政策如何“开门红”？（国金宏观张馨月）

Core Viewpoint - The article emphasizes that the 2026 policy will focus on investment as a key driver to achieve a strong economic start, with state-owned enterprises playing a crucial role in infrastructure investment [4][5][8]. Investment Policy Focus - The 2026 policy aims to leverage investment to stimulate economic growth, particularly in infrastructure, as fixed asset investment has been experiencing negative growth since the second half of 2025 [5][6]. - The government plans to implement major projects that can drive overall economic activity and support current demand [7]. Infrastructure Investment - The focus for 2026 will be on infrastructure construction, including projects like parking lots, charging stations, and urban renewal, with a significant increase in investment in social welfare sectors such as elderly care and healthcare [7][8]. - The National Development and Reform Commission has allocated 220 billion yuan for early-stage construction projects, supporting various sectors including urban underground utilities and ecological restoration [7]. Role of State-Owned Enterprises - State-owned enterprises are expected to take the lead in implementing major infrastructure projects, ensuring robust support for traditional infrastructure updates and new infrastructure development [8]. Financial Support for Investment - There is substantial financial backing for the investment initiatives, including 500 billion yuan in new policy financial tools and 200 billion yuan for project construction debt limits [9]. - The government is also focusing on resolving local fiscal difficulties and ensuring that necessary funds are available for investment projects [11]. Local Fiscal Management - The article highlights the shift in local fiscal management from merely ensuring basic services to also addressing debt repayment and clearing outstanding payments to businesses [11]. - The emphasis is on a sustainable fiscal approach that considers local conditions and avoids one-size-fits-all solutions [12][13]. Performance Evaluation and Policy Implementation - The importance of a differentiated evaluation system for local governments is stressed, aiming to ensure that performance metrics align with long-term sustainable growth rather than short-term gains [14]. - The article suggests that local governments will adopt a more balanced approach to development, focusing on their unique strengths and capabilities [15].