2026年财政总体支出力度“只增不减”，财政部发声

Core Viewpoint - The Chinese government is implementing proactive fiscal policies to stimulate consumption and support economic transformation, with a focus on high-quality development and enhancing people's living standards. Group 1: Fiscal Policy and Economic Development - In 2025, the government plans to issue special long-term bonds totaling 1.3 trillion yuan, with 300 billion yuan allocated for consumer subsidies to boost sales of related goods by approximately 2.6 trillion yuan [1] - The fiscal deficit rate for 2025 is projected at around 4%, an increase of 1 percentage point from the previous year, with new government debt expected to reach 11.86 trillion yuan, up by 2.9 trillion yuan from the previous year [2] - The fiscal department will continue to implement more proactive fiscal policies, ensuring that total expenditure increases while optimizing structure and improving efficiency [4] Group 2: Debt Management and Risk Mitigation - Local government debt risks are gradually being mitigated, with an emphasis on managing existing hidden debts and reducing average interest costs by over 2.5 percentage points [5] - The central government is introducing a risk-sharing fund to support private enterprises and private equity investment institutions in issuing bonds, providing credit support to mitigate investor losses [6] Group 3: Consumer Support and Financial Policies - The optimization of personal consumption loan interest subsidy policies will allow all consumer loans to benefit from subsidies, including credit card installment payments [10] - The ideal future scenario for the "dual subsidy" policy is to enable consumers to receive interest subsidies automatically, making the process seamless and "unnoticed" [11] Group 4: Export Tax Policy Adjustments - The cancellation of export tax rebates for photovoltaic and electronic products is aimed at promoting efficient resource utilization and addressing "involution" in competition, thereby fostering high-quality economic development [6]