21社论丨规模和效率并重，财政政策将更加积极

Core Viewpoint - The article emphasizes the implementation of a more proactive fiscal policy in 2026, focusing on enhancing precision and effectiveness to support the "14th Five-Year Plan" and achieve high-quality economic development [1]. Group 1: Fiscal Policy and Domestic Demand - In 2026, fiscal spending will be expanded while maintaining necessary intensity to effectively boost domestic demand and build a strong domestic market [1]. - The fiscal policy will leverage financial resources to stimulate consumer market vitality and expand effective investment, creating a positive cycle between consumption and investment [1]. Group 2: Consumer and Investment Support - On the consumer side, fiscal funds will be used for direct subsidies and financial tools to enhance consumption willingness and capacity, with a focus on high-efficiency and intelligent new products [2]. - Investment will be concentrated on major national strategies and projects, particularly in advanced manufacturing and infrastructure, with an emphasis on optimizing government bond tools to ensure sufficient funding for long-term projects [2]. Group 3: High-Quality Development and Innovation - The policy aims to support the deep integration of technological and industrial innovation, increasing fiscal investment in technology and improving fund management for research projects [3]. - There will be targeted fiscal support for key industrial chains to enhance resilience and value, alongside pilot programs for digital, green, and intelligent transformations in traditional industries [3]. Group 4: Social Welfare and Employment - The fiscal policy will increase spending on social welfare, focusing on job creation and enhancing healthcare services, while improving the sustainability and precision of social security systems [4]. - These measures aim to combine the enhancement of livelihoods with the stimulation of domestic demand, effectively transforming development outcomes into endogenous economic growth [4].