Core Viewpoint - The Chinese government emphasizes the importance of improving people's livelihoods through fiscal policies during the "14th Five-Year Plan" period, with a focus on high-quality development and direct financial support to citizens [1]. Fiscal Policy - The fiscal deficit rate has increased from 2.7% to 3.8%, and is expected to rise further to 4% this year [2]. - A special long-term bond issuance of 6 trillion yuan has been arranged to replace hidden debts, significantly alleviating local repayment pressures [2]. - An additional 500 billion yuan in special bonds is expected to stimulate approximately 6 trillion yuan in credit [2]. Tax and Budget Reforms - The central government's transfer payments to local governments have totaled nearly 50 trillion yuan during the "14th Five-Year Plan" [3]. - The scale of cross-provincial adjustments is projected to reach 253.3 billion yuan in 2024 [3]. - 14 out of 18 existing tax types have completed legislation [3]. Economic Stimulus - Central fiscal employment support funds amount to 318.6 billion yuan, with an overall fiscal contribution of about 420 billion yuan leading to over 2.9 trillion yuan in sales of various goods [5]. - Over 19.4 trillion yuan in local government special bonds have been arranged over five years to support 150,000 construction projects [5]. Technological Development - National fiscal spending on technology is expected to reach 5.5 trillion yuan, a 34% increase from the "13th Five-Year Plan" [7]. - The government has supported over 30,000 small and medium-sized technology enterprises with approximately 800 billion yuan in loans [7]. Education Funding - National fiscal education funding is projected to exceed 25 trillion yuan during the "14th Five-Year Plan," maintaining over 4% of GDP for over a decade [9]. - Approximately 1.1 trillion yuan has been allocated for transfer payments to enhance local education investments [9]. Debt Management - By the end of August, 4 trillion yuan of the newly increased 6 trillion yuan special debt limit has been issued [11]. - The total government debt is projected to be 92.6 trillion yuan by the end of 2024, with a manageable debt ratio [11]. Rural Development - Central fiscal funds for rural revitalization have increased from 156.5 billion yuan in 2021 to 177 billion yuan in 2025 [13]. - Rural residents in poverty-stricken areas have seen their per capita disposable income increase by nearly 40% over the "14th Five-Year Plan" period [13]. International Cooperation - The government is actively engaging in international financial cooperation, particularly in managing sovereign debt for developing countries [14]. - Efforts are being made to enhance the "Belt and Road" investment and financing system [14]. Financial Supervision - Strengthened supervision mechanisms are in place for the issuance of national bonds and local government debt management [16]. - A comprehensive supervision system has been established for central department budgets and transfer payment funds [16].

Core Viewpoint - The Chinese government emphasizes the importance of improving people's livelihoods while ensuring high-quality development during the "14th Five-Year Plan" period, with a significant focus on fiscal policies that directly benefit the public [1] Fiscal Policy and Budget Management - The scale of funds transferred from government funds and state-owned capital to the general public budget in the past four years is ten times that of the "13th Five-Year Plan" period [4] - The central government's transfer payments to local governments have totaled nearly 50 trillion yuan since the beginning of the "14th Five-Year Plan" [4] Support for Employment and Consumption - The central government allocated 318.6 billion yuan for employment support, which has driven sales of various goods exceeding 2.9 trillion yuan [7] - Approximately 4.2 trillion yuan has been allocated to support major technological equipment and innovative material products [7] Investment in Technology and Innovation - National fiscal spending on science and technology is expected to reach 5.5 trillion yuan, a 34% increase compared to the "13th Five-Year Plan" [9] - The government has supported over 30,000 small and medium-sized technology enterprises with approximately 800 billion yuan in loans [9] Education Funding - The proportion of national fiscal education funding to GDP has remained above 4% for over a decade, with an expected total of over 25 trillion yuan during the "14th Five-Year Plan" [11] - The government has arranged about 1.1 trillion yuan in transfer payments to enhance local investment in compulsory education [11] Debt Management - As of the end of August, 4 trillion yuan of the newly increased 6 trillion yuan special debt limit has been issued [13] - The total government debt is projected to be 92.6 trillion yuan by the end of 2024, with a reasonable debt ratio and controllable risks [13] Rural Development and Poverty Alleviation - The central fiscal funds for rural revitalization have increased from 156.5 billion yuan in 2021 to 177 billion yuan in 2025 [15] - The per capita disposable income of rural residents in poverty-stricken areas has increased by nearly 40% during the "14th Five-Year Plan" [15] International Financial Cooperation - The government is actively guiding the G20 on sovereign debt management for developing countries and enhancing the "Belt and Road" investment and financing system [17] Financial Supervision and Accountability - There is a strengthened supervision system focusing on the use of newly issued national bonds and local government debt management [19] - A comprehensive supervision system has been established for central department budgets and transfer payment funds [20]