贯彻落实中央经济工作会议决策部署，国常会作出安排

Core Viewpoint - The article discusses the Chinese government's plans for economic policy implementation in the upcoming year, emphasizing the need for proactive fiscal and monetary policies to ensure a strong start to the 14th Five-Year Plan [2][3]. Group 1: Economic Policy Implementation - The government will continue to implement a more proactive fiscal policy and moderately loose monetary policy in the coming year [2]. - There is an expectation of a mild expansion in fiscal policy, reflected in an increase in fiscal deficit and government debt to support the 14th Five-Year Plan [2]. - The fiscal policy will likely follow the "debt replacement first, then investment" approach, with a coordinated issuance of various types of bonds [2][3]. Group 2: Bond Issuance Plans - Special refinancing bonds worth 2 trillion yuan will be issued in the first and second quarters to alleviate local government hidden debt pressures [3]. - The new special bond quota is expected to reach 5 trillion yuan, with approximately 1.6 trillion yuan allocated for debt clearance and 2.9 trillion yuan for project construction, accelerating in the second quarter [3]. - The issuance of long-term special government bonds may increase to 1.8 trillion yuan, starting in the second quarter, to work in parallel with special bonds [3]. Group 3: Coordination of Fiscal and Monetary Policies - The coordination between fiscal and monetary policies is crucial for enhancing policy effectiveness, with ongoing collaboration between the Ministry of Finance and the People's Bank of China [3]. - The central bank is expected to maintain a reasonable liquidity environment to support the large-scale issuance of government bonds in the new year [3]. Group 4: VAT Law Implementation - The meeting approved the draft implementation regulations for the Value-Added Tax (VAT) Law, emphasizing the need for effective legal support to ensure smooth implementation [4][5]. - The VAT Law, which is set to take effect on January 1, 2026, will maintain the current tax rate structure of 13%, 9%, and 6% [5].