Recently, China’s central government called for a ‘more proactive’ fiscal policy, signaling its intent to use stronger fiscal measures to stabilize growth, advance reforms, and improve people’s livelihoods amid the current economic environment. Being ‘more proactive’ does not simply mean expanding deficits or increasing spending indiscriminately; rather, it emphasizes precision, quality, and efficiency. On one hand, the government may moderately raise the fiscal deficit ratio or issue special treasury bonds to boost fiscal capacity. On the other hand, it aims to optimize expenditure structures—prioritizing support for technological innovation, green development, relief for small and medium-sized enterprises (SMEs), and social welfare programs. Additionally, enhancing the efficiency of fiscal fund utilization is crucial to avoid scattered, ineffective spending and ensure every yuan is spent where it matters most. Moreover, this proactive fiscal stance must be coordinated with monetary and industrial policies to create synergistic effects and strengthen overall macroeconomic management. In essence, a ‘more proactive’ fiscal policy seeks to drive sustained economic recovery and improvement through high-quality, efficient measures while maintaining control over fiscal risks.
近期，中央提出财政政策要‘更加积极’，这标志着在当前经济形势下，政府将通过更有力的财政手段来稳增长、促改革、惠民生。所谓‘更加积极’，并非简单扩大赤字或增加支出，而是强调精准发力、提质增效。一方面，通过适度提高财政赤字率、发行特别国债等方式，增强财政支出能力；另一方面，优化支出结构，重点支持科技创新、绿色发展、中小企业纾困和民生保障等领域。同时，强化财政资金使用效率，避免‘撒胡椒面’式投入，确保每一分钱都用在刀刃上。此外，积极财政政策还需与货币政策、产业政策协同配合，形成政策合力，提升整体宏观调控效能。总之，‘更加积极’的财政政策，是在守住风险底线的前提下，以高质量、高效率的方式推动经济持续回升向好。
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