中央部署明年财政政策

Core Viewpoint - The article discusses the outcomes of the Central Economic Work Conference held on December 10-11, which outlines the fiscal policy for 2026, emphasizing the continuation of a more proactive fiscal policy to stabilize the economy and address local financial difficulties [3][4]. Fiscal Policy Overview - The conference confirmed the implementation of a more proactive fiscal policy for 2026, which includes maintaining necessary fiscal deficits, total debt scale, and expenditure levels [3][4]. - The fiscal deficit rate is expected to remain at or above 4%, with new government debt projected to exceed 12 trillion yuan, potentially reaching between 13 trillion and 16 trillion yuan [4]. - The anticipated national general public budget expenditure for 2026 is expected to surpass 30 trillion yuan, with a growth rate of 4% to 5% [4]. Fiscal Management and Reforms - The Ministry of Finance is conducting pilot programs in several provinces to enhance fiscal management, focusing on budget integration, performance management, and local government debt management [5]. - The ongoing zero-based budgeting reform aims to improve the efficiency of fund utilization and break the rigid patterns of local fiscal expenditure [5]. Tax Policy Adjustments - The conference highlighted the need to standardize tax incentives and fiscal subsidy policies, including the removal of outdated tax incentives and the establishment of a more precise tax incentive policy framework [6][8]. - Upcoming changes include the cancellation of VAT exemptions for contraceptives and the gradual removal of vehicle purchase tax exemptions for new energy vehicles starting in 2026 [6][7]. Addressing Local Financial Challenges - The article emphasizes the importance of addressing local fiscal difficulties, with a focus on increasing local financial autonomy and adjusting central government responsibilities to alleviate financial pressures on local governments [8][9]. - The government plans to shift certain consumption tax collection responsibilities to local levels, thereby increasing local revenue sources [9].