21社论丨财政金融协同进一步扩大内需

Group 1 - The core viewpoint of the article emphasizes the importance of expanding domestic demand as a key measure to address structural constraints and build a new development pattern in the context of ongoing external environmental changes affecting China's economy [1][2]. - The recent State Council meeting outlined a comprehensive policy package aimed at promoting consumption and expanding investment, which are identified as the two main lines of focus for economic work in 2026 [2][3]. - The article highlights the role of fiscal and monetary policies as essential tools for economic regulation, with fiscal policy providing direct and targeted adjustments through budget arrangements and tax leverage, while monetary policy influences credit demand indirectly through total money supply and interest rate adjustments [1][4]. Group 2 - In terms of promoting consumption, the article discusses the optimization of interest subsidy policies for service industry operators and personal consumption loans, which aim to enhance residents' consumption capacity and lower credit costs [2][3]. - The article outlines that in 2026, policies will further optimize personal consumption loan subsidies and increase support for service industry operators, creating a positive cycle between demand and supply [3][4]. - For expanding investment, the article details a set of measures designed to lower financing costs for market entities, including loan interest subsidies for small and micro enterprises and the establishment of risk-sharing mechanisms for private enterprise bonds [3][4]. Group 3 - The article emphasizes the interconnectedness of employment stability, income expectations, and consumer confidence, indicating that support for investment will ultimately benefit consumption growth [4][5]. - It stresses the importance of fiscal subsidies in reducing financing costs for small and micro enterprises, which are crucial for maintaining operations and supporting job stability [4][5]. - The article calls for enhanced collaboration between fiscal and monetary policies to effectively address bottlenecks in the economic chain from production to consumption, thereby stimulating market vitality and resilience [5].