Core Viewpoint - The Chinese government is implementing a more proactive fiscal policy during the "14th Five-Year Plan" period, enhancing macroeconomic regulation to support stable economic growth [1][3][4] Group 1: Fiscal Policy Characteristics - The fiscal macro-control during the "14th Five-Year Plan" is characterized by stronger efforts, richer tools, more precise actions, and greater flexibility in timing [4] - The fiscal deficit rate has increased from 2.7% to 4%, providing more room for fiscal policy [6] Group 2: Economic Stability and Cycles - The goal of macroeconomic regulation is to smooth out economic cycles and prevent significant fluctuations that could waste resources and impact social welfare [2] - Cross-cycle regulation is becoming increasingly important to find new growth drivers for medium- to long-term development [2] Group 3: Coordination of Policies - The collaboration between fiscal and monetary policies is crucial for effective macroeconomic governance, with significant measures such as the issuance of 500 billion yuan in special bonds to stimulate credit [5][8] - The Chinese fiscal policy is characterized by a development-oriented approach, emphasizing the need for sustained economic growth to address employment issues [5] Group 4: Fiscal Space and Management - There is substantial potential for fiscal policy expansion, supported by a long-term positive economic trend and enhanced fiscal management practices [7][8] - Local governments are implementing comprehensive fiscal reforms to optimize resource allocation and improve fiscal management efficiency [7] Group 5: International Coordination - Strengthening international macroeconomic policy coordination is essential to mitigate negative spillover effects from major economies [9] - China's active participation in global economic governance and cooperation aims to create a favorable environment for its fiscal macro-control [9]