今年中央经济工作会议，提出重视解决地方财政困难

Fiscal Policy - The Central Economic Work Conference emphasized the continuation of a more proactive fiscal policy, maintaining necessary spending intensity and scale for the upcoming year [2][3] - The fiscal deficit rate is expected to remain at or above 4% in 2026, with an increase in new debt scale to around 15 trillion yuan [5][6] - The focus will be on optimizing fiscal expenditure structure and addressing local government financial difficulties, ensuring the "three guarantees" (guaranteeing salaries, operations, and livelihoods) [2][9] Monetary Policy - The conference proposed to continue an appropriately loose monetary policy, with a potential interest rate cut of 0.2 to 0.3 percentage points and a reserve requirement ratio cut of 1 percentage point [6][7] - The monetary policy will aim to stabilize economic growth and promote reasonable price recovery, addressing the downward pressure on PPI and CPI [6][7] Local Government Finance - There is a strong emphasis on addressing local fiscal difficulties, with a focus on ensuring the operational capacity of local governments amid revenue shortfalls and debt pressures [9][10] - The central government plans to enhance the efficiency of transfer payments to local governments, which have exceeded 10 trillion yuan, to support necessary public services [9][10] - The conference highlighted the need for a multi-faceted approach to resolve local government debt risks, shifting focus from hidden debts to operational debts of financing platforms [11]