2026年财政总体支出力度“只增不减”！财政部发声

Core Viewpoint - The article discusses the Chinese government's proactive fiscal policies aimed at boosting economic growth and enhancing the quality of life for citizens, with a focus on consumption and structural adjustments in the economy. Group 1: Fiscal Policy and Economic Growth - In 2025, the government plans to issue special long-term bonds totaling 1.3 trillion yuan, with 300 billion yuan allocated for consumer subsidies to stimulate sales exceeding approximately 2.6 trillion yuan [2] - The fiscal deficit rate for 2025 is set at around 4%, an increase of 1 percentage point from the previous year, with new government debt expected to reach 11.86 trillion yuan, up by 2.9 trillion yuan from the previous year [4] - The Ministry of Finance will continue to implement a more proactive fiscal policy, ensuring that total expenditure increases while optimizing structure and enhancing efficiency [6] Group 2: Consumer Support and Debt Management - The government will optimize personal consumption loan interest subsidy policies, allowing all consumer loans to qualify for subsidies, including credit card installment payments [13] - Local government debt risks are gradually being mitigated, with an average interest cost reduction of over 2.5 percentage points after debt replacement [7] - A new risk-sharing fund will be established to support private enterprises and private equity investment institutions in issuing bonds, providing credit support to mitigate investor losses [10] Group 3: Structural Adjustments and Market Regulations - The adjustment of export tax rebate policies for photovoltaic and electronic products aims to promote efficient resource utilization and address "involution" in competition [9] - The government will continue to arrange special long-term bonds for "two new" and "two heavy" projects in 2026, optimizing policy and enhancing the effectiveness of bond funds [5] - The aim is to create a more favorable consumption environment through the introduction of new consumption scenarios and support for innovative business models [2]