2026年财政政策如何更加积极？

Core Viewpoint - The 2025 Central Economic Work Conference decided to continue implementing a more proactive fiscal and monetary policy in 2026, emphasizing the need for policy optimization, enhanced fiscal management, and reform advancement [1] Group 1: Fiscal Policy Optimization - The scale of fiscal expenditure is increasing, with general public budget expenditure expected to exceed 30 trillion yuan in 2026, but its proportion relative to total social financing remains small [2] - By the end of November 2025, the social financing scale reached 440.07 trillion yuan, and the broad money (M2) balance was 336.99 trillion yuan [2] - The fiscal deficit rate for 2025 is around 4%, indicating that fiscal revenue and expenditure should focus more on policy effectiveness in 2026 [2] Group 2: Debt Financing - Debt financing is crucial for supporting a more proactive fiscal policy, necessitating a scientific assessment and optimization of the government bond portfolio [3] - In 2025, local special bonds issued amounted to 4.4 trillion yuan, with total local debt issuance exceeding 10 trillion yuan and net financing over 7.2 trillion yuan [3] - The issuance of long-term special government bonds in 2025 reached 1.3 trillion yuan, aimed at supporting specific projects and policies [3] Group 3: Local Fiscal Autonomy - Enhancing local fiscal autonomy is essential for fiscal sustainability, as local finances are directly responsible for basic public services and social security [4] - From 2023 to 2025, central government transfers to local governments are expected to exceed 10 trillion yuan annually, highlighting the central government's commitment [4] - The structure of transfer payments needs optimization, reducing the proportion of special transfers and increasing general transfers to enhance local fiscal capacity [4] Group 4: Fiscal Management - Scientific fiscal management is increasingly important as fiscal revenues and expenditures grow, requiring a focus on optimizing expenditure structures [6] - The zero-based budgeting reform is being deepened across various regions, shifting budget preparation from historical baselines to current needs [7] - Establishing a sound expenditure standard system is crucial for controlling spending and ensuring that actual needs are met [7] Group 5: Economic Stability and Reform - A more proactive fiscal policy is necessary to promote stable economic development, requiring a combination of effective markets and proactive government roles [9] - Domestic demand has significant potential for growth, and boosting consumption is essential for economic recovery [10] - The unification of the domestic market is hindered by fragmented policies, necessitating reforms to standardize tax incentives and subsidies [10] Group 6: Supply-Side Improvements - Domestic supply has room for improvement, needing to align with the upgrading demands of consumer preferences [11] - Innovation in supply is critical, as it can create new demand and enhance economic growth [11] - Increased investment in basic research is essential for fostering technological innovation, with a focus on effective investment to maximize fiscal policy impacts [12]