财政政策明年如何更加积极

Core Viewpoint - In 2026, China will continue to implement a more proactive fiscal policy, focusing on expanding fiscal expenditure, optimizing government bond tools, enhancing local financial autonomy, and improving expenditure structure to support economic development [1][4]. Group 1: Fiscal Policy Measures - The fiscal deficit for 2025 was set at 4%, with a total deficit scale of 5.66 trillion yuan, marking the highest levels in recent years, indicating increased counter-cyclical adjustment efforts [2]. - A series of significant fiscal measures were implemented in 2025, including the issuance of 1.3 trillion yuan in ultra-long special government bonds and 4.4 trillion yuan in new local government special bonds [2]. - The focus for 2026 will be on maintaining necessary fiscal deficits and total debt levels while enhancing the efficiency of fund usage [5][6]. Group 2: Investment in Human Capital and Social Welfare - In 2025, fiscal spending emphasized strengthening social welfare, including policies to expand social insurance subsidies and reduce unemployment insurance rates [3]. - A nationwide childcare subsidy program was established, allocating 100 billion yuan to support families with children under three years old [3]. - The government aims to enhance employment support and social security systems to stabilize and increase residents' income [7]. Group 3: Structural Optimization and Green Development - The 2026 fiscal policy will prioritize expanding domestic demand and supporting the construction of a robust domestic market [7]. - There will be a focus on increasing fiscal investment in technology and industry innovation, as well as promoting green transformation and ecological protection [8]. - The government will implement zero-based budgeting reforms to improve the efficiency and precision of fiscal fund allocation [8].