【前瞻2026】韩文秀：明年将根据形势变化出台实施增量政策

Core Viewpoint - The Central Economic Work Conference has set the tone for China's economic work in 2026, emphasizing the need for stability while pursuing progress, improving quality and efficiency, and enhancing macroeconomic governance effectiveness [1][3]. Group 1: Fiscal Policy - The government will continue to implement a more proactive fiscal policy, maintaining necessary fiscal deficits, total debt scale, and overall expenditure to ensure fiscal sustainability while addressing current needs and future risks [3]. - There is a recognition of fiscal difficulties in some local governments, prompting the need to establish mechanisms for increasing revenue and reducing expenditure to enhance local government financial capacity [3]. - The focus will be on optimizing expenditure structure, ensuring financial support for major national strategies, and directing more resources towards human investment and improving people's livelihoods [3]. Group 2: Policy Implementation - The government aims to improve the efficiency of fund utilization, pushing for actual expenditures and tangible work outputs, while adhering to strict financial discipline [3]. - Following a series of policy measures introduced since September 26, 2022, the government plans to implement additional incremental policies in response to changing circumstances in the coming year [3]. - There is an emphasis on the integrated effect of both existing and new policies to promote economic stability and improvement, alongside the importance of managing market expectations to boost social confidence [3].