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： ...

2、 随着雪球大V"金浤"因"抢帽子"操纵市场被重罚，一批雪球投资大V被相继封号。 1月20日，雪球发布三则涉资本市场违规信息专项整治行动处置公 告，22个大V账号被永久封禁，其中包括被称为"雪球带货三大天王"的"杭州新城路"、"轮回666"和"福禄娃爷爷"。 3、 格陵兰危机与财政压力担忧引发全球债市抛售潮。 日本长期国债遭遇史诗级抛售，30年期和40年期国债收益率单日涨逾25个基点，40年期国债收益率 升至4%上方，为近30多年来首次。美国10年期、20年期、30年期国债收益率均上涨8个基点左右。丹麦养老基金AkademikerPension计划"清仓"美国国债， 称美国"不再是优质信用主体"。该基金截至2025年底持仓美债约1亿美元。 1、 国务院副总理何立峰出席世界经济论坛2026年年会并发表致辞。何立峰还应约分别与美国财长贝森特、英国财政大臣里夫斯举行中美经贸磋商机制和 中英经济财金对话机制双方牵头人会谈，就中美、中英经贸领域相关问题交换意见。 2、 国家发改委有关负责人介绍，2026年宏观政策要把发力点放在做强国内大循环上，全方位扩大国内需求。 其中，将优化"两新"政策的支持范围和补贴 标准；研究 ...

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].

Core Viewpoint - The Chinese economy demonstrated resilience and vitality in 2025, achieving a GDP of over 140 trillion yuan with a growth rate of 5.0% compared to the previous year, despite facing significant external and internal challenges [1][3]. Economic Performance - In 2025, the economy maintained a stable performance with a target growth of around 5%, while the Consumer Price Index (CPI) remained flat year-on-year, and the core CPI increased by 0.7% [3]. - The average urban unemployment rate was 5.2%, indicating overall stability in employment [3]. - Foreign exchange reserves exceeded $3.3 trillion, the highest since December 2015 [3]. - The total import and export volume surpassed 45 trillion yuan, with exports growing by 6.1%, maintaining China's position as the world's largest trading nation [3]. Long-term Economic Trends - The economy achieved a "four consecutive jumps" in total economic output, crossing the thresholds of 110 trillion, 120 trillion, 130 trillion, and 140 trillion yuan [4]. - Over the five years, the economic increment exceeded 36 trillion yuan, and China ranked in the top ten of the global innovation index [4]. Industrial Growth - The automotive industry saw production and sales both exceed 34 million units, with new energy vehicles leading globally for 11 consecutive years [6]. - Industrial robot exports increased by 48.7%, marking a significant achievement in automation and robotics [6]. - Total electricity consumption surpassed 10 trillion kilowatt-hours, reflecting rapid growth in high-end manufacturing and digital economy sectors [6]. Consumer Behavior and Market Dynamics - Service consumption grew, with the service sector's value added increasing by 5.4% and retail sales in services rising by 5.5% [8]. - Online shopping saw significant growth, with online retail sales increasing by 8.6% year-on-year [8]. - The total retail sales of consumer goods exceeded 50 trillion yuan, contributing over 50% to economic growth [8]. Innovation and Development Potential - By the end of 2025, R&D investment intensity reached 2.8%, surpassing the OECD average, with a strong focus on high-tech sectors [11]. - The market showed robust growth potential, with significant increases in sales and tourism revenue during holiday periods [12]. Policy and Governance - The government implemented proactive macroeconomic policies, including interest rate adjustments and increased funding for technology innovation [13][14]. - A series of measures were introduced to stimulate domestic demand and enhance the business environment, reflecting a commitment to high-quality development [21][22].

（来源：经济参考报） "我们还将积极运用改革创新办法，着力打通供需良性循环的一些卡点堵点，包括清理消费领域不合理 限制，推进消费新业态新模式新场景试点。"周陈说。 投资方面，国家发展改革委体制改革综合司司长王任飞表示，要把投资于物和投资于人紧密结合起来， 增强市场主导的有效投资增长动力，发挥新型政策性金融工具作用，落实好进一步促进民间投资发展的 若干措施，完善民企参与核电等重大项目建设长效机制，同时发挥好政府投资作用，更好带动社会投 资。 在中诚信国际研究院院长袁海霞看来，当前，高质量产品和服务以及"一老一小"等领域的供给缺口仍 存。未来，一方面要加快传统产业的高端化、智能化、绿色化转型，提升产品和服务的品质；同时顺应 消费升级趋势，增加文化、体育、旅游、健康、养老等服务消费的供给，提升服务质量。例如，推动冰 雪运动、银发旅游等新兴消费领域发展。另一方面，创新消费场景，激发市场活力，利用数字技术拓展 消费渠道，促进线上线下消费场景的融合发展。 "通过一系列举措来扩大内需、提振消费，将促进中国经济实现在更高水平上的供需平衡，畅通产业竞 争优势新突破与消费提质升级的循环，促进民生福利的最终改善。"罗志恒说。 提升 ...

Core Viewpoint - The focus of macroeconomic policy will shift towards strengthening domestic circulation and expanding domestic demand comprehensively from 2026 to 2030, with a strategic implementation plan being developed to achieve mutual promotion of supply and demand and cyclical upgrades [1][2] Group 1: Domestic Demand Strategy - A strategic implementation plan for expanding domestic demand from 2026 to 2030 will be formulated, aiming to lead new supply with new demand and create new demand through new supply [2] - The contribution rate of domestic demand to economic growth is expected to exceed 67% by 2025, with consumption contributing 52% [1] - Current economic challenges include insufficient demand and inadequate supply, particularly in high-end and service sectors, necessitating a focus on optimizing supply to meet upgraded demand [2] Group 2: Consumption and Investment - The central government is prioritizing measures to boost consumption, including short-term policies like "trade-in" programs and long-term mechanisms to sustain consumption growth [2] - The plan for expanding domestic demand will institutionalize efforts to enhance consumption and increase effective investment as a medium to long-term initiative [2] - The core issue of the economy is identified as weak demand, particularly in consumption, which the government aims to address through various policy measures [2]

（来源：工人日报） 此外，着力解决群众"急难愁盼"，民生福祉实现新提升。进一步加强普惠性、基础性、兜底性民生建 设，努力促进高质量充分就业，全年城镇调查失业率平均为5.2%，有序实施育儿补贴制度，逐步推行 免费学前教育，推动优化节假日安排，让千家万户有实打实的获得感，以惠民生为牵引，打开发展新空 间。 结构向"优"、动能向"新"、态势向"好" 2026年是"十五五"开局之年，中国经济核心潜力主要体现在哪些方面？又该如何充分挖掘？ 国家发展改革委国民经济综合司司长周陈介绍，展望2026年，我国经济结构将持续向"优"、发展动能持 续向"新"、整体发展态势持续向"好"，新质生产力稳步发展，消费与投资、科技与产业、城乡与区域都 将释放出巨大的发展潜能。他表示，具体可以从点、线、面3个角度来看。 2026年是"十五五"开局之年。如何充分挖掘中国经济潜能？2026年宏观政策将如何施策？今天，国务院 新闻办举行新闻发布会，介绍落实中央经济工作会议精神，推动"十五五"实现良好开局有关情况。国家 发展改革委有关负责人对当前经济热点问题进行了解读。 "十四五"实现圆满收官 1月19日，国家统计局发布数据显示，2025年中国国内生 ...

Group 1 - The core viewpoint of the article is the introduction of a comprehensive set of fiscal and financial policies aimed at stimulating market vitality, expanding domestic demand, and promoting stable economic development through targeted measures [1][2] Group 2 - The Ministry of Finance has announced five policy documents to support the development of small and micro enterprises, including a loan interest subsidy policy that provides a 1.5% annual subsidy on eligible fixed asset loans for small and micro private enterprises, with a maximum subsidy loan scale of 50 million yuan per entity [1] - The policy covers 14 key industrial chains and emerging fields, including new energy vehicles, industrial mother machines, and artificial intelligence [1] Group 3 - The personal consumption loan subsidy policy aims to support financial innovation in consumer finance, expanding the coverage of personal consumption loan subsidies and enhancing the accessibility of these policies [2] - The policy includes a 1% annual subsidy for credit card installment payments and removes previous limits on the amount of subsidy per transaction and cumulative subsidy limits for borrowers [2] Group 4 - A special guarantee plan for private investment has been established with a total quota of 500 billion yuan, to be implemented over two years, supporting eligible small and micro enterprises in their production and consumption activities [2] - The plan aims to guide financial resources to support private investment by increasing risk-sharing ratios, lowering guarantee fees, and enhancing credit guarantee limits [2]

Group 1 - The core viewpoint of the news is that the Ministry of Finance will implement a more proactive fiscal policy in 2026 to support employment, businesses, markets, and expectations, ensuring a good start for the 14th Five-Year Plan [1][2] - The fiscal policy will focus on increasing total expenditure, optimizing expenditure structure, improving efficiency, and enhancing economic momentum [2][4] - Specific measures include maintaining necessary levels of fiscal deficit, debt, and total expenditure, ensuring that overall expenditure increases and key areas are strongly supported [2][3] Group 2 - A package of policies will be introduced to stimulate domestic demand, with a focus on increasing private investment and promoting consumer spending [5][6] - The six policies include four aimed at supporting private investment and two focused on promoting consumption, such as interest subsidies for loans to small and micro enterprises and optimizing consumption loan policies [6][7] - The government plans to enhance the effectiveness of the "Two New" policies by optimizing support scope and subsidy standards, improving implementation mechanisms, and managing projects and funds comprehensively [9] Group 3 - The government is planning to promote high-tech industries and significant projects during the 14th Five-Year Plan, with a focus on new technologies and products [7][8] - The aim is to address the current issues of insufficient demand and supply, promoting a dynamic balance and virtuous cycle between supply and demand [8] - The government will also enhance the coordination of reform and innovation policies, improving the market access environment for new industries and new business models [10][11]

Group 1 - The core viewpoint of the article is the implementation of a comprehensive fiscal and financial policy package aimed at stimulating domestic demand, particularly through support for small and micro enterprises and consumer loans [1][2]. - The policy package includes measures such as interest subsidies for loans to small and micro enterprises, a special guarantee plan for private investment, and optimized loan subsidy policies for service industry operators and personal consumption [1][3]. Group 2 - The special guarantee plan for private investment has a scale of 500 billion yuan, to be implemented over two years, and will provide interest subsidies for eligible fixed asset loans to small and micro private enterprises starting from January 1, 2026 [3]. - The upgraded personal consumption loan subsidy policy increases the maximum subsidy per transaction from 500 yuan to 3,000 yuan, aiming to better meet consumer demand for large purchases [4]. - The subsidy for service industry loans has been significantly increased, with the maximum loan amount per enterprise rising from 1 million yuan to 10 million yuan, enhancing support for businesses in the service sector [4][5].