洞悉2026年财政政策：兼顾财政发力和可持续

Core Viewpoint - The article emphasizes the continuation of a more proactive fiscal policy in 2026, aimed at enhancing fiscal sustainability while addressing current economic challenges and promoting structural optimization [3][4]. Fiscal Policy Overview - The 2026 fiscal policy is characterized by a significant increase in government spending, with total fiscal expenditure expected to reach approximately 41.88 trillion yuan, reflecting a year-on-year growth of about 4.6% [5][6]. - The general public budget expenditure is projected at around 30.01 trillion yuan, growing by 4.4%, while the government fund budget expenditure is expected to be about 11.87 trillion yuan, increasing by 5.1% [6][7]. Revenue and Debt Management - Fiscal revenue growth is under pressure, with the general public budget revenue anticipated to be around 22.07 trillion yuan, a 2.2% increase, and government fund budget revenue expected at 5.81 trillion yuan, growing by 0.6% [7]. - To maintain necessary fiscal spending, the government plans to increase debt, with a total new government bond issuance expected to reach 11.89 trillion yuan [7][8]. Structural Adjustments and Reforms - The fiscal policy aims to optimize spending structure, focusing on boosting consumption and investing in human capital and improving livelihoods [10][11]. - The government plans to deepen fiscal and tax reforms, including zero-based budgeting to enhance efficiency and reduce ineffective expenditures [13][14]. Consumption Tax Reform - The consumption tax reform will focus on adjusting the tax base and rates, which is expected to support local tax sources and promote high-quality economic development [14].