今年中央经济工作会议，提出重视解决地方财政困难

Group 1: Economic Policy Direction - The Central Economic Work Conference emphasized a policy direction of stability and progress, focusing on improving quality and efficiency while enhancing macroeconomic governance effectiveness [1] - The conference proposed to continue implementing a more proactive fiscal policy, maintaining necessary fiscal deficits and total debt scale, while optimizing fiscal expenditure structure [1][2] - Monetary policy will remain moderately accommodative, with a focus on stabilizing economic growth and ensuring reasonable price recovery [1][5] Group 2: Fiscal Policy Insights - Experts predict that the fiscal deficit rate will not be lower than 4% in 2026, with an emphasis on addressing local government issues and managing local debt risks [2][3] - The fiscal deficit is expected to remain at 4.0%, with the total deficit scale increasing from 5.66 trillion yuan to approximately 5.9 trillion yuan [4] - The need for increased new debt issuance is highlighted, with suggestions for the total new debt scale to reach around 15 trillion yuan [3] Group 3: Monetary Policy Insights - The monetary policy is expected to focus on price stability, with potential policy rate cuts of 0.2 to 0.3 percentage points and reserve requirement ratio cuts of about 1 percentage point [4][5] - Structural monetary policies will aim to support key sectors such as technology innovation, manufacturing transformation, and small and micro enterprises [5] Group 4: Local Government Financial Challenges - The conference stressed the importance of addressing local fiscal difficulties, particularly ensuring the "three guarantees" (wages, operations, and livelihood) are met [6][7] - There is a call for improving the efficiency of transfer payments from the central government to local governments, which exceed 10 trillion yuan [6] - The need for a comprehensive approach to resolve local government debt issues, including debt restructuring and enhancing local tax systems, was emphasized [7][8]