告别“大水漫灌” 财政调控靶向精准滴灌

Core Viewpoint - The fiscal policy for 2026 will be "more proactive and effective," focusing on structural optimization and targeted measures rather than merely increasing total spending [1][2]. Group 1: Fiscal Policy Implementation - The 2026 fiscal policy will expand the fiscal expenditure base to ensure necessary spending [1]. - There will be an optimization of government bond tools to enhance their effectiveness [1]. - The efficiency of transfer payment funds will be improved to increase local financial autonomy [1]. - The expenditure structure will be continuously optimized, with a focus on key areas [1]. - There will be a strengthened collaboration between fiscal and financial policies to amplify policy effectiveness [1]. Group 2: New Characteristics and Balance Logic - The proactive nature of the 2026 policy emphasizes long-term strategic planning and precise targeting to address short-term economic fluctuations and long-term structural issues [2]. - The policy will utilize tools such as special bonds, tax incentives, and transfer payments to direct fiscal resources towards critical areas like major national strategies and technological innovation [2]. - The integration of fiscal policy with monetary and industrial policies will create a strong macroeconomic control synergy [2]. Group 3: Debt Management and Fiscal Health - In 2025, local debt issuance exceeded 10 trillion yuan, with special bonds focusing on infrastructure to stimulate economic recovery [3]. - The central government will replace 2 trillion yuan of existing hidden debt with special bonds, reducing average interest costs by over 2.5 percentage points [3]. - The 2026 fiscal strategy will balance necessary fiscal deficits and total debt while optimizing the expenditure structure and managing tax incentives [3]. - The emphasis will be on enhancing the quality of fiscal revenue and ensuring long-term fiscal health by focusing on key areas like technological innovation and public welfare [3]. Group 4: Zero-Based Budgeting Reform - The zero-based budgeting reform is expected to expand its coverage in 2026, moving beyond general public budgets to more departments and projects [3]. - This reform aims to break the rigidity of budgets and improve the standardization and consistency of local practices [3].