财政部2026年的“硬核”政策是什么？
Jing Ji Guan Cha Wang·2026-01-20 12:50

Core Viewpoint - The Ministry of Finance plans to implement a more proactive fiscal policy in 2026, focusing on increasing total spending, optimizing structure, improving efficiency, and enhancing momentum to ensure a strong start for the 14th Five-Year Plan [1][2]. Group 1: Total Increase - The fiscal policy aims to expand the fiscal spending envelope, maintaining necessary levels of fiscal deficit, total debt, and overall expenditure, ensuring that spending increases rather than decreases [2]. - The fiscal deficit for 2026 is expected to exceed 56,600 billion yuan, based on a 4% deficit rate set for 2025, which is an increase of 1 percentage point from 2024 [2]. Group 2: Optimized Structure - The focus will be on optimizing the expenditure structure, ensuring funds are allocated to critical areas such as consumption stimulation, human investment, and social welfare [3]. - There is a shift from "investment in material" to "investment in people," indicating a transition towards a welfare-oriented fiscal policy [3][4]. - Expenditure related to consumption and social welfare has shown significant growth, with social security and employment spending reaching 40,721 billion yuan, a year-on-year increase of 8.1% [3]. Group 3: Better Efficiency - The goal is to enhance the effectiveness of fund utilization, ensuring that every yuan spent generates the expected benefits [4][5]. - In 2025, 1.3 trillion yuan of special long-term bonds will support major projects, with 8,000 billion yuan allocated to "two heavy" projects and 5,000 billion yuan for "two new" policies, driving total investment growth by 1.8 percentage points [5]. Group 4: Stronger Momentum - The policy aims to deepen fiscal and tax reforms to stimulate internal economic vitality, enhance local financial capabilities, and improve the efficiency of transfer payments [6]. - Cleaning up and standardizing tax incentives and subsidies is crucial for building a unified national market, which will help eliminate local protectionism and market segmentation [6].