华夏时评：财政金融协同发力，精准滴灌激活内需

Core Viewpoint - The central economic policy direction for 2026 emphasizes "quality improvement and efficiency enhancement," focusing on precise and targeted measures rather than broad monetary expansion [2][4]. Group 1: Central Bank Policies - On January 15, the central bank announced a 25 basis point reduction in the rates of structural monetary policy tools and increased support for key areas such as technological innovation, small and micro enterprises, and green low-carbon projects [2][3]. - The central bank will merge and increase the quota for re-loans and rediscounting for agriculture and small enterprises by 500 billion, with a total quota of 1 trillion specifically for private enterprises [3]. - The re-loan quota for technological innovation and technical transformation will be raised from 800 billion to 1.2 trillion, including support for private small and medium enterprises with high R&D investment [3]. Group 2: Fiscal Policies - The Ministry of Finance held a national video conference on January 13 to deploy a package of policies aimed at promoting domestic demand through fiscal and financial collaboration [2][4]. - The emphasis on fiscal-financial collaboration was reiterated, highlighting the importance of simplifying processes and strengthening execution to ensure effective policy implementation [2][4]. Group 3: Policy Implications - The combination of fiscal and monetary policies in early 2026 reflects a new macroeconomic management approach that balances moderate monetary easing with precise structural optimization to boost domestic demand [4]. - The focus on "quality improvement and efficiency enhancement" suggests that future policies will continue to prioritize structural adjustments while maintaining the capacity for further monetary easing if total demand fluctuates [4]. - The effectiveness of policy implementation will depend on breaking down departmental barriers and local protectionism to ensure that policies effectively support the real economy [4].