliminate market access barriers, with the establishment of a complete work loop for collecting, verifying, rectifying, and reporting issues related to improper interventions in the construction of a unified national market [6]. Group 2: Local Level Implementation - Local governments have improved regulations and foundational systems, such as the implementation of the "Zhejiang Province Fair Competition Review Measures" in April 2024, which is the first provincial-level regulation of its kind in the country [7]. - Regions have actively cleaned up policies that contradict the spirit of unified market construction, leading to the repeal and revision of several measures that hinder fair competition [7]. - Efforts to create a favorable business environment have been exemplified by Zhejiang's introduction of a monitoring index system for the business environment, which includes 300 specific indicators to reduce administrative intervention [7]. Group 3: Future Directions and Reforms - To address the complexities of economic circulation and local protectionism, reforms are needed to dismantle systemic barriers and enhance cooperation between central and local governments [9][10]. - Key reforms include optimizing the fiscal and tax system to reduce local protectionism, improving statistical accounting systems, and enhancing the evaluation and assessment of government performance [10]. - Local mechanisms should be innovated to facilitate regional economic integration, including the establishment of unified management mechanisms for land use and shared human resources [12].

Table_First|Table_Summary 华福证券 固定收益专题 2025 年 5 月 12 日 【华福固收】财税视角看县域经济 投资要点： 24 年县域社会消费增速高于全国，比重也有近三成，对全国的消 费拉动作用明显。县域消费更加具备活力，与城镇化、区域财力适当 下沉、区域内体制内职工就业与工资的相对稳定、网络普及消费观念 改变（个性化、悦己型）、供给端日益丰富和完善（包含电商下沉、 "最后一公里"的完善、《县域商业三年行动计划（2023—2025 年）》 政策）、大城市年轻人口回流、生育政策的改善、县域旅游热度提升等 密切相关。 政策端，如 23 年印发的《县域商业三年行动计划（2023—2025 年）》明确，到 2025 年，在全国打造 500 个左右的县域商业"领跑 县"，建设改造一批县级物流配送中心、乡镇商贸中心（大中型超市、 集贸市场）和农村新型便民商店。 观察近年各县及县级市税收及增速，近四年复合增速较高的县域 包括巴里坤哈萨克自治县、房县、枝江市、沙雅县、蒲县、西乌珠穆 沁旗、宜都市、达拉特旗、习水县、汾阳市、舞阳县、山阴县、应城 市、景宁畲族自治县、临颍县、中阳县等，税收增速高的县 ...

Core Viewpoint - The Central Committee of the Communist Party of China emphasizes the need for more proactive macro policies, particularly through an expansionary fiscal policy and moderately loose monetary policy to support economic recovery [1] Fiscal Policy Implementation - The fiscal expenditure scale for 2025 is set to reach 29.7 trillion yuan, an increase of 1.2 trillion yuan from the previous year, indicating a strong expansionary fiscal policy [1] - The fiscal deficit for 2025 is projected to be 5.66 trillion yuan, up by 1.6 trillion yuan, with a deficit rate target of around 4% [1] Government Debt and Financial Support - The new local government special debt limit for 2025 is set at 4.4 trillion yuan, an increase of 500 billion yuan, aimed at providing financial support for local debt management [2] - The issuance of ultra-long special bonds is planned at 1.3 trillion yuan, with 800 billion yuan allocated for major project support and 500 billion yuan for new policy implementation [2] Focus on Social Welfare and Consumption - Over 70% of fiscal spending will be directed towards social welfare, emphasizing the importance of investing in people [3] - Measures to increase disposable income for residents include raising pensions and healthcare subsidies, benefiting over 300 million people [4] Support for Key Sectors - Increased fiscal support for education, technology, green initiatives, and rural revitalization is planned, with a focus on enhancing productivity and sustainable development [5] - Central government science and technology spending is set to increase by 10% to 398.1 billion yuan, with a focus on basic research [5] Fiscal Management and Reform - The need for a scientific fiscal management system is highlighted, with an emphasis on improving efficiency and effectiveness in fund usage [9] - The implementation of zero-based budgeting reforms is encouraged to enhance budget efficiency and resource allocation [7][10] Legal and Standardized Management - Establishing a comprehensive legal framework for fiscal management is essential for modernizing the fiscal system [10] - Standardization in fiscal management practices is necessary to improve efficiency and address common issues [10]

文/ 财政部党组书记、部长 蓝佛安 中央经济工作会议明确提出，2 02 5年要实施更加积极的财政政策，持续 用力、更加给力，打好政策"组合拳"。持续用力，就是要做好政策衔接， 既让已出台的政策发挥最大效能，又及时出台新的有力度的政策，根据外 部影响程度动态调整，前后贯通、接续发力。更加给力，就是要用好用足 政策空间，加强超常规逆周期调节，提高宏观调控的前瞻性、针对性、有 效性，使政策力度更大、效果更好，各方面更有获得感。具体体现在五个 方面：一是提高财政赤字率，加大支出强度、加快支出进度。二是安排更 大规模政府债券，为稳增长、调结构提供更多支撑。三是大力优化支出结 构、强化精准投放，更加注重惠民生、促消费、增后劲。四是持续用力防 范化解重点领域风险，促进财政平稳运行、可持续发展。五是进一步增加 对地方转移支付，增强地方财力、兜牢"三保"底线。 一、迎难而上、积极作为，2024年财政工作取得新进展新成效，有力促进完成全年经济社会发展目标任 务 2024年是实现"十四五"规划目标任务的关键一年，外部压力加大、内部困难增多。以习近平同志为核心 的党中央沉着应变、综合施策，特别是三季度打破常规、果断出手，及时推出一揽 ...

Core Viewpoint - In 2025, China will implement a more proactive fiscal policy, with a focus on enhancing resource allocation and precise funding to support economic recovery and growth [1][5]. Group 1: Fiscal Policy Implementation - The Shandong Provincial Finance Department aims to deepen the implementation of a more proactive fiscal policy, emphasizing resource coordination and precise funding to provide solid fiscal support for economic recovery [2][3]. - The fiscal policy will prioritize improving people's livelihoods, promoting consumption, and enhancing economic resilience, linking these aspects to boost living standards and create new economic growth points [2][6]. Group 2: Investment in People's Livelihoods - Shandong will increase basic livelihood investment, ensuring that the proportion of livelihood expenditure remains stable at around 80% [2][7]. - The province will enhance fiscal regulation effectiveness and provide strong support for consumption, including expanding the scope of policies for trade-in programs for consumer goods [2][7]. Group 3: Economic Resilience and Investment - Shandong will focus on developing new productive forces by supporting education, technology innovation, and green low-carbon initiatives to stimulate internal economic dynamics [3][8]. - The province will also aim to expand effective investment by leveraging government investment to attract social investment and enhance the efficiency of special bonds [3][8]. Group 4: Fiscal Reform Initiatives - The Shandong Provincial Finance Department plans to deepen fiscal and tax reforms, launching a series of signature reform outcomes unique to Shandong [4][9]. - Key reforms will include improving the modern budgeting system, enhancing budget management, and increasing financial support for major strategic tasks and basic livelihoods [4][9].

Core Viewpoint - The government aims for a GDP growth target of around 5% for 2025, emphasizing the need for stable employment, risk prevention, and improving people's livelihoods, supported by economic growth potential and favorable conditions [1][6]. Group 1: Economic Growth and Conditions - The economic growth target of 5% for 2025 is supported by several favorable conditions, including more proactive macroeconomic policies, particularly in fiscal and monetary areas [6][10]. - The government plans to increase the scale of new government debt to 11.86 trillion yuan, a rise of 2.9 trillion yuan from the previous year, which will positively impact investment and consumption [6][10]. - The balance of contributions from exports, investment, and consumption to economic growth is noted, with significant advancements in strategic emerging industries driven by technological innovation [5][6]. Group 2: Fiscal and Monetary Policies - The fiscal policy will see a deficit rate increase to around 4%, with a total deficit scale of 5.66 trillion yuan, marking a nearly 40% increase from last year [10]. - The monetary policy will be more accommodative, maintaining ample liquidity and supporting sectors like technology innovation and consumption [10][11]. Group 3: Consumption and Investment - To boost consumption, the government will implement special actions, including increasing income for low- and middle-income groups and stabilizing asset values in real estate and stock markets [11][12]. - Investment efficiency will be improved by selecting key projects for government investment and encouraging private sector participation in infrastructure projects [12][14]. Group 4: Key Industries and Reforms - Focus areas for new quality productivity include digital economy, green economy, life sciences, and low-altitude economy, with significant technological breakthroughs expected [15][16]. - Key reforms to be pushed include enhancing the vitality of business entities, accelerating the construction of a unified national market, and deepening fiscal and tax reforms to increase local financial autonomy [17][18].

Core Viewpoint - The government work report emphasizes the need to boost domestic demand and consumption as a primary strategy for economic growth, with a GDP growth target of around 5% for the year [1][3][9] Economic Growth Targets - The GDP growth target is set at approximately 5%, balancing the need for employment stability, risk prevention, and improved living standards, while aligning with long-term development goals [3][4] - The report indicates that achieving a 5% growth rate is feasible due to a large domestic market and recent positive economic indicators [4][11] Fiscal Policy and Debt Management - The fiscal deficit rate is proposed at around 4%, with a total new government debt scale of 11.86 trillion yuan, reflecting a significant increase in fiscal spending to support economic growth [6][7][8] - The report outlines plans for issuing special bonds and local government bonds to finance infrastructure and support consumption [6][10] Consumption and Domestic Demand - The report prioritizes boosting consumption and investment efficiency, aiming to make domestic demand the main driver of economic growth [9][11] - Specific measures include implementing special actions to enhance consumption, improving the consumption environment, and increasing residents' income [9][12] Investment Strategies - The government plans to enhance effective investment by focusing on key projects and ensuring proper funding allocation to prevent inefficient investments [10][11] - The report emphasizes the importance of private investment and encourages public-private partnerships in infrastructure and social services [10][16] Reforms and Market Environment - The report highlights the need for significant reforms to create a fair and vibrant market environment, particularly in supporting the private economy and improving the fiscal and tax systems [14][15][16] - It stresses the importance of addressing barriers to market entry and competition, particularly in the context of "involution" in various industries [18][19] Future Industries and Technological Development - The government work report outlines plans to advance future industries, particularly in artificial intelligence and digital economy sectors, to enhance consumer experiences and drive economic growth [20][21] - There is a focus on integrating new technologies into traditional industries to create new employment opportunities and stimulate economic activity [20][21]

Group 1 - The upcoming National People's Congress (NPC) and Chinese People's Political Consultative Conference (CPPCC) will provide a detailed "construction plan" based on the goals set during the Central Economic Work Conference [1] - The focus will be on key economic indicators and development areas, especially as 2025 marks the end of the 14th Five-Year Plan, leading to discussions on the next five-year plan [1] Group 2 - The GDP growth target for 2025 is expected to be around 5%, with suggestions to consider nominal GDP in the target setting [2][4] - The weighted average GDP target for 31 provinces is 5.3%, slightly down from 5.4% in 2024, indicating a cautious outlook [3] - 15 provinces have lowered their economic growth targets, accounting for 31.8% of the national GDP, reflecting a prudent approach to economic forecasting [3] Group 3 - The fiscal deficit rate may be raised to 4%, with an estimated budget deficit of approximately 5.6 trillion yuan, aimed at supporting necessary expenditures and stabilizing growth [5][6] - The focus on promoting domestic demand is crucial, with suggestions for issuing special bonds to support key projects and enhance fiscal capacity [6][7] Group 4 - The emphasis on boosting consumption and expanding domestic demand is highlighted as a key priority, with a need to improve residents' income levels to stimulate consumption [9][10] - The government plans to shift fiscal spending from infrastructure to social welfare, aligning with the goal of enhancing consumer spending [11] Group 5 - Key reforms in fiscal and tax systems, as well as the promotion of the private economy, are anticipated to be addressed in the upcoming meetings [12][13] - The focus on the relationship between effective markets and proactive government intervention is crucial for establishing a balanced economic order [12] Group 6 - The future industries, particularly in technology and digital economy, are being prioritized, with local governments actively engaging in technological advancements [14][15] - New consumption policies are being developed to support innovative consumption patterns, including "AI + consumption" and health-related products [15][16]