为稳经济中国财政政策空间打开，且资金更多聚焦民生、投资于人。 财政是国家治理的基础和重要支柱，"十四五"时期中国财政宏观调控更加给力、精准、灵活、创新，而 这也助推"十四五"时期经济平稳运行。 比如，"十四五"时期中国财政赤字率多次超出所谓的3%"红线"，今年更是提高至4%的历史高位，这也 打开了财政政策发力空间。"十四五"时期中国创新推出力度空前的12万亿元化解地方政府隐性债务风险 政策组合拳，转变化债思路，主动全面化解债务风险，并与促发展并重。"十四五"时期财政支出民生导 向更加鲜明，财政支出七成投向民生，五年预计民生支出总规模近100万亿元。 财政部部长蓝佛安在近日国新办发布会上表示，"十四五"时期，财政政策进一步增强与经济情景的适配 性，从积极到更加积极，战略上更加主动、战术上更加精准，成为支撑经济平稳健康发展的重要力量。 而国家财政账本里，分量最重、成色最足的始终是民生。"十五五"时期，我们将坚持以人民为中心，切 实保障和改善民生，做到人民群众对美好生活的期盼在哪里，财政资金就重点投向哪里；人民群众急难 愁盼在哪里，财政政策就往哪里发力。 财政政策空间打开 近些年受疫情、复杂外部环境等冲击，经济下行 ...

Core Viewpoint - The book "Restoring the Scientific Nature of Economic Research" emphasizes the importance of scientific methodology in economic research, highlighting the need for accurate concepts, reliable data, logical reasoning, and historical analysis to understand economic phenomena [2][3][4]. Group 1: Scientific Methodology in Economic Research - The author summarizes the scientific methodology of economic research with four key elements: concepts, data, logic, and history [3]. - Accurate understanding of economic concepts is crucial, as misinterpretations can lead to flawed conclusions and the emergence of unconventional economic theories [3][4]. - Data must substantiate viewpoints; without empirical support, opinions remain ungrounded [4]. Group 2: Importance of Historical Data - Historical data is vital in economic research due to the irreversible nature of time and circumstances, allowing researchers to analyze past "experiments" to identify common patterns [5]. - The book discusses how to analyze historical economic patterns, emphasizing that optimal economic growth rates should align with a country's potential growth rate, which varies across different development stages [6]. Group 3: Analysis of Economic Phenomena - The author analyzes various economic phenomena, including fiscal policy, real estate, and the internationalization of the Renminbi, stressing the need to understand the cyclical and trend-based nature of economic operations [7]. - A recommendation is made for systematic reform of fiscal policy to enable counter-cyclical adjustments, moving away from a pro-cyclical behavior model [7].

Development Stages of Special Bonds - Special bonds have undergone four main stages since their inception in 2015: exploration (2015-2018), innovation and expansion (2019-2021), transformation and regulation (2022-2024), and optimization and improvement (from late 2024) [3][4][6][18]. - In the innovation and expansion phase (2019-2021), the issuance of special bonds rapidly increased, with new quotas rising from CNY 1.35 trillion in 2018 to CNY 3.75 trillion in 2020 [25][26]. Current Characteristics and Usage - As of 2024, 40.5% of special bonds were allocated for new project construction, while 40.4% were used for debt replacement, and 19.2% for repaying maturing bonds [7]. - The proportion of special bonds used as project capital has been increasing, reaching 9.8% in 2024, with a policy cap of 30% [7]. Challenges and Issues - Special bonds have faced issues such as unclear positioning, with projects lacking revenue being funded by general debt, while high-revenue projects are left to market mechanisms [9]. - The allocation of special bond quotas often reflects the distribution of hidden debts rather than efficiency, which undermines the intended positive incentives [9]. Recommendations for Improvement - It is recommended to clarify the positioning of special bonds to ensure they are used for projects that can cover their own costs, thus preventing pressure on general public budgets [13]. - The distribution of quotas should prioritize high-quality projects in regions with population inflows and strong industrial bases, while using general debt for areas with declining populations [13].