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 [3] - The government has maintained a reasonable debt ratio, with total government debt projected to be 92.6 trillion yuan and a debt ratio of 68.7%, indicating that risks are manageable [5] - The government is committed to enhancing fiscal policies to support high-quality economic development while ensuring risk management [4] Fiscal Policy and Management - The fiscal policy will continue to balance risk prevention and development promotion, with a focus on maintaining continuity and stability while enhancing flexibility and foresight [4] - The government plans to implement a debt management mechanism that aligns with high-quality development, including measures to reduce existing hidden debts and manage new local government debt limits [6][7] Investment in Public Welfare - The government has allocated 1 trillion yuan for childcare subsidies and 200 billion yuan for gradually implementing free preschool education, addressing public concerns [9] - During the "14th Five-Year Plan" period, nearly 100 trillion yuan has been invested in public welfare, with significant allocations for education, social security, healthcare, and housing [10] Social Security and Support - China has established the world's largest and most comprehensive social security system, with over 1.07 billion people participating in basic pension insurance and 1.33 billion in basic medical insurance [11] - The central government has arranged nearly 50 trillion yuan in transfer payments to local governments during the "14th Five-Year Plan" period to ensure stable local fiscal operations [12] Infrastructure and Economic Growth - The government has issued 1.5 trillion yuan in special long-term bonds to promote infrastructure construction, supporting 150,000 projects [13] - A special bond issuance of 500 billion yuan is expected to leverage approximately 6 trillion yuan in credit [14] Innovation and Development - The government aims to innovate fiscal and tax policy tools to stimulate consumption and expand effective investment, thereby enhancing economic vitality [15] - The implementation of zero-based budgeting reform is intended to ensure accountability for spending and improve the efficiency of fund usage [16] Support for SMEs - Government financing guarantees have supported over 300,000 small and medium-sized technology enterprises in obtaining approximately 800 billion yuan in loans, with guarantee fees reduced to below 1% [17] Income Growth in Rural Areas - In poverty alleviation areas, the per capita disposable income of rural residents has increased by nearly 40% during the "14th Five-Year Plan" period, reaching 17,522 yuan in 2024 [18]

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]