北京商报讯（记者 程靓）1月20日，财政部副部长廖岷在国务院新闻办公室举行的新闻发布会上表示， 2026年，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"。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"。 ...

Core Viewpoint - The Chinese government is implementing proactive fiscal policies to stimulate consumption and promote high-quality economic and social development by 2025 [1] Group 1: Fiscal Measures - The issuance of long-term special government bonds totaling 1.3 trillion yuan will support initiatives related to "two new" and "two heavy" sectors, with 300 billion yuan allocated for consumer subsidies to encourage the replacement of old goods [1] - The expected impact of these measures includes boosting sales of related products by over 2.6 trillion yuan, facilitating the entry of green, low-carbon, and smart products into everyday life, and enhancing the quality of life for citizens while promoting economic transformation [1] Group 2: Consumption Potential - The government aims to stimulate consumption from both supply and demand sides by introducing personal consumption loans and interest subsidies for service industry loans, supporting new consumption formats, models, and scenarios [1] - Policies will also be adjusted to optimize duty-free shop operations and tax refund policies for departing tourists, including increasing the number of duty-free shops to encourage and expand related consumption [1]

南都讯 记者杨文君潘珊菊发自北京 "十五五"开局之年，物价如何合理回升？国家发改委副主任王昌林1 月20日在国新办发布会上回应，主要是两端发力，一方面要着力扩大需求，另一方面要整治内卷。同 时，进一步理顺价格关系，促进资源高效配置，持续做好重要民生商品保供稳价，抓好重要民生商品产 供储销全链条调控，确保量足价稳。 南都N视频记者从现场获悉，总量政策方面，将实施更加积极的财政政策和适度宽松的货币政策，把促 进物价合理回升作为货币政策的重要考量，发挥存量政策和增量政策的集成效应，推动形成经济增长和 物价回升的良性互动。 在结构政策方面，要深入实施提振消费专项行动，制定实施城乡居民增收计划，优化实施"两新"政策， 扎实推进"两重"建设，也就是国家重大战略实施和重点领域安全能力建设，从而推动供需更加平衡匹 配。要深入整治"内卷式"竞争，制定全国统一大市场建设条例，"规范地方政府和企业行为，强化市场 优胜劣汰机制。"王昌林说。 （文章来源：南方都市报） 国家发改委副主任王昌林。 他认为，物价问题既关系经济运行，也跟人民群众生活息息相关，应该辩证来看。大家知道，如果物价 快速升高，将推高居民生活成本；如果物价降低，在短期 ...

Core Viewpoint - The Chinese government is focusing on implementing proactive fiscal and monetary policies to stimulate economic growth and price recovery, addressing the current imbalance between supply and demand in the economy [2][3][5]. Group 1: Economic Policies and Strategies - The National Development and Reform Commission (NDRC) plans to implement a more proactive fiscal policy and moderately loose monetary policy, emphasizing the importance of price recovery in monetary policy considerations [2]. - A strategic plan for expanding domestic demand from 2026 to 2030 is being developed to adapt to the upgrading of demand structure in China, aiming to create new demand through new supply [3]. - The NDRC is working on significant high-tech industry projects during the 14th Five-Year Plan period, with expectations for the digital economy's added value to reach 49 trillion yuan by 2025, accounting for approximately 35% of GDP [4]. Group 2: Economic Development Goals - By 2025, the main economic and social development goals are expected to be achieved, showcasing resilience in development and improved living standards [5]. - The urbanization rate is projected to reach 67.89% by the end of the year, an increase of 0.89 percentage points from the previous year [5]. Group 3: Policy Implementation and Support - The NDRC is enhancing the "Two New" policies, with an initial allocation of 62.5 billion yuan in special bonds to support these initiatives, aiming to lower investment thresholds for small and medium-sized enterprises [6][7]. - There will be a focus on standardizing local economic promotion behaviors and enhancing market competition mechanisms to ensure a dynamic balance in supply and demand [8][9]. Group 4: Market Regulation and Coordination - The NDRC is set to develop a list of actions that hinder the establishment of a unified national market and a list of encouraged and prohibited actions for investment promotion [10]. - There is an emphasis on coordinating reforms with fiscal, financial, consumption, investment, industrial, and innovation policies to address intertwined cyclical, structural, and institutional issues in the economy [11]. Group 5: Regional Development Initiatives - The NDRC is committed to advancing strategies for the development of the western regions and the rise of central regions, recognizing their potential to support stable economic growth [13][14].

Macroeconomic and Market Analysis - The State Council Information Office will hold two important press conferences today, with the National Development and Reform Commission's Deputy Director Wang Changlin discussing the implementation of the Central Economic Work Conference and promoting a good start for the "14th Five-Year Plan" [1] - The Ministry of Finance's Deputy Minister Liao Min will elaborate on the role of proactive fiscal policy and its contribution to high-quality economic and social development, with market expectations that these policy signals will significantly impact A-share market sentiment [1] External Markets and Related Assets - The international commodity market is experiencing significant volatility, with U.S. natural gas futures rising over 16% in a single day, currently priced at $3.600 per million British thermal units [5] - New York gold futures have surpassed $4,680 per ounce, with a daily increase of 1.83% [5] - Spot silver has increased by 5% to $94.58 per ounce, while domestic silver futures contracts have also risen by 5%, currently priced at ¥23,376 [6] Industry Policies and Dynamics - The German government announced on the 19th the reintroduction of electric vehicle purchase subsidies, offering up to €6,000 for families purchasing new electric vehicles, which may indirectly impact the global new energy vehicle supply chain, benefiting related A-share export companies [7] Regulatory Dynamics and Industry Standards - New regulations in the civil drone sector have been introduced, including the "Real-name Registration and Activation Requirements for Civil Unmanned Aerial Vehicles" and the "Operational Identification Standards for Civil Unmanned Aerial Vehicle Systems," which will standardize industry operations and potentially enhance market share for compliant companies [8] - Additionally, the Ministry of Ecology and Environment and two other departments have jointly released a document implementing graded management of air quality performance for key industries, with differentiated policies likely accelerating the differentiation among companies in the sector [8]

一、国际新闻 国际市场方面，美国天然气期货价格出现显著上涨，截至2026年1月20日7:37，涨幅已超16.00%，现报 3.600美元/百万英热，而在此前的7:00，其涨幅曾达到15.00%，价格为3.576美元/百万英热。 贵金属市场同样表现活跃，纽约期金突破4680美元/盎司，日内涨幅1.83%，现货白银日内涨5%，现报 94.58美元/盎司。 企业动态方面，OpenAI首席财务官萨拉・弗莱尔发布博客文章称，公司2025年年化营收已突破200亿美 元，较2024年的60亿美元大幅增长，营收增长与算力规模扩张密切相关，其算力规模已从2024年的0.6 吉瓦提升至2025年的1.9吉瓦，同时周活跃用户与日活跃用户数量持续刷新历史峰值。 此外，OpenAI计划于2026年推出首款硬件设备。 安全提醒方面，中国驻阿富汗使馆再次提醒中国公民暂勿前往阿富汗，已在阿公民和企业应遵守当地法 律法规，尊重宗教习俗，密切关注安全形势，加强安保措施，减少前往人员密集场所。 市场动态方面，白银连续主力合约日内涨5%，现报23376.00元。 政策与机构方面，欧元集团选定克罗地亚的武伊契奇担任下一任欧洲央行副行长。 德国政府19 ...

Group 1 - Premier Li Qiang emphasized the importance of high-quality development, advocating for a more proactive fiscal policy and moderately loose monetary policy to achieve significant breakthroughs in qualitative improvements [2] - The Supreme People's Procuratorate announced strict measures against financial fraud and market manipulation to maintain the safety of the capital market [2] - The People's Bank of China lowered the re-lending and rediscount rates by 0.25 percentage points, marking the first structural "rate cut" of the year [2] Group 2 - The China-U.S. Chamber of Commerce reported an increase in optimism among U.S. companies regarding market growth in China, with over half expecting to achieve significant profits [2] - The International Monetary Fund (IMF) raised China's economic growth forecast for 2025 by 0.2 percentage points to 5% [2] - The National Bureau of Statistics indicated a decline in housing prices in major cities, with first-tier cities experiencing a month-on-month decrease in new residential prices [2] Group 3 - Germany announced a subsidy of up to €6,000 for families purchasing new electric vehicles to boost its domestic electric vehicle industry [3] - The IMF updated its global economic outlook, slightly raising the growth forecast for 2026 while highlighting ongoing uncertainties due to trade tensions and geopolitical conflicts [3] - Japan's Cabinet Office reported a significant decline in core machinery orders, indicating potential challenges in private sector investment [3]

Core Viewpoint - Guangzhou's fiscal strategy focuses on optimizing fund allocation to ensure effective spending, emphasizing a balance between economic growth and social welfare [4][5]. Fiscal Strategy and Implementation - The city has improved its budget classification and spending efficiency, breaking the rigid patterns of fiscal expenditure to enhance overall budget effectiveness [4][5]. - A "1+6" reform development approach has been established, focusing on enhancing fiscal policy support and sustainability while addressing six key areas for economic and social development [6]. Financial Investment and Outcomes - In the past year, Guangzhou's fiscal input exceeded 126 billion yuan, with significant allocations for industrial upgrades (11.55 billion yuan), domestic consumption (10.77 billion yuan), and technological innovation (10.17 billion yuan) [7]. - A total of 724 billion yuan was allocated for social welfare, including 27.62 billion yuan for social security, 28.06 billion yuan for education, and 16.72 billion yuan for healthcare [8]. Long-term Financial Planning - For the "Hundred Million Project," a total of 155.9 billion yuan is planned for 2023-2025, with an annual increase of 12.7% compared to 2022 [9]. - The city aims to enhance consumer spending and investment, with retail sales and foreign trade exceeding 1 trillion yuan for five consecutive years [10][11]. Future Budget Allocations - In 2026, the budget for social welfare is projected to increase by 7.2%, with specific allocations for social security (22.26 billion yuan), education (24.8 billion yuan), and healthcare (15.34 billion yuan) [12]. - The fiscal approach will focus on optimizing spending structures to support industrial development and innovation [13][15]. Innovation in Fiscal Support - The city is shifting its fiscal support from direct funding to a "precision drip" approach, enhancing the effectiveness of innovation funds and promoting private investment [15][16].

Core Viewpoint - The State Council Information Office will hold two press conferences on January 20, 2026, focusing on the implementation of the Central Economic Work Conference and the role of proactive fiscal policy in promoting high-quality economic and social development [1]. Group 1 - The first press conference will take place at 10 AM, featuring Wang Changlin, Deputy Director of the National Development and Reform Commission, discussing the implementation of the "14th Five-Year Plan" and its initial progress [1]. - The second press conference is scheduled for 3 PM, with Liao Min, Deputy Minister of Finance, addressing the role of proactive fiscal policy in driving high-quality economic and social development [1].

【编者按】 这是我们连续第五年推出"识局"特别策划。 每年广州两会期间，南方都市报都会邀请市局委办"一把手"回顾过往、展望将来，既交发展成绩单，也 谈发展新思路。这一策划已经成为政府回应期待、解读局势、凝聚共识的重要载体。 过去五年，广州发动产业与创新"双引擎"，以"识局"之智，实现跨越与突破。今年是"十五五"的开局之 年，如何承接"十四五"之成绩，为奔赴下一个五年开好局、起好步，尤为重要。 新鲜出炉的2026年广州市政府工作报告，围绕"十五五"时期经济社会发展的主要目标，着眼于今年之可 为，部署了深入挖掘内外需潜力、加快建设"12218"现代化产业体系、统筹推进教育科技人才一体发 展、持续深化重点领域改革等十个方面的重点工作。 这将带来怎样的新期待和新变化？"识局"邀请了二十位市局委办的"一把手"，解读广州2026年的新局 势，展望"十五五"时期的预期目标和实现路径。 当前财政收支"紧平衡"成为常态。广州财政如何优化资金配置，确保钱花在"刀刃"上？"核心理念是优 化排序、打破固化"，今年广州市两会期间，市财政局党组书记、局长姚露接受南都专访。 他表示，过去一年，广州完善支出预算分类排序机制，优化市级支出体系 ...