中国财政部：2026年财政总体支出力度“只增不减”

Group 1 - The Chinese government will continue to implement a more proactive fiscal policy in 2026, maintaining necessary levels of fiscal deficit, total debt, and expenditure, ensuring that overall expenditure increases and key areas are strongly supported [1] - The fiscal deficit rate for 2025 is set at around 4%, an increase of 1 percentage point from the previous year, with new government debt totaling 11.86 trillion yuan, an increase of 2.9 trillion yuan compared to the previous year [1] - Special government bonds worth 500 billion yuan will be issued to supplement the core tier one capital of large state-owned commercial banks, and another 500 billion yuan will be allocated for local government debt limits to enhance local government financial capacity and expand effective investment [1] Group 2 - In 2025, China will issue 1.3 trillion yuan in ultra-long-term special government bonds to support major national strategies and key area security capabilities, with 300 billion yuan specifically allocated for the replacement of consumer goods [2] - The fiscal revenue and expenditure balance target for 2025 is achievable, with fiscal revenue showing a "low in the front, high in the middle, and steady at the back" trend, driven mainly by tax revenue growth since April of the previous year [2] - Key expenditure guarantees are strong, with social security, employment, technology, education, and health spending exceeding 10 trillion yuan in the first 11 months of the previous year, accounting for over 40% of general public budget expenditures [2]