Directrice du département de finance de l'École de gestion de Tsinghua, Zhu Yingzi : La clé de la coordination entre la politique fiscale et la politique monétaire réside dans l'alignement des objectifs, la complémentarité des outils et la transmission fluide

This year’s government work report explicitly proposed to continue implementing a “more proactive fiscal policy” and a “moderately relaxed monetary policy,” with the deficit rate planned at around 4%, a deficit scale of 5.89 trillion yuan, and plans to issue 1.3 trillion yuan of ultra-long special national bonds and 58.9k yuan of local government special bonds. Zhu Yingzi, director and professor of the Department of Finance at Tsinghua University School of Economics and Management, stated that the key to forming a synergy between fiscal policy and monetary policy by 2026 is to achieve “goal consistency, complementary tools, and smooth transmission.” Goal consistency means that fiscal and monetary policies should focus on “expanding domestic demand, stabilizing expectations, and promoting price recovery” to form a unified direction of effort. Complementary tools mean paying more attention to the “combined use” of policy tools to enhance the linkage efficiency of fiscal funds and financial resources. Smooth transmission means prioritizing solving transmission bottlenecks and balancing medium- and long-term transformation. (People’s Finance News)