粤开证券首席经济学家 研究院院长 罗志恒：从量的角度，我们要确保必要的财政赤字规模、新增债务总规模以及必要的财政支出力度。通过政府的支出， 比如政府采购以及基建工程项目来扩大社会的总需求，来形成我们居民部门、企业部门的收入，推动经济运行的循环。第二个就是结构的优化，要坚持将投 资于物和投资于人的结合，提高居民的医疗、教育和养老，这样的话居民的后顾之忧得到了缓解，进而有利于去释放潜在的消费需求。 优化"两新""两重"政策 提高财政资金使用效率 0:00 中央经济工作会议指出，明年继续实施更加积极的财政政策。如何理解明年财政政策的取向？来看专家的解读。 中央经济工作会议指出，要继续实施更加积极的财政政策，保持必要的财政赤字、债务总规模和支出总量。专家表示，明年的财政政策取向与2025年保持了 一致。 中央经济工作会议指出，加强财政科学管理，优化财政支出结构，规范税收优惠、财政补贴政策。专家表示，这有利于进一步提高财政资金的使用效率，让 更多资金投入到民生领域。 中国财政科学研究院院长 杨志勇：老百姓对民生的改善、养老、医疗、教育各个方面，它不只是过去的有没有的问题，现在是好不好、怎么样更好的问 题。通过优化支出结 ...

Core Insights - The article discusses the transformative impact of the "trade-in" policy in China's consumer market, highlighting its efficiency in utilizing fiscal funds and ensuring direct benefits to consumers [1][3] - The collaboration between central and local governments in financial mechanisms is emphasized, showcasing a model that addresses regional disparities while ensuring nationwide coverage [1][2] Group 1: Policy Implementation - As of May 31, 2025, the trade-in policy has generated sales of 1.1 trillion yuan and distributed approximately 175 million subsidies to consumers [1] - The central government allocated 300 billion yuan through special long-term bonds, increasing funding by 150 billion yuan compared to the previous year, with 162 billion yuan already distributed to local governments [1] - The funding distribution is designed to support underdeveloped regions, with the central government covering 85% in the east, 90% in the central, and 95% in the west [1] Group 2: Financial Mechanisms - Shandong Province's pre-approval mechanism allows enterprises to claim 80% of subsidy funds upfront, changing the traditional model of "business pays first, government reimburses later" [2] - The four-dimensional support system in Zhejiang combines government subsidies, brand discounts, platform support, and financial assistance, allowing consumers to enjoy significant price reductions [2] - Regulatory measures in Heilongjiang and Zhejiang aim to prevent misuse of subsidies and ensure transparency in pricing, contributing to a robust implementation environment [2] Group 3: Broader Implications - The success of the trade-in policy serves as a valuable reference for public finance reform, demonstrating a more direct connection between policy and consumer benefits [3] - The innovative financial mechanisms established through special bonds and local pre-approval processes represent a modern governance model that could be replicated in other areas [3] - The ongoing distribution of special bond funds is expected to enhance the effectiveness of fiscal policies in various sectors, directly benefiting the public [3]