中央部署明年财政政策

Core Viewpoint - The Central Economic Work Conference held on December 10-11 outlines the implementation of a more proactive fiscal policy for 2026, emphasizing the need for necessary fiscal deficits, total debt scale, and expenditure levels to stabilize the economy [2][3]. Fiscal Policy - The conference reiterates the continuation of a more proactive fiscal policy, which has been in place since the 2008 financial crisis, aimed at stimulating demand and promoting economic recovery through increased spending and debt issuance [2][3]. - The fiscal deficit rate is expected to remain at or above 4% in 2026, with new government debt projected to exceed 12 trillion yuan, potentially reaching between 13 trillion and 16 trillion yuan [3][4]. Expenditure Growth - National general public budget expenditure is anticipated to exceed 30 trillion yuan in 2026, with a growth rate of 4% to 5% [4]. Fiscal Management - The need for improved fiscal management and optimized expenditure structure is highlighted, with pilot programs being implemented in various provinces to enhance fiscal resource allocation and budget management [4][7]. - The ongoing zero-based budgeting reform aims to break the rigid patterns of local fiscal spending and improve the efficiency of fund utilization [4]. Tax Policy - The conference emphasizes the need to standardize tax incentives and fiscal subsidy policies, including the removal of outdated tax exemptions and the establishment of a more precise tax incentive system aligned with national strategic goals [6][5]. - Upcoming changes include the cancellation of certain VAT exemptions, such as those for contraceptives and the full exemption of vehicle purchase tax for new energy vehicles starting in 2026 [6][5]. Local Fiscal Challenges - The meeting stresses the importance of addressing local fiscal difficulties, with a focus on ensuring the "three guarantees" at the grassroots level, which include basic living needs, education, and healthcare [7][8]. - The central government plans to increase local fiscal autonomy and adjust the distribution of fiscal responsibilities to alleviate the financial pressures faced by local governments [8].