为了稳经济，中国首次在2025年实施更加积极财政政策，广义财政支出规模首次突破40万亿元。 根据财政部数据，2025年广义财政（全国一般公共预算和全国政府性基金预算）支出约为40.03万亿元，同比增长3.7%；广义财政收入约为27.38万 亿元，同比下降约2.9%；广义财政支出超过收入约12.65万亿元，同比增长21.3%。 粤开证券首席经济学家罗志恒告诉第一财经，去年面对收入端多重压力，财政政策通过提高赤字率与扩大债务规模，实施超常规逆周期调节，保持必要 支出强度，有力发挥了宏观政策的支撑作用，推动全年经济平稳运行。 2026.02. 05 本文字数：2644，阅读时长大约4分钟 作者 | 第一财经 陈益刊 去年底全国财政工作会议提出，今年继续实施更加积极的财政政策，包括扩大财政支出盘子，确保必要支出力度等，以推动今年经济实现质的有效提升 和量的合理增长。 罗志恒认为，2026年财政政策预计在现有基础上进一步加力提效，通过提升赤字规模、优化支出结构、创新政策工具等，以更强的政策力度推动经济稳 中向好并切实改善民生。 财政支出为何能保持力度 去年广义财政支出规模创新高，支出增速与名义经济增速相近，折射了财政支 ...

Group 1: Monetary Supply and Financing - In July, the new social financing scale reached 1.16 trillion yuan, an increase of 0.39 trillion yuan year-on-year, with a year-on-year growth rate of 9%[2] - M1 growth accelerated to 5.6% in July, up from 4.6% in the previous month, marking the highest growth since January 2023[3] - M2 growth improved to 8.8% in July, up from 8.3% in June, with the M2-M1 gap narrowing to 3.2%[3] Group 2: Loan Demand and Government Financing - Government bond issuance from January to July reached 890 billion yuan, accounting for 75% of the annual issuance plan, significantly higher than the five-year average of 47%[3] - Corporate loan demand showed a contraction, with July's corporate loans decreasing by 700 billion yuan year-on-year, the lowest level in five years[4] - Residential loans in July also fell below the five-year average, with long-term and short-term loans decreasing by 1.1 trillion yuan and 3.8 trillion yuan respectively[4] Group 3: Economic Outlook and Risks - Overall liquidity has improved, but credit remains volatile due to seasonal factors, with only a slight decline in new loans compared to June[5] - The government is currently in a process of leveraging while the private sector is de-leveraging, necessitating improved efficiency in fiscal spending to stabilize demand[5] - Risks include potential underperformance of domestic macroeconomic policies and the possibility of slower government bond issuance if special treasury bonds are not issued[5]