中央经济工作会议定调明年继续实施更加积极财政政策之后，备受关注的财政政策实施细节逐步明晰。 近日，中央财办有关负责同志接受新华社采访解读中央经济工作会议精神，进一步阐述了明年继续实施 更加积极财政政策的内涵，体现在三个层面： ·政策力度上，保持必要的财政赤字、债务总规模和支出总量。既着眼当前，用好用足财政政策空间， 也为应对未来风险留有余地，确保财政可持续。重视解决地方财政困难，建立健全增收节支机制，增强 地方自主财力，兜牢基层"三保"底线。 ·政策质效上，提高精准性和有效性。优化财政支出结构，强化国家重大战略财力保障，推动更多资金 资源投资于人。统筹用好政府债券资金，更加注重惠民生、扩内需、增后劲。同时，严肃财经纪律，坚 持党政机关过紧日子。 ·实施时机上，主动靠前发力。合理加快资金下达拨付，推动尽快形成实际支出和实物工作量。 在当前外部形势复杂、内需不足等挑战之下，外界对财政政策关注焦点之一正是政策实施力度。 2025年中国首次定调财政政策"更加积极"，力度空前。2025年财政赤字率从2024年的3%提高至4%历史 高位；新增政府债务总规模约12万亿元，比2024年增加近3万亿元；全国一般公共预算支出预计 ...

2025.12. 11 本文字数：1939，阅读时长大约4分钟 作者 | 第一财经 陈益刊 12月10日至11日，中央经济工作会议在北京举行。此次会议部署2026年经济工作，其中对明年财 政政策作出具体部署。 会议称，明年要继续实施更加积极的财政政策。保持必要的财政赤字、债务总规模和支出总量，加强 财政科学管理，优化财政支出结构，规范税收优惠、财政补贴政策。重视解决地方财政困难，兜牢基 层"三保"底线。严肃财经纪律，坚持党政机关过紧日子。 中国自2008年国际金融危机之后，就一直采取积极财政政策，也就是扩张性财政政策，即在经济增 长乏力时，通过增加支出、扩大赤字、发行政府债券、增加转移支付等手段，刺激总需求，促进经济 复苏和增长的宏观调控政策。 2025年中央首次提出实施"更加积极"财政政策，此次会议明确2026年继续实施更加积极的财政政 策，这意味着财政政策将持续发力以稳经济。 近些年受经济下行等多重因素影响，财政收入增长乏力，而要保持一定的财政支出力度，就需要政府 适度增加举债，弥补收支缺口。 今年财政部在多个省份开展财政科学管理试点，力争用2年时间，在财政管理重点领域、重点工作上 取得新进展新突破。试点 ...

为稳经济，明年财政政策仍需更加积极，加大发债扩大支出。 2025年即将收尾，史上首次"更加积极"财政政策已然落地，推动了今年经济平稳运行。而明年财政政策 动向备受关注。 中央"十五五"规划建议已经要求未来五年"发挥积极财政政策作用"，2026年作为"十五五"规划第一年， 明年继续实施积极财政政策并无悬念。 当然除了财政政策总量上的扩张，专家普遍认为更重要的是优化财政支出结构，财政资金更加倾向 于"投资于人"，注重"惠民生和促消费"，使得投资与消费并重，更好地发挥财政资金使用效益，并加快 推进财税改革，深化零基预算改革，增加地方自主财力等。 明年财政政策延续"更加积极" 复杂的内外部形势之下，明年经济增长依然承压，这就必然要求宏观政策发力，其中财政政策备受期 待。 中国自2008年国际金融危机之后，就一直采取积极财政政策，也就是扩张性财政政策，即在经济增长乏 力时，通过增加支出、扩大赤字、发行政府债券、增加转移支付等手段，刺激总需求，促进经济复苏和 增长的宏观调控政策。 其中2025年中央首次定调财政政策"更加积极"，而这就体现在财政赤字率从2024年的3%提高至4%的历 史高位，包括超长期特别国债、专项债等新 ...

Core Insights - The article emphasizes the proactive measures taken by Liaoning's finance department to support agricultural modernization through enhanced policy support and financial management [1] Group 1: Budget Performance Management - Liaoning aims to establish a tiered and precise "full-scene" budget performance management system by 2025, focusing on stabilizing the supply of key agricultural products and consolidating poverty alleviation achievements [1] - The province is implementing pre-performance evaluations for new agricultural subsidy funds to optimize spending directions and support various agricultural projects [2] Group 2: Cost Management and Quality Assurance - The article highlights the importance of cost budget performance management in agricultural product quality safety monitoring, aiming to identify and eliminate safety risks [3] - Recommendations for monitoring projects include optimizing management processes and improving oversight mechanisms to enhance project efficiency [3] Group 3: Policy Integration and Resource Allocation - A comprehensive policy evaluation is being conducted to improve resource allocation efficiency by integrating funding for rural environment improvement and public service maintenance [4] - The article discusses the need for full-process performance monitoring to ensure effective use of rural revitalization subsidy funds [4] Group 4: Lifecycle Evaluation and Training - The article mentions the collaboration with the Ministry of Finance to conduct lifecycle performance evaluations for high-standard farmland construction projects, ensuring comprehensive coverage of the policy implementation process [5] - Training sessions are organized to enhance the scientific and standardized management of agricultural projects, focusing on zero-based budgeting and performance evaluation [5]

Core Insights - The "14th Five-Year Plan" emphasizes the importance of transitioning to a high-quality economic development model, focusing on the real economy and optimizing traditional industries while fostering new and emerging industries as growth pillars [1][2] Group 1: Economic Development Focus - The "14th Five-Year Plan" suggests prioritizing the real economy and enhancing traditional industries to release potential and cultivate new productive forces [1][2] - The plan categorizes industries into traditional, emerging, and future sectors, each requiring different development strategies [2][3] - Traditional industries currently account for 80% of China's manufacturing, serving as the foundation of the real economy [2] Group 2: Traditional Industries and New Productive Forces - There is a need to clarify the concept of new productive forces within traditional industries, which still hold growth potential despite current demand constraints [3] - The plan highlights the importance of addressing urbanization, rural migration, and high-quality real estate development to unlock traditional industry potential [3] Group 3: Fiscal Reform and Budget Management - The "14th Five-Year Plan" proposes deepening zero-based budgeting reforms to optimize fiscal expenditure and enhance budget performance management [4][5] - Zero-based budgeting requires each expenditure to be justified anew, contrasting with the previous incremental budgeting approach [5] Group 4: Financial Support for Economic Growth - The plan emphasizes the development of various financial sectors, including technology finance, green finance, and inclusive finance, with technology finance being prioritized [6][7] - The current financing structure for technology innovation relies heavily on indirect financing, while direct financing through capital markets is more aligned with innovation risk characteristics [6] Group 5: Wealth Management and Public Demand - There is a growing demand for wealth management services among China's middle-income population, which exceeds 400 million [7] - Wealth management is seen as a crucial area for financial services, aiming to convert savings into investments and enhance residents' financial returns [7]

Core Insights - Inner Mongolia Autonomous Region is focusing on increasing fiscal support for technological innovation and the construction of a modern industrial system over the next five years [1][2] Fiscal Reform - The "15th Five-Year Plan" emphasizes the implementation of zero-based budgeting to break the rigid structure of current fiscal expenditures [1] - The government has initiated a three-year action plan for zero-based budgeting from 2025 to 2027, with pilot programs starting in 2025 [1] Technological Innovation - The region aims to enhance its technological innovation capabilities by reallocating funds to support key areas such as new energy, rare earth materials, and biopharmaceuticals [2] - Significant technology tasks will be implemented to produce more original achievements in these advantageous fields [2] Financial Statistics - In 2024, the total fiscal science and technology expenditure in Inner Mongolia is projected to be 8.63 billion, an increase of 1.13 billion or 15.1% from the previous year [3] - The proportion of this expenditure in the general public budget is 1.2% [3] Risk Management - The "15th Five-Year Plan" outlines the need for risk prevention in key areas, including the resolution of hidden debts and overdue payments to enterprises [3] - Inner Mongolia has exited the list of high-risk debt regions, but challenges remain regarding high debt rates in some areas [3] Fiscal System Improvement - The plan calls for reforming the fiscal system below the autonomous region level, rationally dividing fiscal responsibilities and expenditure duties [4] - It also emphasizes performance management reform and the establishment of a lifecycle management system for bond funds [4]

Core Viewpoint - The "14th Five-Year Plan" emphasizes the need to deepen zero-based budgeting reform to enhance the efficiency of fiscal fund utilization, ensuring that financial resources are allocated effectively to critical areas [1][2]. Summary by Sections Definition of Zero-Based Budgeting - Zero-based budgeting is a method that starts from "zero" in budget preparation, disregarding previous budget baselines and focusing on actual needs and financial conditions. Each expenditure is reviewed individually based on urgency [2]. - Traditional budgeting often leads to issues such as fragmented funding and inefficient use of resources, as it typically adjusts based on prior year expenditures [2]. Importance of Reform - The reform aims to break the conventional mindset of basing budgets on previous figures and to enhance the overall efficiency of fiscal resources and budget management [2]. - The need for this reform is underscored by the complex changes in the development environment and the demand for high-quality growth, which requires robust fiscal support [2]. Implementation and Progress - The 20th Central Committee has made plans for zero-based budgeting reform, with various pilot programs initiated by 16 central departments to optimize project evaluation and break the pattern of fixed expenditures [3]. - Regions like Anhui and Sichuan are innovating budget management practices, while Jiangsu is set to implement a comprehensive zero-based budgeting reform plan in 2024, focusing on performance-based budget allocation [3]. - The exchange of reform experiences among different regions is encouraged to enhance consensus on improving fiscal efficiency and ensure the smooth progress of the reform [3]. Future Expectations - The zero-based budgeting reform is anticipated to deepen over the next five years, leading to improved fund efficiency, better resource coordination, and enhanced support capabilities, ultimately benefiting national and public welfare [3].

Group 1 - The core viewpoint of the news is the emphasis on "deepening zero-based budgeting reform" as outlined in the "14th Five-Year Plan" to enhance the efficiency of fiscal fund utilization [1][2] - Zero-based budgeting is defined as a budgeting method that starts from "zero," where each expenditure is reviewed based on actual needs and financial conditions, rather than relying on previous budget levels [2] - The traditional budgeting model often leads to issues such as fragmented funding and low efficiency in fund utilization, which zero-based budgeting aims to address by breaking the fixed expenditure patterns [2][3] Group 2 - The reform is part of a broader fiscal and tax system reform, with significant deployments made during the 20th National Congress, indicating a strong governmental push towards this initiative [3] - Various regions, including Anhui and Sichuan, have actively explored and made progress in implementing zero-based budgeting, focusing on project optimization and breaking the solidified expenditure patterns [3] - The expectation is that this major reform will deepen over the next five years, improving fund efficiency, resource coordination, and overall support capabilities, ultimately benefiting the economy and people's livelihoods [3]

Core Viewpoint - The "14th Five-Year Plan" emphasizes the need to deepen zero-based budgeting reform to enhance the efficiency of fiscal fund utilization, ensuring that financial resources are allocated effectively to critical areas [1][2]. Summary by Sections Definition and Importance of Zero-Based Budgeting - Zero-based budgeting is a method that starts from "zero" in budget preparation, focusing on actual needs and financial conditions rather than previous budget levels. This approach allows for a detailed review of expenditures based on urgency and importance [2]. - Traditional budgeting often leads to issues such as fragmented funding and inefficient use of resources, as it typically adjusts based on prior year expenditures [2]. Implementation and Progress - The reform is part of a broader fiscal and tax system reform, with significant deployments made during the 20th National Congress. Various central and local governments have begun pilot programs to explore and implement zero-based budgeting [3]. - Key initiatives include project assessment and optimization by 16 central departments, innovative budget management in Anhui, and the establishment of annual expenditure priority lists in Sichuan [3]. Future Expectations - The zero-based budgeting reform is expected to deepen over the next five years, enhancing fund efficiency, resource coordination, and support capabilities, ultimately benefiting national and public welfare [3].

Core Viewpoint - The "14th Five-Year Plan" emphasizes the need to deepen zero-based budgeting reform to enhance the efficiency of fiscal fund utilization, ensuring that financial resources are allocated effectively to critical areas [1] Group 1: Definition and Importance of Zero-Based Budgeting - Zero-based budgeting is a method that starts from "zero" in budget preparation, focusing on actual needs and financial conditions rather than previous budget levels [2] - Traditional budgeting often leads to issues such as fragmented funding and low efficiency in fund usage, which zero-based budgeting aims to address by breaking the fixed expenditure patterns [2] Group 2: Implementation and Progress - The reform is a significant part of fiscal and tax system reform, with the 20th Central Committee already making plans for its implementation [3] - Various regions, including Anhui and Sichuan, have actively explored and made progress in zero-based budgeting, addressing challenges like rigid expenditure and funding competition [3] - Jiangsu is set to issue a deepened zero-based budgeting reform plan in 2024, focusing on a performance-oriented budget allocation mechanism [3] Group 3: Future Expectations - The zero-based budgeting reform is expected to deepen over the next five years, enhancing fund efficiency, resource coordination, and support capabilities, ultimately benefiting national and public welfare [3]