总量增加、结构更优 2026年财政政策更加积极

Core Viewpoint - The Ministry of Finance will implement a more proactive fiscal policy in 2026, focusing on increasing total expenditure, optimizing structure, improving efficiency, and enhancing momentum to ensure a good start for the 14th Five-Year Plan [1] Group 1: Fiscal Policy and Expenditure - The total fiscal expenditure will be expanded, maintaining necessary levels of fiscal deficit and debt, ensuring that overall expenditure "only increases" and key areas are "strengthened" [2] - In 2025, the national general public budget revenue is expected to show a recovery growth trend, with a balanced revenue and expenditure situation anticipated [2] - Key expenditure areas such as social security, employment, technology, education, and health have received strong support, with over 10 trillion yuan allocated to these areas in the first 11 months of 2025, accounting for over 40% of total public budget expenditure [3] Group 2: Structural Optimization - The expenditure structure will be continuously optimized to ensure funds are allocated to critical areas, breaking the "base + growth" spending pattern [4] - In 2025, the central government allocated 66.74 billion yuan for employment subsidies and increased financial support for healthcare and public health services [4] - A new childcare subsidy system will be established, with 100 billion yuan allocated for subsidies to families with children under three years old [4] Group 3: Efficiency Improvement - The focus will be on improving the efficiency of fund usage, with plans to issue long-term special bonds to support key projects and enhance the effectiveness of bond funds [6] - In 2025, 1.3 trillion yuan of long-term special bonds were issued, with 300 billion yuan specifically allocated for consumer subsidies [6][7] - The total expenditure from special bonds and other financial instruments increased by 45.5% in the first 11 months of 2025 compared to the same period in 2024, amounting to 51.5 trillion yuan [7] Group 4: Reform and Market Dynamics - The Ministry of Finance aims to deepen fiscal and tax reforms to stimulate economic vitality, including optimizing transfer payment structures and enhancing local fiscal capabilities [8] - Continuous efforts will be made to standardize fiscal subsidies and improve government procurement processes to foster a fair competitive environment [9]