Group 1 - The core viewpoint of the article emphasizes the effectiveness of the 2025 fiscal policy in supporting current economic growth while promoting long-term structural transformation for sustainable development [1] - The Ministry of Finance plans to utilize various policy tools, including funding support, tax incentives, and government procurement, to foster technological innovation and industrial integration [1][2] - Central government technology spending increased by 10%, significantly outpacing the growth of the general public budget, with total R&D investment expected to reach 3.63 trillion yuan in 2024, maintaining the world's second position [1][2] Group 2 - The Ministry of Finance is implementing tax incentives to reduce the tax burden on enterprises engaged in technological innovation, facilitating access to financing for small and medium-sized enterprises [2][3] - A collaborative innovation model in government procurement is being promoted, along with insurance compensation policies for first-time products, to enhance the commercialization of innovative results [2] - The Ministry of Finance will continue to adopt a more proactive fiscal policy in 2026, focusing on increasing total expenditure while ensuring the quality and effectiveness of spending [2]

◎记者 白丽斐 李苑 1月20日，财政部副部长廖岷在国新办新闻发布会上回答上海证券报记者提问时表 示，激发民间投资是此次一揽子政策的"重头戏"。期待通过这一套"组合拳"，实实在在地助力企业节约 融资成本、增强盈利，更好地激发民间投资这"一池春水"。 当天，财政部等部门发布实施民间投资专 项担保计划、优化实施设备更新贷款财政贴息政策、实施中小微企业贷款贴息政策等一揽子政策，其中 四项是支持民间投资的政策。此外，财政部还就2026年积极财政政策支持方向、加快培育新动能、推进 全国统一大市场建设等市场热点作出回应。 政策同向发力 助力企业降低融资成本和融资门槛 此次支持 民间投资的四项政策，惠及领域很广，支持力度比较大，工具箱也很丰富，有信贷、有贴息、有担保、 有补偿。 廖岷在回答上海证券报记者提问时表示，几项政策同向发力，对企业来说主要有两个方面直 接利好：一方面，降低融资成本，解决民营企业融资贵的问题；另一方面，降低融资门槛，解决民营企 业融资难的问题。 比如一家企业想申请一笔2000万元的中长期贷款，但可能自身的信用水平还不够， 这就需要担保进行增信的支持。传统的担保模式下，单个企业可获得的担保额度一般不超过 ...

Core Viewpoint - The Ministry of Finance will implement a more proactive fiscal policy in 2026, focusing on increasing total expenditure, optimizing structure, improving efficiency, and enhancing momentum to ensure a good start for the 14th Five-Year Plan [1] Group 1: Fiscal Policy and Expenditure - The total fiscal expenditure will be expanded, maintaining necessary levels of fiscal deficit and debt, ensuring that overall expenditure "only increases" and key areas are "strengthened" [2] - In 2025, the national general public budget revenue is expected to show a recovery growth trend, with a balanced revenue and expenditure situation anticipated [2] - Key expenditure areas such as social security, employment, technology, education, and health have received strong support, with over 10 trillion yuan allocated to these areas in the first 11 months of 2025, accounting for over 40% of total public budget expenditure [3] Group 2: Structural Optimization - The expenditure structure will be continuously optimized to ensure funds are allocated to critical areas, breaking the "base + growth" spending pattern [4] - In 2025, the central government allocated 66.74 billion yuan for employment subsidies and increased financial support for healthcare and public health services [4] - A new childcare subsidy system will be established, with 100 billion yuan allocated for subsidies to families with children under three years old [4] Group 3: Efficiency Improvement - The focus will be on improving the efficiency of fund usage, with plans to issue long-term special bonds to support key projects and enhance the effectiveness of bond funds [6] - In 2025, 1.3 trillion yuan of long-term special bonds were issued, with 300 billion yuan specifically allocated for consumer subsidies [6][7] - The total expenditure from special bonds and other financial instruments increased by 45.5% in the first 11 months of 2025 compared to the same period in 2024, amounting to 51.5 trillion yuan [7] Group 4: Reform and Market Dynamics - The Ministry of Finance aims to deepen fiscal and tax reforms to stimulate economic vitality, including optimizing transfer payment structures and enhancing local fiscal capabilities [8] - Continuous efforts will be made to standardize fiscal subsidies and improve government procurement processes to foster a fair competitive environment [9]

19日，2025年中国经济年报正式公布，预期目标的实现，着实不易。而进入到2026年，老问题仍有待破 解，新挑战也已经摆在面前，接下来，如何在巩固现有成效的基础上，继续推动高质量的发展？20日， 国新办两场发布会的举行，财政部一揽子政策的出台，又透露出怎样的信号？ 如何理解2026年财政政策四个关键词 中国财政科学研究院宏观经济研究中心主任 石英华：总量增加、结构更优、效益更好、动能更强这四 个关键词，实际上是进一步阐释了中央经济工作会议明确了2026年继续实施更加积极的财政政策，可以 说这四个词更生动地或者更明晰地表现了更加积极的财政政策。支出的总量只增不减，如果我们联系到 2025年来看，2025年其实财政政策就实施了更加积极的政策，赤字率是4%，比2024年提高一个百分 点。债务规模整体也较过去几年的水平明显提高。所以，在2025年的支出规模和赤字规模这个盘子上来 看，今年保持支出的盘子继续扩大，整体支出保持必要的力度，而且也会持续地发力和更加地给力，能 够在"十五五"开局之年提供有力支撑。 优化支出结构重点调整哪些领域 新的财政政策会给企业带来什么利好 中国财政科学研究院宏观经济研究中心主任 石英华： ...

Core Viewpoint - The Chinese government is implementing a more proactive fiscal policy in 2025 to support economic growth and enhance social welfare, with significant measures including the issuance of long-term special bonds and increased government debt to stimulate consumption and investment [1][2][3]. Fiscal Policy Measures - In 2025, the issuance of long-term special bonds will amount to 1.3 trillion yuan, aimed at supporting "two new" and "two heavy" initiatives [1]. - The fiscal deficit rate is set at around 4%, with new government debt totaling 11.86 trillion yuan, significantly higher than previous years [1]. - A special bond issuance of 500 billion yuan will be allocated to replenish the core tier one capital of major state-owned commercial banks [1]. Consumer Support Initiatives - The government plans to enhance consumer spending by allocating 300 billion yuan for a trade-in program for consumer goods, expected to drive sales exceeding 2.6 trillion yuan [1]. - Policies such as personal consumption loans and service industry loans will be implemented to encourage and expand consumption [1]. Social Welfare Enhancements - Employment support funds of 66.74 billion yuan will be allocated, alongside increased subsidies for social insurance and unemployment insurance [1]. - Additional funding of 100 billion yuan will be provided for childcare subsidies for children under three years old, enhancing social welfare and consumer capacity [1]. Debt Management and Investment Support - A total of 20 trillion yuan will be arranged for the replacement of existing hidden debt, with 800 billion yuan in new special bonds to support local government financial capacity [2]. - The average interest cost of local government debt has decreased by over 2.5 percentage points, reducing the financial burden on local governments [2]. Support for Private Investment - New policies include interest subsidies for loans to small and micro enterprises in key industries, with a maximum loan amount of 50 million yuan and a subsidy rate of 1.5% [4]. - A special guarantee plan for private enterprises will provide loan guarantees up to 20 million yuan for eligible small and micro enterprises [4]. Optimization of Consumption Policies - The consumer service loan subsidy has been enhanced, with the maximum subsidy amount increased from 500 yuan to 3,000 yuan per transaction [7]. - The loan limit for service industry enterprises has been raised from 1 million yuan to 10 million yuan, expanding the scope of eligible consumption areas [7][8]. Long-term Fiscal Strategy - The fiscal strategy for 2026 will focus on increasing total spending while ensuring that key areas receive stronger support, with an emphasis on boosting consumption and social welfare [3]. - The government aims to deepen fiscal and tax reforms to stimulate economic vitality and adapt to new economic models [9]. Overall Economic Impact - The coordinated fiscal and monetary policies are expected to effectively address bottlenecks in production, circulation, and consumption, enhancing the internal economic cycle [10][11]. - The proactive measures are designed to instill confidence in the market, encouraging both enterprise investment and consumer spending, thereby strengthening the resilience of the economy [11].

Core Viewpoint - The Chinese government is implementing a more proactive fiscal policy in 2025 and 2026 to support economic growth, enhance consumer spending, and improve social welfare, with significant financial allocations and new policies aimed at stimulating both investment and consumption [2][4][10]. Fiscal Policy Measures - In 2025, the government plans to issue 1.3 trillion yuan in ultra-long-term special bonds to support key areas, including consumption and infrastructure, with a focus on boosting consumer spending through various financial incentives [2][4]. - The fiscal deficit rate is set at around 4%, with new government debt expected to reach 11.86 trillion yuan, significantly higher than previous years [2][3]. Consumer Spending Initiatives - The government aims to enhance consumer spending by allocating 300 billion yuan for a trade-in program for consumer goods, projected to generate sales exceeding 2.6 trillion yuan [2]. - New policies include interest subsidies for personal consumption loans and service industry loans, encouraging consumer spending across various sectors [5][6]. Support for Employment and Social Welfare - A total of 667.4 billion yuan is allocated for employment support, alongside increased funding for social insurance and healthcare services, aimed at improving residents' disposable income and consumption willingness [2][4]. - Additional measures include childcare subsidies for families with children under three years old, further enhancing social welfare [2]. Investment in Private Sector - New policies to support private investment include interest subsidies for loans to small and micro enterprises in key industries, with a focus on technology and innovation [5][6]. - A risk-sharing mechanism for private enterprise bonds is introduced to lower financing barriers for businesses, promoting investment in growth sectors [5][7]. Structural Reforms and Market Optimization - The government plans to deepen fiscal and tax reforms to create a more balanced and efficient financial relationship between central and local governments, ensuring a conducive environment for new industries and business models [7][8]. - Efforts to optimize government procurement processes are underway, aiming to create a fair and competitive market environment for all businesses [8]. Overall Economic Strategy - The overarching strategy emphasizes expanding domestic demand as a key task for economic recovery, with coordinated efforts from various government departments to stimulate both investment and consumption [4][10]. - The proactive fiscal measures are expected to enhance the resilience and internal dynamics of the economy, laying a solid foundation for sustainable growth in the coming years [3][10].

Group 1 - Anhui Province's Wuhu City is actively developing the garment industry by implementing tax reductions and subsidies to attract companies to settle in industrial parks, thereby promoting local employment [2] - The Ministry of Finance plans to adopt a more proactive fiscal policy in 2025, focusing on supporting economic growth and improving people's livelihoods while facilitating structural transformation of the economy [3][4] Group 2 - In 2025, the fiscal policy will emphasize four main areas: increasing counter-cyclical adjustments, boosting consumption, enhancing social welfare, and balancing risk prevention with development [3][4] - The fiscal deficit rate 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, a rise of 2.9 trillion yuan [3] - Special government bonds worth 500 billion yuan will be issued to supplement the core tier one capital of large state-owned commercial banks [3] Group 3 - The central government will allocate 667.4 billion yuan in employment support funds to enhance employment stability and expand social insurance subsidies [4] - The standard for fiscal subsidies for residents' medical insurance and basic public health services will be raised to 700 yuan and 99 yuan per person per year, respectively [4] - A gradual implementation of free preschool education is planned [4] Group 4 - The fiscal revenue in China showed a "front low, middle high, back stable" trend, with a 1.1% decline in the first quarter of the previous year, followed by a 0.6% increase in the second quarter and a 2.5% increase in the third quarter [5] - Total public budget revenue is expected to achieve a balance in 2025, supported by stable fiscal income and strong expenditure in key areas [6] Group 5 - A package of fiscal and financial policies aimed at promoting domestic demand will be introduced, including interest subsidies for loans to small and micro enterprises in key industries [7][8] - The loan guarantee plan for private enterprises will set a single credit limit of 20 million yuan, with higher compensation limits and risk-sharing ratios [7] - The optimization of personal consumption loan interest subsidy policies will include credit card installment payments, expanding the range of financial institutions involved [8]

Core Viewpoint - The Ministry of Finance will implement a more proactive fiscal policy in 2026, focusing on increasing total expenditure, optimizing structure, improving efficiency, and enhancing momentum to ensure a good start for the 14th Five-Year Plan [1] Group 1: Fiscal Policy Implementation - The total fiscal expenditure will be expanded, maintaining necessary levels of fiscal deficit and debt, ensuring that overall expenditure "only increases" and key areas are "strengthened" [2] - In 2025, the national general public budget revenue is expected to show a recovery growth trend, with a balanced revenue and expenditure situation anticipated [2] - The first three quarters of 2025 saw a gradual increase in public budget revenue, with a notable 2.5% growth in Q3 and 3.2% in October [2] Group 2: Key Expenditure Areas - The fiscal department will continue to optimize expenditure structure, ensuring strong support for social security, employment, technology, education, and health sectors, which accounted for over 10 trillion yuan, over 40% of total public budget expenditure in the first 11 months of 2025 [3] Group 3: Structural Optimization - The focus will be on optimizing expenditure structure to ensure funds are allocated to critical areas, breaking the "base + growth" spending pattern and applying zero-based budgeting principles [4] - Increased funding for employment support, healthcare, and child-rearing subsidies aims to enhance residents' consumption capacity and willingness [5] Group 4: Efficiency Improvement - The government will arrange for long-term special bonds to support key projects and optimize policy implementation, aiming to improve the effectiveness of every expenditure [6] - In 2025, 1.3 trillion yuan of long-term special bonds were issued, with 300 billion yuan allocated for consumer subsidies, promoting economic transformation [6][7] Group 5: Strengthening Economic Momentum - The Ministry of Finance will deepen fiscal and tax reforms to enhance local financial capabilities and improve the efficiency of transfer payments [8] - Continuous efforts will be made to standardize fiscal subsidies and improve government procurement processes to foster a fair competitive environment [9]

Core Viewpoint - The Ministry of Finance will implement a more proactive fiscal policy in 2026, focusing on increasing total expenditure, optimizing structure, improving efficiency, and enhancing momentum to ensure a good start for the 14th Five-Year Plan [1] Group 1: Fiscal Policy and Expenditure - The total fiscal expenditure will be expanded, maintaining necessary levels of fiscal deficit and debt, ensuring that overall expenditure "only increases" and key areas are "only strengthened" [1] - In 2025, the fiscal revenue is expected to achieve a balanced budget, with public budget revenue showing a recovery growth trend [2] - The fiscal department will continue to optimize expenditure structure, ensuring strong support for key areas such as social security, employment, technology, education, and health [2] Group 2: Social Welfare and Employment - In 2025, the central government allocated 66.74 billion yuan for employment subsidies and increased standards for medical insurance and public health service funding [3] - The basic pension for retirees will be raised by 2%, and the minimum standard for urban and rural residents' pensions will increase by 20 yuan per month [3] - A new childcare subsidy system will be established, with 100 billion yuan allocated for subsidies for children under three years old [3] Group 3: Efficiency and Effectiveness - The focus will be on improving the efficiency of fund usage, ensuring that every penny generates expected benefits [4] - In 2025, 1.3 trillion yuan of ultra-long-term special bonds will be issued to support key projects, with 300 billion yuan allocated for consumer subsidies [4] - The use of bond funds will be accelerated, with a total expenditure of 5.15 trillion yuan in the first 11 months of 2025, a 45.5% increase from the previous year [4] Group 4: Fiscal and Tax Reforms - The Ministry of Finance aims to deepen fiscal and tax reforms to enhance local financial development and support the construction of a unified national market [5] - There will be a focus on clarifying fiscal responsibilities between central and local governments in public services, education, and healthcare [5] - Continuous efforts will be made to standardize fiscal subsidies and improve government procurement processes to foster a fair competitive environment [6]

Core Viewpoint - The press conference held by the State Council Information Office on January 20 highlighted the role of proactive fiscal policies in promoting high-quality economic and social development [1] Group 1 - The Ministry of Finance provided insights on how to leverage fiscal policies to stimulate economic growth [1] - Emphasis was placed on the importance of fiscal measures in achieving sustainable development goals [1] - The discussion included strategies for enhancing the effectiveness of fiscal policies in various sectors [1]