Core Viewpoint - The article emphasizes the need to accelerate the establishment of a long-term mechanism for government debt management that aligns with high-quality development, highlighting the importance of effective debt management and risk prevention measures [1][2]. Group 1: Government Debt Management - The central government has prioritized government debt management since the 18th National Congress, leading to the development of a legal debt "closed-loop" management system and improved allocation and usage of bond funds to promote economic and social development [2]. - During the 14th Five-Year Plan period, local government debt management has been strengthened, optimizing the special bond management mechanism and implementing a "negative list" for project funding, which has enhanced local development momentum and supported high-quality growth [2][3]. - Despite improvements, challenges remain in local government debt management, including projects exceeding fiscal capacity and the occurrence of hidden debts and false debt reporting [2]. Group 2: Long-term Mechanism for Debt Management - Establishing a long-term mechanism for government debt management is essential for preventing and resolving local government debt risks and is necessary for achieving the goals of the 15th Five-Year Plan [3]. - The government aims to refine the debt management system by clarifying debt classification and function, optimizing debt structure, and ensuring sustainable debt limits [3][4]. - A comprehensive monitoring and regulatory system for local debt will be developed, focusing on preventing the accumulation of new hidden debts and enhancing budget management for government expenditures [4]. Group 3: Special Bond Management - The management of local government special bonds will be improved by optimizing the debt limit allocation mechanism and enhancing project approval processes, ensuring effective use of funds [4][5]. - A repayment mechanism for special bonds will be established, focusing on the management of assets generated from projects funded by these bonds to ensure timely repayment and mitigate default risks [4][5]. Group 4: Financing Platform Reform - The reform and transformation of local government financing platforms will be advanced, with a focus on market-oriented operations and the separation of government credit from these platforms [5]. - Measures will be taken to prevent the emergence of new financing platforms and to manage existing debts and assets effectively, ensuring a clear distinction between government and enterprise responsibilities [5].

Core Viewpoint - The Ministry of Finance emphasizes the implementation of a more proactive fiscal policy to stimulate domestic demand, enhance consumption, and support key industries, while ensuring effective budget execution and financial safety [1][3]. Group 1: Fiscal Policy Implementation - The Ministry of Finance plans to utilize a more proactive fiscal policy, focusing on improving the efficiency of fund usage and ensuring financial security [1][3]. - A special bond of 300 billion yuan will be issued to support the replacement of consumer goods, which is expected to boost sales by 1.6 trillion yuan in the first half of the year [4][10]. - The government aims to enhance local government special bonds and long-term special treasury bonds to encourage private investment and expand public services [1][4]. Group 2: Economic Recovery and Growth - The fiscal policy aims to stabilize employment, businesses, and market expectations, contributing to a sustained economic recovery [3][4]. - In the first half of 2025, the general public budget revenue was 11.56 trillion yuan, with tax revenue showing signs of recovery, particularly in key sectors like manufacturing and modern services [7][8]. - The total public budget expenditure reached 14.13 trillion yuan, marking a 3.4% increase, with significant allocations for social security, education, and healthcare [9][10]. Group 3: Consumer Demand and Investment - The government is implementing measures to boost consumer demand, including expanding the scope of subsidies for consumer goods and enhancing social security to increase consumption capacity [10][11]. - The issuance of special bonds and government investments in infrastructure and key industries is expected to drive effective investment and stimulate economic activity [11][12]. - The central government has allocated 295.5 billion yuan for transportation infrastructure projects, aiming to improve logistics efficiency [12][13]. Group 4: Technological and Industrial Innovation - The central government plans to increase funding for scientific research and technological innovation, with a budget of 398.12 billion yuan for 2025, reflecting a 10% increase from the previous year [5][15]. - Support for key manufacturing industries and technological upgrades is prioritized to enhance industrial transformation and upgrade production capabilities [13][15]. - The government is also focusing on fostering innovation in small and medium-sized enterprises through various financial incentives and support programs [16][17]. Group 5: Social Welfare and Employment - The government is committed to improving social welfare, with a focus on employment support, education funding, and healthcare services, ensuring that basic needs are met [18][19]. - In the first half of 2025, 667.4 billion yuan was allocated for employment support, contributing to the creation of 6.95 million new jobs [19][20]. - Education funding increased by 5.9% to 2.15 trillion yuan, with specific initiatives aimed at enhancing early childhood and vocational education [20][21]. Group 6: Environmental Protection and Sustainability - The government is actively promoting ecological civilization and environmental protection, with significant funding allocated for pollution control and ecosystem restoration [27][28]. - A total of 340 billion yuan has been designated for air pollution prevention, while 267 billion yuan is allocated for water pollution control [27][28]. - The implementation of carbon neutrality goals is supported through various initiatives, including the promotion of clean energy and sustainable practices [29][30].