Core Viewpoint - China's proactive fiscal policy is aimed at promoting stable economic operation, with a significant increase in fiscal spending despite a slight decline in fiscal revenue [1][3]. Fiscal Revenue and Expenditure Overview - In 2025, the broad fiscal revenue is projected to be 11.2 trillion yuan, a year-on-year decrease of approximately 1.3%, while broad fiscal expenditure is expected to reach 14.5 trillion yuan, an increase of about 6.6% [1]. - The fiscal deficit is expected to be 3.3 trillion yuan, a year-on-year increase of 46.5%, which will be compensated through government borrowing [1][11]. Tax Revenue Analysis - The general public budget revenue for the first five months of the year is 9.7 trillion yuan, showing a slight decline of 0.3% year-on-year, with tax revenue at 7.9 trillion yuan, down 1.6% [3][4]. - The decline in tax revenue is attributed to multiple factors, including difficulties faced by some enterprises and a sluggish real estate market [4][6]. Non-Tax Revenue Trends - Non-tax revenue for the general public budget increased by 6.2% year-on-year to 1.7 trillion yuan, although it showed a decline in May compared to the same period last year [4][6]. Government Bond Issuance - To maintain fiscal spending, the government has accelerated the issuance of government bonds, with 6.29 trillion yuan issued in the first five months, a year-on-year increase of 38.5% [7][8]. Fiscal Spending Focus - Fiscal spending in the first five months reached 11.3 trillion yuan, a year-on-year increase of 4.2%, with significant allocations towards social security, employment, and education [8][10]. - The central government has expedited transfer payments to local governments to support basic livelihood guarantees [8]. Future Fiscal Policy Directions - The government plans to implement additional fiscal policies as needed, particularly in the second half of the year, to meet economic development goals [11][12]. - There is an emphasis on establishing a childcare subsidy system and addressing investment shortfalls through new policy financial tools [12].

我国布局人形机器人、原子级制造产业 让更多企业在新赛道跑出加速度 昨天，中国发展高层论坛2025年年会在北京开幕。 财政部部长蓝佛安表示，2024年三季度以来，我国出台了一批有针对性的财政增量政策，这些政策坚持系统设计，注重集成创新，突出精准施策，把握 力度时机，推动经济明显回升，社会信心有效提振。 0:00 / 2:33 蓝佛安表示，当前我国推出的财政政策坚持系统设计，综合考虑稳增长、调结构、惠民生、防风险等目标，用改革的思路谋划实施财政政策，加强逆周 期调节，推动经济实现质的有效提升和量的合理增长。同时，注重集成创新，推动形成政策合力。 财政部部长 蓝佛安：加强政策创新，安排国债和地方政府债券，支持国有大型商业银行补充资本回收闲置土地和存量商品房，实施消费品以旧换新 等。对专项债实行负面清单管理，强化政策集成，组合运用多种财税工具，加强与货币等政策相互配合，同向发力，提升整体的效能。 蓝佛安还表示，我国财政政策还突出精准施策，以重点突破带动整体经济循环畅通。同时，把握力度时机，增强调控的前瞻性、针对性和有效性。 一揽子财政增量政策推动经济明显回升 在一系列增量政策的带动下，前两个月，全国规模以上工业增加值 ...