更加积极的财政政策增总量优结构

Core Viewpoint - The Chinese government is set to implement a more proactive fiscal policy in 2026, focusing on increasing total expenditure while optimizing the structure and effectiveness of spending to support high-quality economic development [1][2]. Group 1: Fiscal Policy Implementation - In 2026, the fiscal deficit, total debt, and overall expenditure will be maintained at necessary levels, ensuring that overall spending "only increases" and key areas are "only strengthened" [1]. - The proactive fiscal policy in 2025 has played a significant role in achieving economic and social development goals, balancing current needs with long-term sustainability [1][2]. Group 2: Budget and Expenditure - The national general public budget revenue is expected to show a recovery growth trend in 2025, with overall stability in budget execution [1]. - The general public budget expenditure will maintain strong intensity to provide necessary financial support for economic and social development, with expectations of achieving a balance between revenue and expenditure for the year [1]. Group 3: Structural Optimization - The focus will be on optimizing the expenditure structure, ensuring funds are allocated to critical areas, breaking the "base + growth" spending pattern, and applying zero-based budgeting principles [2]. - The fiscal department aims to support employment, businesses, markets, and expectations through robust financial backing [2]. Group 4: Policies to Stimulate Investment and Consumption - A comprehensive set of policies will be implemented to stimulate domestic demand, including optimizing personal consumption loan interest subsidies and extending support for service industry loans [2][3]. - The policies targeting private investment are expected to significantly reduce financing costs and enhance profitability for enterprises, thereby invigorating private investment [3]. - The personal consumption loan interest subsidy policy will be extended to the end of 2026, with improvements such as including credit card installment payments and raising subsidy standards [3].