21社论丨统筹促消费与扩投资，拓展内需增长新空间

Core Viewpoint - The 2026 economic policy emphasizes building a strong domestic market, prioritizing domestic demand, and balancing consumption and investment to expand new growth spaces for domestic demand [1] Group 1: Consumption - China's consumer market remains the second largest globally, and when adjusted for purchasing power parity, it ranks first [1] - The focus on expanding domestic demand extends beyond goods consumption to service consumption, which has significant potential for growth [1] - A special government bond of 250 billion yuan will support the replacement of consumer goods, with an emphasis on optimizing policy implementation mechanisms [1] - The national service industry conference will be held this year to explore high-quality development potential in the service sector [2] Group 2: Investment - The new government bond issuance for this year is set at 11.89 trillion yuan, marking a record high [3] - Policies will focus on stimulating private investment and encouraging both state-owned and private enterprises to participate in infrastructure projects [3] - Investment will target 109 major projects under the "14th Five-Year Plan," with an estimated investment exceeding 7 trillion yuan in key areas such as water networks, electricity networks, and artificial intelligence [3] - Emerging industries like integrated circuits, aerospace, and biomedicine are expected to see significant growth, with related output projected to approach 6 trillion yuan by 2025 and potentially double by 2030 [3] Group 3: Policy Innovation - A new initiative will establish a 100 billion yuan fund to promote domestic demand through financial collaboration, leveraging consumer spending and private investment [4] - The policy aims to create synergy among fiscal, financial, and industrial policies to enhance the flow of capital into consumption and the real economy [4] - Overall, the 2026 economic policy reflects a balance of immediate growth stabilization and long-term momentum building, demonstrating a pragmatic and steady approach [4]