全国财政工作会议点评：2026年财政政策明确具体工作

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - In 2026, a more proactive fiscal policy will continue to be implemented, with an emphasis on improving precision and effectiveness, optimizing increments, and revitalizing stocks [3][8]. - Policies focus on supporting the construction of a strong domestic market, emphasizing boosting consumption, expanding effective investment, and promoting the construction of a unified national market [9]. - There is a stronger emphasis on supporting the in - depth integration of scientific and technological innovation and industrial innovation, using fiscal funds to guide social capital into key areas and stimulating enterprise innovation [3][9][10]. - Fiscal policy is the key measure, and there is a greater emphasis on the "integration effect". Fiscal policy will intensify efforts in two main directions: expanding the central fiscal deficit ratio and issuing ultra - long - term special treasury bonds, and increasing transfer payments and consumption subsidies for the resident sector [4][11]. 3. Summary by Related Content 3.1 Fiscal Policy Direction - The National Fiscal Work Conference proposed five key work guidelines: expanding the fiscal expenditure scale, optimizing the government bond tool combination, improving the efficiency of transfer payment funds, continuously optimizing the expenditure structure, and strengthening fiscal - financial coordination [3][8]. - It is estimated that in 2026, the deficit ratio will remain at around 4.0%, and the budget deficit scale will reach about 5.9 trillion. The net financing scale of new treasury bonds is expected to reach about 6.7 trillion, and the new local bond quota will be approximately 7.6 - 7.8 trillion [8]. 3.2 Support for the Domestic Market - In 2026, the focus is on six aspects of work, with the first being to adhere to domestic demand - led and support the construction of a strong domestic market. This involves boosting consumption, expanding investment, and promoting the construction of a unified national market to achieve coordinated supply and demand [9]. 3.3 Support for Innovation - Through "increasing investment" and "improving fund management", fiscal funds will guide social capital into basic research and key core technologies. By strengthening the main position of enterprises, it promotes the in - depth integration of innovation chains, industrial chains, capital chains, and talent chains [3][9][10]. 3.4 Fiscal Policy Intensification - Fiscal policy will intensify efforts in two directions: expanding the central fiscal deficit ratio and issuing ultra - long - term special treasury bonds, with funds invested in major "14th Five - Year Plan" projects and "15th Five - Year Plan" new infrastructure; increasing transfer payments and consumption subsidies for residents to expand total demand from both public investment and private consumption [11].