21社论丨增量政策协同发力，实现“十五五”良好开局

Core Viewpoint - The Chinese government plans to implement incremental policies in 2026 to boost economic growth, focusing on the integration of existing and new policies to achieve qualitative and quantitative improvements in the economy [1][2]. Group 1: Economic Growth Strategies - The primary task for 2026 is to maintain domestic demand as the main driver of growth, with consumption being the top priority. Current policies like the trade-in program for consumer goods have led to rapid sales growth, and the penetration rate of the new energy vehicle market is nearing 60% [1]. - The government aims to expand the scope of consumption policies from durable goods to more potential service sectors such as culture, tourism, and health [2]. Group 2: Investment and Infrastructure - Significant increases in investment are expected in 2026, particularly in new urbanization, technological innovation, and major livelihood projects. The central budget investment scale is projected to rise from 7.3 trillion yuan in 2025 to provide strong capital support for major projects [2][3]. - The introduction of new policy-based financial tools, with an expected increase of several hundred billion yuan in 2026, will continue to support key projects [3]. Group 3: Industrial Upgrading and New Growth Drivers - The government plans to enhance traditional industries through technological upgrades and green transformations, potentially unlocking an additional market space of approximately 10 trillion yuan [3][4]. - Development of emerging industries such as new energy, new materials, and aerospace is expected to create substantial market opportunities, with projections indicating the potential for tens of thousands of billions in new market scale [4]. Group 4: Policy Coordination and Structural Reforms - The implementation of macroeconomic policies will emphasize systemic and coordinated approaches, focusing on optimizing fiscal spending and maintaining a reasonable level of debt while ensuring effective use of government bond funds [4]. - Structural reforms will continue to deepen, particularly in establishing a unified national market, which includes standardizing market access and competition regulations [4].