【高端访谈】专访经济学家、华夏新供给经济学研究院创始院长贾康：政府有效投资是提振消费的重要动力之一

Core Viewpoint - The article emphasizes the implementation of a more proactive fiscal policy in 2026, aimed at stimulating domestic demand and supporting high-quality economic development as part of the "14th Five-Year Plan" [1][3]. Fiscal Policy Expansion - The term "more proactive" indicates an increase in the expansionary fiscal policy, with a focus on maintaining a high deficit rate, which was over 4% last year, and matching borrowing scales to cover the deficit [4][10]. - The coordination between fiscal and monetary policies is crucial, with fiscal policy playing a significant role in structural adjustments while monetary policy focuses on total demand management [4][10]. Key Areas for Fiscal Investment - Fiscal policy will prioritize areas such as industrial upgrading, technological self-reliance, and social welfare to enhance high-quality development [5][6]. - Specific measures include tax incentives, special funds, and support for critical sectors like semiconductors and aerospace to address "bottleneck" issues [5][6]. Enhancing Domestic Demand - The government aims to better coordinate supply-side structural reforms with domestic demand expansion, focusing on boosting consumption and improving investment efficiency [7][8]. - Effective investment is essential for job creation, particularly in the private sector, which has seen a decline in investment activity [8][9]. Social Security and Consumer Confidence - Strengthening the social security system is vital to alleviate public concerns regarding healthcare, education, and housing, thereby encouraging consumer spending [9]. - Specific measures to stimulate consumption include subsidies for replacing old products and local governments issuing consumption vouchers [9]. Coordination of Fiscal and Monetary Policies - The article discusses the importance of aligning fiscal and monetary policies, particularly during economic downturns, where fiscal policy is more effective in driving growth [10][11]. - The current approach involves a "double easing" strategy, combining proactive fiscal measures with moderately loose monetary policies to enhance liquidity and support economic recovery [11]. Innovation and Productivity - Developing new quality productivity is essential for high-quality growth, requiring a focus on institutional innovation alongside technological advancements [12][13]. - Fiscal support is necessary for original innovation, particularly in the early stages of research and development, to mitigate risks and encourage private sector participation [14][15].