政策周观察第65期：多项财政金融协同政策落地

Policy Implementation - Multiple fiscal and financial policies have been implemented to stimulate domestic demand, including an extension of the equipment update interest subsidy policy until the end of 2026, supporting various sectors with a total investment exceeding 460 billion yuan[2] - The first batch of 936 billion yuan in special long-term bonds has been allocated to support approximately 4,500 projects in sectors such as industrial, energy, education, and healthcare, driving total investment over 460 billion yuan[16] Consumer and Business Support - The personal consumption loan interest subsidy policy has been extended to the end of 2026, with a 1% annual subsidy rate and the inclusion of credit card installment payments[13] - The interest subsidy for small and micro enterprises is set at 1.5 percentage points, targeting key industries such as new energy vehicles and medical equipment[3] Economic Strategy - The government emphasizes a proactive fiscal policy, ensuring that the fiscal deficit and total debt levels remain at necessary levels, with a focus on increasing overall expenditure in 2026[12] - A strategic plan for expanding domestic demand from 2026 to 2030 is under development, aiming to adapt to demand upgrades and promote high-quality economic growth[4] Risk Management - The government is committed to balancing risk prevention and development, with measures to reduce local government debt burdens and enhance fiscal sustainability[13] - There is a risk of policy updates not being timely, which could affect the effectiveness of these measures[4]