Core Viewpoint - The Chinese government is shifting its fiscal policy focus towards enhancing people's livelihoods and promoting consumption, marking a strategic transition from infrastructure investment to human resource investment and social security [1][2]. Group 1: Fiscal Policy and Expenditure - The scale and proportion of fiscal investment in the livelihood sector have both increased, with national public budget expenditure reaching 16.1 trillion yuan from January to July, a year-on-year growth of 3.4% [2]. - Expenditure on social security and employment, education, and health care has seen significant growth rates of 9.8%, 5.7%, and 5.3% respectively, indicating a clear shift towards supporting the livelihood sector [2]. - Livelihood-related expenditures now account for over 40% of total fiscal spending, and when including community services, this figure exceeds 47%, reflecting a substantial commitment to social welfare [2]. Group 2: Targeted Subsidy Policies - The implementation of targeted subsidy policies has effectively reduced the financial burden on specific groups, such as families with young children, the elderly, and youth, enhancing the effectiveness of fiscal policies [3]. - A new childcare subsidy program provides 3,600 yuan per child annually for families with children under three, with an initial budget of approximately 90 billion yuan allocated for the first year [3]. - Free preschool education will be implemented starting from the autumn semester of 2025, benefiting around 12 million children, while employment support for youth includes a one-time subsidy of up to 1,500 yuan for companies hiring unemployed youth aged 16-24 [3]. Group 3: Consumption Promotion Policies - The introduction of fiscal interest subsidies aims to stimulate domestic consumption by lowering consumer credit costs, thereby unlocking consumer potential [4]. - The policy combines "small-scale universal support" with "large-scale targeted support," covering both everyday small purchases and significant expenditures in key areas such as automotive, elderly care, education, and healthcare [4]. - The fiscal interest subsidy policy includes support for personal consumption loans and service sector loans, promoting both demand and supply sides to invigorate the consumption market [4]. Group 4: Future Outlook - The macroeconomic policy is expected to maintain an active orientation, focusing on stabilizing overall demand, promoting moderate price recovery, and ensuring economic improvement [5]. - Future fiscal policies are likely to continue leaning towards the livelihood sector, enhancing the support system for childbirth and expanding the reach of consumption stimulus policies [5]. - The government aims to improve policy targeting and effectiveness through "precise measures and classified support," fostering a synergistic relationship between consumption promotion, livelihood enhancement, and economic stability [5].