2026年财政赤字规模创新高，专项债保持稳定｜政策与监管

Core Viewpoint - The article discusses China's fiscal policy for 2026, emphasizing the continuation of an active fiscal policy with a planned deficit of 5.89 trillion yuan, which is an increase of 230 billion yuan from the previous year. The focus is on optimizing expenditure structure while supporting domestic demand, promoting transformation, and preventing risks [1][2][6]. Fiscal Policy Overview - In 2026, the fiscal policy remains consistent and stable compared to 2025, aiming to support economic growth and improve people's livelihoods [2]. - The planned deficit rate is set around 4%, with the deficit scale reaching 5.89 trillion yuan, an increase of 230 billion yuan from 2025 [3][6]. - The general public budget expenditure is expected to reach 30 trillion yuan for the first time [3]. Special Bonds and Investment - The quota for local government special bonds is maintained at 4.4 trillion yuan, consistent with the previous year, serving as a crucial tool for expanding effective investment and stabilizing the macro economy [9]. - The management mechanism for special bonds will continue to improve, including the implementation of a negative list management system and the deepening of "self-examination and self-initiated" pilot projects [11]. Structural Optimization - The fiscal policy in 2026 will focus on enhancing the precision and structural optimization of expenditures, directing resources towards stabilizing domestic demand, promoting industrial transformation, and preventing risks [6]. - The emphasis is on improving the efficiency of fiscal funds, particularly in supporting consumption, investment in human resources, and ensuring the well-being of the population [5][6]. Risk Management - The article highlights the need for a balance between stimulating the economy and preventing risks, indicating that the moderate increase in the deficit reflects a focus on sustainable fiscal practices [6].