2026年积极财政政策怎么干？扩内需、稳楼市、化解地方债务

Group 1: Economic Growth and Fiscal Policy - China's economy is expected to grow by around 5% this year, supported by more proactive fiscal policies, with a deficit rate increased to about 4% and a corresponding deficit scale of 5.66 trillion yuan [1] - The issuance of special long-term bonds totaling 1.3 trillion yuan aims to support key projects in new urbanization and major infrastructure, which will help expand effective investment [3] - The government plans to issue an additional 4.4 trillion yuan in local special bonds for investment construction and debt resolution, with 500 billion yuan allocated for debt management in the fourth quarter [1][2] Group 2: Budget Revenue and Expenditure - From January to October, the national general public budget revenue reached 18.65 trillion yuan, a year-on-year increase of 0.8%, while expenditure was 22.58 trillion yuan, up 2% [2] - Government fund budget revenue decreased by 2.8% to 3.45 trillion yuan, with land transfer income dropping by 7.4% to approximately 2.5 trillion yuan [2] - Despite low growth in fiscal revenue, government spending remains positive, driven by the accelerated use of local special bonds and long-term bonds [2] Group 3: Investment and Consumption Trends - Social retail sales grew by 4.3% year-on-year from January to October, indicating cautious consumer spending [5] - Fixed asset investment saw a slight decline of 0.1%, reflecting insufficient investment demand [5] - The government aims to enhance consumer spending and investment through fiscal policies that increase disposable income and social security levels [5] Group 4: Real Estate Market and Debt Management - The real estate market's performance is crucial for stabilizing local fiscal revenue, with land sales income at 2.5 trillion yuan for the first ten months [7] - The government is implementing measures to stabilize the real estate market, including using special bonds to acquire idle land and exploring the use of funds for purchasing unsold properties [8] - Debt management strategies include issuing bonds to replace hidden debts and addressing overdue payments to businesses, with a total of approximately 3.5 trillion yuan allocated for debt resolution [9][10]