中央定调明年财政政策：继续“更加积极”

Group 1 - The core viewpoint of the article is that China will continue to implement a more proactive fiscal policy in 2026 to stabilize the economy, maintaining the same approach as in 2025 [1][2] - The fiscal deficit rate is set to increase from 3% in 2024 to a historical high of 4% in 2025, with an additional government debt of nearly 12 trillion yuan, which is an increase of nearly 3 trillion yuan compared to 2024 [1][2] - In the first ten months of this year, the national general public budget expenditure was approximately 22.6 trillion yuan, a year-on-year increase of 2%, while government fund budget expenditure was about 8.1 trillion yuan, a year-on-year increase of 15.4% [1] Group 2 - The proactive fiscal policy aims to stimulate total demand and promote economic recovery through increased spending, expanded deficits, and government bond issuance, especially in the context of insufficient effective demand and complex economic conditions [2] - Experts suggest that maintaining a fiscal deficit rate of no less than 4% in 2026 is necessary to signal the continued expansion of fiscal policy and stabilize social expectations [3] - The reliance on debt financing may deepen due to a low growth rate in fiscal revenue, but the Chinese government has a relatively low debt ratio compared to major economies, indicating room for further borrowing [3]