People's Finance News, March 17 — The Ministry of Finance released the 2025 China Fiscal Policy Implementation Report, in which the fiscal policy outlook indicates that a more proactive fiscal policy will continue to be implemented in 2026, primarily reflected in five aspects: First, expanding the fiscal expenditure envelope to ensure necessary expenditure intensity. Second, optimizing the portfolio of government bonds to better leverage bond effectiveness. Third, improving the efficiency of transfer payment funds to enhance local autonomous disposable financial capacity. Fourth, continuously making efforts to optimize expenditure structure to strengthen protection in key areas. Fifth, strengthening fiscal and financial coordination to amplify policy effectiveness, enabling macro policies to better stimulate the vitality of micro entities.