如何实施更加积极的财政政策？2026年将这样做

Core Viewpoint - In 2025, China will implement a series of proactive fiscal policies to effectively support economic development towards a new and improved direction [1][2]. Group 1: Fiscal Policy Measures - The general public budget expenditure for 2025 is expected to exceed 29 trillion yuan [2]. - A special long-term bond issuance of 1.3 trillion yuan will be conducted to support key projects and expand the implementation of new policies [2]. - An additional 4.4 trillion yuan in local government special bonds will be issued, along with the activation of 500 billion yuan in debt limits to enhance local financial capacity [2]. Group 2: Consumer Support Initiatives - Proactive fiscal policies will stimulate consumption potential by implementing personal consumption loans and service industry loan interest subsidies [4]. - In Sichuan, 140 million yuan has been allocated for interest subsidies, supporting 12 billion yuan in consumer loans, contributing to a recovery in the consumption market [4]. - The "Two New" policy has allocated 16.9 billion yuan to support the "old for new" consumption policy, expanding the categories of supported appliances from 12 to 18, driving consumption by over 180 billion yuan [4]. Group 3: High-Quality Development Support - Increased investment in basic research and pilot programs for new technology transformation and digitalization of SMEs will be prioritized [6]. - Enhanced social security measures will be implemented, including free preschool education and increased scholarship standards [6]. - Fiscal strength has significantly improved, with total fiscal revenue reaching 106 trillion yuan, a 19% increase, and total expenditure of 136 trillion yuan, a 24% increase during the 14th Five-Year Plan [6]. Group 4: Future Fiscal Policy Directions - In 2026, China will continue to implement more proactive fiscal policies focusing on expanding domestic demand, optimizing structure, and increasing momentum [8][12]. - Key areas of support will include boosting consumption, effective investment, and promoting technological and industrial innovation [12]. - The government will enhance fiscal management, emphasizing efficiency and effectiveness in fund utilization [13][15]. Group 5: Debt Management and Governance - Continuous efforts will be made to manage government debt and mitigate hidden debt risks while ensuring basic financial guarantees [16]. - The central government's fiscal transfer payments to local governments have exceeded 10 trillion yuan for three consecutive years, highlighting the need for improved efficiency in these transfers [16].