Amid current economic headwinds, weak domestic demand, and a complex external environment, fiscal policy has been assigned a more critical role in stabilizing growth. Authorities have explicitly called for fiscal policy to be ‘more proactive,’ which means not only increasing spending but also enhancing its precision and effectiveness. Specifically, this approach manifests in three key ways: first, moderately raising the fiscal deficit ratio to fund essential areas such as infrastructure investment and social welfare; second, optimizing expenditure allocation to prioritize technological innovation, green transition, and support for small and medium-sized enterprises (SMEs); and third, accelerating the issuance and utilization of special-purpose bonds to ensure projects quickly translate into tangible economic activity and boost effective demand. Additionally, tax and fee reductions will continue to target the real economy—particularly manufacturing and micro-enterprises—to invigorate market participants. Importantly, being ‘more proactive’ does not imply unchecked expansion; rather, it entails targeted, structural interventions within prudent risk management to achieve high-quality development. Going forward, fiscal policy will work in concert with monetary policy to foster a macroeconomic environment conducive to economic recovery and sustained improvement.
在当前经济面临下行压力、内需不足和外部环境复杂多变的背景下，财政政策被赋予了更重要的稳增长职能。中央明确提出要让财政政策‘更加积极’，这意味着不仅要加大支出力度，还要提升政策的精准性和有效性。具体而言，‘更加积极’体现在三个方面：一是适度扩大财政赤字率，为基建投资、民生保障等关键领域提供资金支持；二是优化支出结构，向科技创新、绿色转型、中小企业纾困等方向倾斜；三是加快专项债发行使用进度，推动项目尽快形成实物工作量，拉动有效需求。此外，减税降费政策也将继续聚焦实体经济，特别是制造业和小微企业，以增强市场主体活力。值得注意的是，‘更加积极’并非无节制扩张，而是在守住风险底线的前提下，通过结构性发力实现高质量发展目标。未来，财政政策将与货币政策协同配合，共同营造有利于经济回升向好的宏观环境。
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