2026年积极财政政策怎么干，扩内需、稳楼市、化解地方债务

Economic Growth and Fiscal Policy - China's economy grew by 5.2% year-on-year in the first three quarters, with an expected annual growth of around 5%, supported by more proactive fiscal policies [1] - The fiscal deficit rate has increased to approximately 4%, corresponding to a deficit scale of 5.66 trillion yuan, with the issuance of long-term special bonds totaling 1.3 trillion yuan to support key projects [1][3] - New local special bonds amounting to 4.4 trillion yuan have been arranged for investment construction and debt resolution, with an additional 500 billion yuan planned for the fourth quarter [1][3] Fiscal Revenue and Expenditure - From January to October, the national general public budget revenue reached 18.65 trillion yuan, a year-on-year increase of 0.8%, while expenditure was 22.58 trillion yuan, up 2% [3] - Government fund budget revenue decreased by 2.8% to 3.45 trillion yuan, with land transfer income dropping by 7.4% to approximately 2.5 trillion yuan [3][4] - Despite low growth in fiscal revenue, government spending remains positive, driven by the accelerated use of special bonds and long-term bonds [3][4] Investment and Consumption Trends - Social retail sales grew by 4.3% year-on-year, indicating cautious consumer spending, while fixed asset investment saw a slight decline of 0.1% [4] - The proactive fiscal policy aims to stimulate consumption and investment, with a focus on increasing disposable income and enhancing social security levels [5][6] Real Estate Market and Debt Management - The real estate market's performance is crucial for local fiscal revenue, with land sales revenue at 2.5 trillion yuan in the first ten months [7] - Measures to stabilize the real estate market include using special bonds to acquire idle land and exploring the establishment of a "real estate stability fund" [7][8] - The government has implemented debt reduction measures, with a total of approximately 3.5 trillion yuan allocated for debt management, exceeding initial targets [8][9] Future Outlook - Economic growth targets for 2026 are expected to remain around 5%, with an anticipated increase in the fiscal deficit rate to 4.5% and a rise in special bond issuance [5][9] - The focus will be on optimizing fiscal policies to support consumption and investment while managing debt risks effectively [9]