"结构更优"，主要就是要持续优化支出结构，确保资金用在紧要处。打破"基数+增长"支出固化格局， 积极运用零基预算理念，大力压减低效无效支出，把更多的财政资金用在提振消费、"投资于人"、民生 保障等方面，多渠道增加居民收入。通过有"力度"、有"温度"的支出安排，不断提升人民群众的获得 感。 "效益更好"，就是着力提高资金使用效益，每一分钱都要产生应有的效益。2026年将继续安排超长期特 别国债，用于"两重"建设和"两新"工作，并优化政策实施；完善专项债券项目负面清单管理，深化地 方"自审自发"试点，更好发挥债券资金效益。同时，加强财政金融协同，探索创新政策工具，放大公共 资金的带动作用和公开政策的外溢效应。 1月20日，国新办举行新闻发布会，介绍发挥积极财政政策作用，推动经济社会高质量发展有关情况。 财政部副部长廖岷表示，2025年更加积极的财政政策，做到了兼顾当前与长远，既有力支持当下的经济 增长、办好民生实事，又有效推动中国经济结构转型，为经济社会中长期可持续发展打下坚实基础。 对于2026年财政政策，廖岷表示，按照中央经济工作会议部署，财政部门将继续实施更加积极的财政政 策，概括起来就是"总量增加、结构更 ...

南都讯 记者杨文君 发自北京 1月20日下午，国新办举行新闻发布会，介绍发挥积极财政政策作用，推 动经济社会高质量发展有关情况。财政部副部长廖岷在会上表示，今年要扩大财政支出盘子，确保必要 支出力度。 财政部副部长廖岷。 廖岷表示，2026年，按照中央经济工作会议部署，财政部门将继续实施更加积极的财政政策，概括起来 就是"总量增加、结构更优、效益更好、动能更强"。 据廖岷介绍，"总量增加"，就是要扩大财政支出盘子，确保必要支出力度。2026年财政赤字、债务总规 模和支出总量将保持必要水平，确保总体支出力度"只增不减"、重点领域保障"只强不弱"。要着重强调 的是，在2025年更加积极的基础上继续扩大财政支出盘子，本身就体现了政策是十分积极的。同时，财 政部也充分考虑了财政中长期可持续性，注重增强发展后劲。 "结构更优"，主要就是要持续优化支出结构，确保资金用在紧要处。打破"基数+增长"支出固化格局， 积极运用零基预算理念，大力压减低效无效支出，把更多的财政资金用在提振消费、"投资于人"、民生 保障等方面，多渠道增加居民收入。通过有"力度"、有"温度"的支出安排，不断提升人民群众的获得 感。 "效益更好"，就是着 ...

国务院新闻办公室1月20日举行新闻发布会，介绍发挥积极财政政策作用，推动经济社会高质量发展有 关情况。 关于2025年财政收支的运行情况，财政部综合司司长李先忠介绍，目前，2025年度的财政收支数据还在 汇总当中，预计1月底或2月初正式对社会发布。就目前初步掌握的情况看，2025年财政收支运行可以概 括为以下三点。 一是财政收入"前低中高后稳"。分季度看，全国一般公共预算收入一季度下降1.1%；二季度由降转升， 增长0.6%；三季度增幅明显提高，增长2.5%。进入第四季度，10月份增长3.2%，11月份与2024年同期 基本持平。其中，税收收入自4月份以后持续保持同比增长，成为拉动财政收入增长的主要引擎，反映 出经济运行延续稳中有进发展态势。 三是重点支出保障有力。2025年，财政部门持续优化支出结构，社会保障和就业、科技、教育、卫生健 康等重点领域支出得到较好保障。前11个月，上述四项支出合计超10万亿元，占一般公共预算支出的四 成多。同时，持续加快债券资金使用，前11个月超长期特别国债、地方政府专项债券、中央金融机构注 资特别国债等资金共支出5.15万亿元，比上年同期增加1.61万亿元，增长45.5%，增 ...

支出方面，2025年全国一般公共预算支出坚持靠前发力、保持支出强度。一方面，持续优化支出结构， 社会保障和就业、科技、教育、卫生健康等民生及发展重点领域支出得到有力保障。前11个月，上述四 项重点支出合计超10万亿元，占全国一般公共预算支出比重超四成。另一方面，持续加快各类债券资金 拨付使用进度，前11个月超长期特别国债、地方政府专项债券、中央金融机构注资特别国债等资金累计 支出5.15万亿元，较2024年同期增加1.61万亿元、增长45.5%，有效增强了经济发展动能，为推动经济 持续回升向好提供了坚实支撑。 李先忠介绍，从季度走势来看，全国一般公共预算收入一季度同比下降1.1%，二季度由降转升，同比 增长0.6%，三季度增幅进一步扩大，同比增长2.5%；进入四季度后保持平稳运行，10月份同比增长 3.2%，11月份与2024年同期基本持平。其中，税收收入自4月份起连续实现同比增长，成为拉动财政收 入增长的主要动力，这一态势也直观反映出我国经济运行持续保持稳中有进的良好发展势头。 中国经济网1月20日讯 国务院新闻办公室20日举行新闻发布会，介绍积极财政政策发挥作用、推动经济 社会高质量发展的相关情况。财政部 ...

Core Viewpoint - The Chinese government is implementing a series of proactive fiscal policies aimed at promoting high-quality economic and social development, with a focus on increasing overall fiscal expenditure and optimizing its structure for better efficiency and stronger economic momentum [2][14]. Fiscal Policy and Expenditure - In 2026, the overall fiscal expenditure will continue to increase, ensuring that the fiscal deficit, total debt scale, and expenditure remain at necessary levels, with a commitment to "only increase, not decrease" [2][14]. - The fiscal deficit rate for 2025 is set at around 4%, an increase of one percentage point from the previous year, with new government debt reaching 11.86 trillion yuan, up by 2.9 trillion yuan from the previous year [3][4]. Debt Management - The government maintains a relatively low debt-to-GDP ratio compared to the average of G20 countries, despite increasing deficits and debt issuance [4]. - In 2025, measures will be taken to replace 2 trillion yuan of hidden debt and allocate 800 billion yuan in new special bonds to support local government finances, thereby reducing the average interest cost of local debts by over 2.5 percentage points [6][7]. Support for Consumption and Investment - A special long-term government bond issuance of 1.3 trillion yuan in 2025 will support consumption and promote the sale of green, low-carbon, and intelligent products, with an expected sales boost of approximately 2.6 trillion yuan [5]. - Policies will be introduced to stimulate consumption through personal consumption loans and support for new consumption models, as well as adjustments to tax refund policies for duty-free shops [5]. Support for SMEs and Innovation - A new loan interest subsidy policy for small and micro enterprises will focus on 14 key industrial chains, including new energy, automotive, and medical equipment [8][9]. - The government will provide risk-sharing funds to support bond issuance for private enterprises and private equity investment institutions, mitigating investor losses [10]. Pension and Social Security - In 2025, the central government will allocate approximately 1.2 trillion yuan for basic pension insurance subsidies, with a 2% increase in pension levels for retirees [11]. Tax System and Market Development - The government aims to improve the local tax system to support the construction of a unified national market, including clarifying fiscal responsibilities and enhancing tax regulations [12]. Technological Innovation and Investment - The government will support the National Venture Capital Guidance Fund to invest in early-stage, small, long-term, and hard technology projects, promoting innovation in key industries [19]. - Financial support will be provided for technology innovation loans, with the central bank offering re-loan support to facilitate the transformation of manufacturing and digitalization of SMEs [20][21]. Export Tax Policy Changes - The cancellation of export tax rebates for solar and electronic products starting April 1, 2026, is expected to promote efficient resource utilization and address "involution" in competition [17].

1月20日，国务院新闻办公室举行新闻发布会，介绍发挥积极财政政策作用，推动经济社会高质量发展有关情 况。 另一方面，降低融资门槛，解决民营企业融资难的问题。主要是通过专项担保、发债分险，来帮助企业获得 资金。在间接融资方面，设立民间投资专项担保计划，这是一项新政策，提高授信担保额度、风险分担的比 例和代偿上限，让银行敢贷、愿贷、多贷。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1000万元，这次专项担保计划提高到2000万元以后，这家企业的贷款担保需求就容易得到满足。同时，国 家融资担保基金的分担比例将由现在的20%最高提高到40%，也就是说，国家层面为刚才这笔贷款提供的风险 分担将由400万元最高提高到800万元。也就是一笔2000万元的贷款，国家层面可以给到的担保最高达到800万 元。在直接融资方面，也是考虑到民营企业发债融资还是有一定的难度，所以中央财政安排风险分担资金， 与央行相关的政策工具协同配合后，可以分担相关债券发行的大部分风险，帮助更多的民营企业拓宽融资渠 道。 九派新闻特派记者 ...

Core Viewpoint - The Chinese government is implementing a series of policies aimed at stimulating private investment to promote high-quality economic and social development, with a focus on reducing financing costs and easing access to financing for private enterprises [1][3]. Group 1: Policies to Stimulate Private Investment - The new policies include various support measures such as loans, interest subsidies, guarantees, and compensations, which are designed to lower financing costs for private enterprises [3]. - A specific example provided indicates that a manufacturer of agricultural machinery could save 1.5 percentage points on a loan of 50 million yuan, resulting in a reduction of interest expenses by 1.5 million yuan over two years, thereby enhancing the company's investment capacity [3]. Group 2: Reducing Financing Barriers - The government is introducing a special guarantee plan to help private enterprises secure funding by increasing the credit guarantee limits and risk-sharing ratios, making it easier for banks to lend [4]. - For instance, the guarantee limit for a single enterprise has been raised from 10 million yuan to 20 million yuan, and the risk-sharing ratio from the national financing guarantee fund has increased from 20% to 40%, allowing for a maximum guarantee of 8 million yuan on a 20 million yuan loan [4]. Group 3: Expected Outcomes - The combination of these policies is anticipated to effectively help enterprises save on financing costs and enhance profitability, thereby invigorating private investment [5].

Core Viewpoint - The Chinese government is implementing a more proactive fiscal policy for 2025, with a deficit rate set at around 4%, an increase of 1 percentage point from the previous year, aimed at promoting sustainable economic and social development [1] Group 1: Fiscal Policy Measures - The deficit rate for 2025 is planned at approximately 4%, which is a 1 percentage point increase compared to the previous year [1] - The new government debt scale is set at 11.86 trillion yuan, an increase of 2.9 trillion yuan from the previous year, significantly exceeding the average levels of recent years [1] - A special government bond issuance of 500 billion yuan is planned to supplement the core tier one capital of large state-owned commercial banks, enhancing the banking sector's ability to support the real economy [1] Group 2: Local Government Support - A limit of 500 billion yuan is arranged for local government debt to enhance their overall financial capacity and expand effective investment [1] - Despite the increase in deficit and government bond scale for 2025, China's government debt ratio remains low compared to the average levels of G20 countries [1]

Core Viewpoint - The Chinese government is committed to implementing a more proactive fiscal policy in 2026 to support employment, businesses, and market stability, ensuring a strong start for the 14th Five-Year Plan [1] Group 1: Fiscal Policy Measures - The fiscal department will increase the scale of fiscal spending, maintaining a reasonable level of fiscal deficit, debt, and total expenditure in 2026, ensuring that overall spending intensity "only increases" and key areas are "only strengthened" [1] - The proactive fiscal policy in 2026 builds on the measures taken in 2025, highlighting the government's commitment to an active policy stance while considering long-term fiscal sustainability [1] Group 2: Structural Optimization - The focus will be on optimizing the structure of fiscal spending, ensuring funds are allocated to critical areas, breaking the "base + growth" spending pattern, and applying zero-based budgeting to reduce ineffective expenditures [2] - More fiscal funds will be directed towards boosting consumption, investing in human capital, and ensuring social welfare, enhancing the public's sense of gain and happiness [2] Group 3: Efficiency Improvement - The aim is to improve the effectiveness of fiscal fund usage, ensuring that every penny generates expected benefits, with plans to issue long-term special bonds for key construction and new initiatives [2] - There will be an emphasis on enhancing the synergy between fiscal and financial policies, exploring innovative policy tools to amplify the impact of public funds and the spillover effects of public policies [2] Group 4: Strengthening Economic Momentum - The core of the strategy involves deepening reforms in key fiscal and tax areas to stimulate internal economic vitality, optimizing transfer payment structures, and enhancing local fiscal autonomy and coordination capabilities [2] - Measures will include improving the effectiveness of transfer payment funds, strengthening budget performance management, and refining tax rebate policies and fiscal subsidies to boost local fiscal development momentum [2]

"效益更好"，就是着力提高资金使用效益，每一分钱都要产生应有的效益。2026年将继续安排超长期特 别国债，用于"两重"建设和"两新"工作，并优化政策实施；完善专项债券项目负面清单管理，深化地 方"自审自发"试点，更好发挥债券资金效益。同时，加强财政金融协同，探索创新政策工具，放大公共 资金的带动作用和公开政策的外溢效应。 "动能更强"，就是深化财税重点领域改革，进一步激发经济的内生活力。优化转移支付结构，增强地方 自主财力和统筹能力，提高转移支付资金效能。通过加强财政资源和预算统筹、强化预算绩效管理、落 实优化出口退税政策、清理规范税收优惠和财政补贴等改革举措，进一步增强地方财政发展动能、助力 全国统一大市场建设。 总之，2026年财政部门将"硬核"支持稳就业、稳企业、稳市场、稳预期，确保"十五五"实现良好开局。 （文章来源：人民网） 人民网北京1月20日电 1月20日，国新办就发挥积极财政政策作用，推动经济社会高质量发展有关情况 举行新闻发布会。会上，财政部副部长廖岷介绍，2026年，按照中央经济工作会议部署，财政部门将继 续实施更加积极的财政政策，概括起来就是"总量增加、结构更优、效益更好、动能更强"。 ...