据审计署网站消息，2025年12月22日，受国务院委托，审计署审计长侯凯向十四届全国人大常委会第十 九次会议作了《国务院关于2024年度中央预算执行和其他财政收支审计查出问题整改情况的报告》（以 下简称《审计整改报告》）。为进一步了解2024年度审计整改有关情况，记者采访了审计署政策研究室 主要负责同志。 答：具体表现在5个方面： 一是进一步推动宏观调控政策落实见效。有关部门在落实宏观调控政策的同时，更加注重各项政策之间 的协调配合，充分释放政策红利。促进积极的财政政策更加有为，有关部门从收、支2个方面加强财政 管理，推动积极的财政政策持续用力、更加给力。收入方面，税务总局严格规范组织收入，落细设备更 新税收优惠政策，完善收入质量监控、问责通报等防止征收"过头税费"的工作机制，努力做到应收尽 收。支出方面，财政部优化财政支出结构，持续增加民生投入；会同有关部门开展2项转移支付评估调 整，制定修订4项转移支付管理办法；对2项转移支付分配不合理的资金进行清算调整。促进适度宽松的 货币政策更加有效，中国人民银行年内多次实施降准降息，综合运用公开市场买卖国债、结构性货币政 策工具等，保持流动性合理充裕。金融监管总局会 ...

一是消费需求扩大。消费品以旧换新政策发力显效，带动家电、通讯等相关商品销售增长加快，促进了 商品消费需求扩大。1至11月份，限额以上单位家用电器和音像器材类、文化办公用品类、通讯器材类 商品零售额同比分别增长14.8%、18.2%和20.9%。提振消费专项行动深入实施，文化体育、网络娱乐等 服务性消费需求持续释放。1至11月份，服务零售额中，文体休闲服务类、通讯信息服务类零售额同比 增速均超过10%。 二是重点投资增加。大规模设备更新政策效应显现，企业推动设备更新、加快改造升级意愿增强，设备 投资较快增长，促进了投资扩大，也有利于企业竞争力提升。1至11月份，设备工器具购置投资同比增 长12.2%，拉动全部投资增长1.8个百分点。"两重"建设持续推进，重点领域相关投资继续扩大。1至11 月份，电力热力生产和供应业投资增长12.5%，互联网和相关服务、水上运输业投资分别增长20.7%和 8.9%。 三是生产带动有力。"两重""两新"等政策措施深入实施，促进了市场需求释放，拉动相关产品生产，带 动工业生产增长，也支持了产业升级。1至11月份，规模以上装备制造业增加值同比增长9.3%，占全部 规模以上工业的比重达到 ...

Economic Growth and Policy Focus - The economic growth target for 2026 is set around 5%, emphasizing the shift towards domestic demand, particularly in the areas of livelihood and consumption[2][9]. - The "14th Five-Year Plan" aims for a per capita GDP growth rate of approximately 4.4% annually, with a potential GDP growth rate of around 5% during this period[8]. Fiscal Policy and Budget - The general public budget deficit rate for 2026 is projected to be 4.2%, with a deficit scale of 6.18 trillion yuan, an increase of 520 billion yuan from 2025[3][15]. - In a more optimistic scenario, the deficit rate could rise to 4.5%, with a total deficit of 6.62 trillion yuan, reflecting an increase of 960 billion yuan[16]. Social Welfare and Consumer Support - Fiscal spending on child-rearing subsidies is expected to be between 100 billion to 120 billion yuan in 2026, alongside an expansion of free preschool education costing over 50 billion yuan[3][10]. - The increase in urban and rural residents' basic pensions is anticipated to exceed 1,000 billion yuan, with a minimum increase of 50 yuan per person[11]. Investment and Infrastructure - Effective investment will be expanded, focusing on urban renewal and basic public service construction, with an estimated 200 billion yuan allocated for urban renewal projects[4][28]. - The issuance of special bonds for equipment upgrades is expected to remain at 200 billion yuan, supporting the modernization of key industries[5][34]. Debt Management and Corporate Support - The issuance of special refinancing bonds is projected to reach 2 trillion yuan in 2026, aimed at alleviating debt pressure on local governments[35]. - The new local government special bond limit is expected to reach 5 trillion yuan, with 1.6 trillion yuan allocated for debt repayment and 2.9 trillion yuan for project construction, marking an increase of 1 trillion yuan from 2025[36].

Core Viewpoint - China's economy demonstrates strong resilience amid multiple pressures, achieving a GDP of 1,015,036 billion RMB in the first three quarters of 2025, reflecting a real growth of 5.2% after adjusting for price changes [1][3][4]. Economic Performance - The nominal GDP increased from 975,357.4 billion RMB in the previous year to 1,015,036 billion RMB, with a net increase of 39,678.6 billion RMB, resulting in a nominal growth rate of 4.1% [3][4]. - The difference between the nominal growth rate and the real growth rate indicates a price level decline of approximately 1.1% compared to 2020, suggesting some "contraction" pressure [3][4]. Future Projections - If the current economic recovery momentum continues, a real economic growth of around 5.1% is expected for the entire year of 2025, with nominal GDP projected to increase by approximately 4% from 2024, reaching between 140 trillion and 141 trillion RMB [4][6]. - The GDP in USD terms for the first three quarters of 2025 is estimated at approximately 141,681.89 billion USD, maintaining China's position as the second-largest economy globally [6][9]. Factors Supporting Growth - Robust macroeconomic policies have provided a solid foundation for stable economic performance, with proactive fiscal policies and prudent monetary policies enhancing market vitality [10]. - The acceleration of new and old kinetic energy conversion, particularly in high-tech industries such as new energy vehicles and artificial intelligence, is driving economic growth [10]. - Continuous release of domestic demand potential and effective investment in infrastructure and green transformation are contributing to economic stability [10]. Challenges Ahead - Despite positive growth indicators, challenges remain, including insufficient effective demand in certain sectors and rising uncertainties in the external environment [11]. - The focus will be on maintaining a stable yet progressive approach to ensure high-quality development and consolidate the positive economic recovery trend [11][12].

Market Overview - The A-share market showed a positive trend in August, with major indices rising significantly, including the Shanghai Composite Index which closed at 3,883.56 points, up 8.69% from the end of July [2][12] - The market sentiment improved, driven by positive signals from the political bureau meeting and better-than-expected economic data, leading to increased investor confidence [8][12] - The liquidity in the A-share market improved, with the total trading volume rising and new equity fund subscriptions increasing by 7.41% [24][28] Industry Performance - All 31 Shenwan first-level industries experienced gains in August, with the non-ferrous metals sector leading with a 25.40% increase [13][42] - The TMT (Technology, Media, and Telecommunications) sector saw significant capital inflows, reflecting heightened investor interest in technology growth opportunities [3][32] - The healthcare and machinery sectors also attracted market attention, indicating a broad recovery in various industry segments [3][32] Valuation Levels - As of August 25, the dynamic price-to-earnings (PE) ratio for the Sci-Tech 50 index reached a historical percentile of 92.84%, indicating high valuation levels compared to historical data [41] - Most Shenwan first-level industries showed rising valuations, with 15 industries exceeding the historical 50th percentile in terms of PE ratios [42][44] Policy Analysis - The government emphasized the importance of domestic circulation and the implementation of policies to stimulate domestic demand, which is expected to support economic growth and industry performance [46][48] - Recent policies aimed at enhancing financial support for new industrialization and promoting consumption upgrades are likely to benefit various sectors, particularly those aligned with technological innovation and sustainable development [46][48]

Economic Performance - In the first half of the year, China's GDP reached 66.05 trillion yuan, with a year-on-year growth of 5.3%, laying a solid foundation for achieving the annual target of around 5% [1] - The economic performance exceeded external expectations, driven by the "old-for-new" policy that boosted consumption and resilient foreign trade [1][3] - However, investment growth slowed in the second quarter, indicating a need for enhanced macroeconomic policies in the second half [1] Economic Structure and Growth Potential - The growth rate of 5.3% reflects the resilience of the Chinese economy, with significant contributions from high-tech manufacturing and the digital economy [3] - The proportion of traditional sectors like real estate is declining, while new growth drivers are emerging, such as high-tech manufacturing, which saw a 9.5% increase in value-added output [3] - There is potential for exceeding the annual GDP growth target if external conditions, such as US-China trade negotiations, remain favorable [3] Consumption and Investment Strategies - To stimulate economic growth, there is a focus on enhancing internal economic momentum and boosting consumer demand, particularly in service consumption as residents' income levels rise [3][5] - Recommendations include optimizing subsidy structures for consumption, controlling subsidy distribution to prevent demand vacuums, and expanding the scope of subsidies to include service consumption [5] - Long-term strategies involve improving residents' income and consumption capabilities, enhancing social security systems, and shifting consumer attitudes towards spending [5][9] Real Estate Market Dynamics - The real estate market has shown signs of stabilization, but recent data indicates a renewed decline in housing prices and sales since April [10] - The government is expected to increase support for the real estate sector in the second half of the year to stabilize the market [10] - Innovative financial models are suggested, including asset securitization of existing housing, special bond financing for local governments, and green finance initiatives to support sustainable development in real estate [11]

Economic Overview - China's GDP for the first half of the year reached 66,053.6 billion yuan, with a year-on-year growth of 5.3% [2] - The primary industry added value was 31,172 billion yuan (3.7% growth), the secondary industry was 239,050 billion yuan (5.3% growth), and the tertiary industry was 390,314 billion yuan (5.5% growth) [2] - The GDP growth for Q1 was 5.4% and for Q2 was 5.2%, with a quarter-on-quarter growth of 1.1% in Q2 [2] Industrial Performance - The industrial added value above designated size grew by 6.4%, with equipment manufacturing and high-tech manufacturing leading at 10.2% and 9.5% respectively [3] - Emerging products such as 3D printing equipment, new energy vehicles, and industrial robots saw production increases of 43.1%, 36.2%, and 35.6% respectively, indicating enhanced technological innovation and a solidified position in the global supply chain [3] Service Sector Growth - The tertiary industry increased by 5.5%, with modern service sectors like information transmission, software, and IT services showing significant growth [3] - Despite the manufacturing purchasing manager index remaining in contraction territory, the business activity expectation index reached 52.0, indicating a recovery in market confidence [3] Consumer Insights - The per capita disposable income for residents was 21,840 yuan, with a nominal growth of 5.3%, aligning with GDP growth [4] - Retail sales in various categories showed significant growth, including food and beverage (12.3%), sports and entertainment goods (22.2%), and household appliances (30.7%) [4] Policy Impact - Supply-side growth is supported by the development of technology-intensive industries and targeted macro policies, such as tax incentives for high-end manufacturing and financing support for SMEs [4] - Consumer policies, such as trade-in programs and subsidies, have stimulated short-term consumption and pressured companies to accelerate technological upgrades, creating a virtuous cycle of consumption and industrial upgrades [5] Future Outlook - The consumption market is expected to remain active in the second half of the year, supported by ongoing consumer policies [5] - The cycle of income growth, consumption upgrade, and industrial transformation is anticipated to drive high-quality economic development [5]

Group 1 - China's National Bureau of Statistics reported that in April, new consumption momentum is growing, indicating a clear trend of economic improvement [1] - Despite a slowdown in industrial and consumption growth rates due to the tariff war, the overall economy shows strong resilience, supported by effective macroeconomic policies [4] - The equipment manufacturing sector's added value increased by 9.8% year-on-year in April, contributing nearly 56% to the growth of industrial added value [4] Group 2 - China's inbound tourism is experiencing robust growth, with nearly 132 million international visitors expected in 2024, a year-on-year increase of 60.8%, and total consumption reaching $94.2 billion, up 77.8% [7] - The government has implemented measures such as lowering tax refund thresholds and increasing the number of duty-free shops to further stimulate foreign tourist spending [7] Group 3 - Local governments in China are innovating consumption models by bundling popular event tickets with discounts on hotels, dining, and travel bookings, which has significantly boosted consumer enthusiasm [10] - The live performance market is thriving, with total revenue expected to exceed 79.6 billion yuan in 2024, and over 60% of audiences attending performances in different locations, driving growth in transportation and accommodation sectors [10] Group 4 - The "Z Generation" in China, born between 1995 and 2010, is becoming a significant consumer force, characterized by emotional-driven purchasing behavior [11] - This demographic is both budget-conscious for everyday items and willing to spend on hobbies and personalized products, contributing to rapid revenue growth for related companies and injecting new vitality into the Chinese economy [11]

Group 1 - The Central Political Bureau of the Communist Party of China emphasizes the need for timely interest rate cuts and reserve requirement ratio (RRR) reductions to support the real economy [1] - Analysts predict that the second quarter is a ripe time for these monetary policy adjustments, with expected interest rate cuts of 0.3 percentage points and RRR cuts of 0.5 percentage points, releasing approximately 1 trillion yuan in long-term funds [1] - The need for macroeconomic policy support is highlighted due to high actual interest rates and external economic pressures, with expectations for RRR cuts and interest rate reductions to boost consumer and business investment [1] Group 2 - The priority for releasing long-term liquidity tools remains with RRR cuts, which are expected to be implemented first as fiscal policies become more accommodative in the second quarter [2] - Interest rate cuts may face constraints from the yuan's exchange rate and banks' net interest margins, but the weakening of the dollar reduces immediate exchange rate pressures [2] - Overall, the monetary policy is expected to maintain a loose stance through 2025, with anticipated RRR cuts of about 1 percentage point and interest rate reductions of approximately 0.3 percentage points throughout the year [2]