日前召开的中央经济工作会议提出,要继续实施更加积极的财政政策。 更加积极的财政政策将如何继续发力?明年财政重点工作有哪些?在12月27日至28日于北京举行的全国财 政工作会议上,财政部部长蓝佛安作了部署。 财政工作取得新成效 蓝佛安表示,2025年,各级财政部门认真贯彻党中央、国务院决策部署,担当尽责、稳中求进,财政工作取得 新成效,为推动完成全年经济社会发展目标任务发挥了重要作用。 今年打出"组合拳" 财政政策作为宏观调控的重要手段,具有扩大总需求和定向调结构的双重优势。 保持支出强度,更大力度支持"两重"项目,加力扩围实施"两新"政策；聚焦高质量发展精准发力,大幅增加 基础研究投入；持续加强民生保障,充实稳就业政策工具,逐步推进免费学前教育；积极化解重点领域风 险,加强存量隐性债务置换全流程管理……会议指出,2025年,更加积极财政政策打出"组合拳"。 "今年以来,我们安排财政资金169亿元支持实施消费品以旧换新。"参会的四川省财政厅厅长黎家远告诉 记者,四川财政还通过个人消费贷款财政贴息、"蜀里安逸"消费新场景培育计划等多项政策,有力推动消 费市场持续回暖向好。今年前11个月,全省社会消费品零售总额同比 ...

中新社北京12月28日电 (记者 赵建华)2026年中国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。中国财政部部长蓝佛安近日表示，"更加积极"既体现在资金规模上，更体 现在提高资金使用效益上。 全国财政工作会议12月27日至28日在北京召开。蓝佛安表示，2026年，继续实施更加积极的财政政策： 扩大财政支出盘子，确保必要支出力度；优化政府债券工具组合，更好发挥债券效益；提高转移支付资 金效能，增强地方自主可用财力；持续优化支出结构，强化重点领域保障，把更多资金用在提振消费、 投资于人、民生保障等方面，增强经济发展后劲和民众获得感；加强财政金融协同，放大政策效能。 蓝佛安强调，2026年继续实施更加积极的财政政策并提高精准度和有效性，做优增量、盘活存量，着力 扩内需、优结构、增动能、惠民生，着力稳就业、稳企业、稳市场、稳预期，着力推改革、强管理、防 风险、增效益，推动经济实现质的有效提升和量的合理增长，保持社会和谐稳定，为实现"十五五"良好 开局提供有力保障。 2025年，中国保持财政支出强度，全年一般公共预算支出超过29万亿元(人民币，下同)，顺利发行超长 期特别国债1.3万亿元， ...

保持支出强度，更大力度支持"两重"项目，加力扩围实施"两新"政策；聚焦高质量发展精准发力，大幅 增加基础研究投入；持续加强民生保障，充实稳就业政策工具，逐步推进免费学前教育；积极化解重点 领域风险，加强存量隐性债务置换全流程管理……会议指出，2025年，更加积极财政政策打出"组合 拳"。 新华社北京12月28日电 题：财政政策如何继续"更加积极"——解读2026年财政工作新看点 新华社记者申铖 日前召开的中央经济工作会议提出，要继续实施更加积极的财政政策。 更加积极的财政政策将如何继续发力？明年财政重点工作有哪些？在12月27日至28日于北京举行的全国 财政工作会议上，财政部部长蓝佛安作了部署。 今年财政政策打出"组合拳" 财政工作取得新成效 蓝佛安表示，2025年，各级财政部门认真贯彻党中央、国务院决策部署，担当尽责、稳中求进，财政工 作取得新成效，为推动完成全年经济社会发展目标任务发挥了重要作用。 财政政策作为宏观调控的重要手段，具有扩大总需求和定向调结构的双重优势。 参会的粤开证券首席经济学家、研究院院长罗志恒表示，财政政策在稳增长、优结构、保民生等方面均 能发挥重要作用。明年继续实施更加积极的财政政策 ...

中央经济工作会议提出继续实施更加积极的财政政策，加强财政科学管理。其中"更加积极财政政策"， 意味着明年财政会保持必要的支出力度和强度。加强财政科学管理，更是"必须坚持政策支持和改革创 新并举"的具体体现，融财政政策、财政改革，财政管理于一体，从总量政策、保持支出力度，到提高 财政支出效率相结合，这些事项又与财政改革链接一起，比如"深化零基预算"，可以大大提升财政政策 效能，这也是破解地方财政问题的一项改革系统性工作。 今年中央经济工作会议，提出重视解决地方财政困难 ...

Core Insights - The Central Economic Work Conference held on December 10-11, 2025, outlined key economic tasks for 2026, emphasizing the importance of domestic demand and market stability [1][2][10]. Group 1: Economic Policy Direction - The conference established a policy tone of "seeking progress while maintaining stability" and "improving quality and efficiency," highlighting a higher demand for economic quality and effectiveness [3][4]. - It was noted that macroeconomic policies will focus on both short-term and long-term adjustments, enhancing the effectiveness of governance [4]. Group 2: Fiscal Policy - A more proactive fiscal policy will be implemented, with a projected deficit rate of no less than 4% and an increase in new debt scale [5][6]. - The fiscal spending structure will shift towards supporting consumption and improving residents' welfare, including increased childcare subsidies and pension benefits [5][6]. Group 3: Monetary Policy - The conference reiterated the commitment to a moderately loose monetary policy, emphasizing the flexible use of various policy tools such as interest rate cuts and reserve requirement ratio adjustments [7][9]. - The aim is to enhance liquidity and promote economic stability through effective monetary policy coordination [7][9]. Group 4: Domestic Demand and Consumption - The primary task for 2026 is to "maintain domestic demand as the main driver and build a strong domestic market," with a focus on boosting consumption and investment [10][11]. - Specific measures to stimulate consumption include increasing fiscal support and expanding the range of supported consumer goods [11]. Group 5: Innovation and New Growth Drivers - The conference highlighted the importance of "innovation-driven development" as a key task, aiming to create a comprehensive innovation ecosystem [12][13]. - Initiatives include establishing international technology innovation centers and enhancing intellectual property protection in emerging fields [12][13]. Group 6: Capital Market Reforms - Continuous deepening of capital market reforms was emphasized, focusing on improving the investment and financing functions of the capital market [16][17]. - Future measures may include optimizing capital market infrastructure and enhancing investor protection [17]. Group 7: Real Estate Market Stability - The conference stressed the need to stabilize the real estate market through targeted policies, including inventory reduction and promoting affordable housing [25]. - Measures may involve using special bond funds to acquire existing housing for public welfare and implementing tax incentives for home purchases [25]. Group 8: Energy Strategy - The conference called for the formulation of a national energy strategy, focusing on building a new energy system and expanding green electricity applications [22][23]. - This marks a significant shift in energy development strategy, aiming to replace traditional fossil fuels with clean energy sources [22][23]. Group 9: Local Government Debt Management - The conference addressed the need to manage local government debt risks proactively, encouraging compliance and restructuring of existing debts [27][28]. - Strategies include replacing high-cost debts with lower-interest bonds and utilizing asset management techniques to mitigate risks [27][28].

会议指出，明年经济工作要坚持稳中求进、提质增效，继续实施更加积极的财政政策和适度宽松的货币 政策，发挥存量政策和增量政策集成效应，加大逆周期和跨周期调节力度，切实提升宏观经济治理效 能。 中经记者 杜丽娟 北京报道 12月8日，中共中央政治局召开会议，分析研究2026年经济工作。 在多位财税人士看来，会议提出的"提质增效""更加积极"等表述，释放出更加清晰有力的信号。2026 年，财政作为"国家账本"，如何更精准、更有效地"花好钱、办大事"，成为巩固和增强经济回升向好态 势的关键。 中央财经大学税收与公共政策研究中心主任汪昊在接受《中国经营报》记者采访时表示，要实现经济提 质增效，财政政策必须积极主动进行结构调整，降低低效支出，将资金更多用于更需要的领域。"比如 可以从投资于物到投资于物与投资于人并重，增加对人的财政支出，如加大教育、医疗、生育、养老、 抚幼、就业、住房、环境等方面的支持力度。" 一直以来，财政政策被赋予"更加积极有为"的使命，但这种安排并非"大水漫灌"，而是强调"精准有 效"和"政策协调配合"。2024年12月召开的中央政治局会议，明确提出2025年实施"更加积极的财政政 策"，这是财政政策 ...

证券研究报告 | 宏观点评 "十五五"开端的"稳中求进" 事件描述 中共中央政治局 12 月 8 日召开会议，分析研究 2026 年经济工作，审议《中 国共产党领导全面依法治国工作条例》。中共中央总书记习近平主持会议。 事件点评 站在"十五五"开端的"稳中求进"。会议重申"稳中求进"总基调，但在"十四五" 与"十五五"交接的节点上，其内涵发生了战略扩容。"稳"的核心逻辑从单纯的 经济增速维稳延伸至国家安全与发展主动权的统筹，特别是要"更好统筹国内 经济工作和国际经贸斗争"，以确保护航国内产业链、供应链的安全。而"进"则 承载了为"十五五"确立新坐标的使命，通过"适度宽松"的政策环境支持技术突 破和产业升级，确保新旧动能转换期间经济不失速。 货币宽松面临"两大约束"，降息或将"谨慎"。尽管货币政策定调转向"适度宽 松"，但我们认为价格型工具的使用将面临掣肘。首先是人民币汇率的硬约束， 在应对"国际经贸斗争"背景下，需防止中美利差倒挂过大引发资本外流；其次 是商业银行净息差的底线约束，需维护金融系统稳定。因此，预计未来央行将 更多依赖降准、买债等"量"的工具，降息路径大概率采取"存款利率先行"的非 对称模式。 财 ...

Core Viewpoint - The central economic work conference in 2024 emphasizes the implementation of a more proactive fiscal policy to stimulate economic growth and address insufficient domestic demand [2][3]. Fiscal Policy Adjustment - The shift from "active" to "more active" fiscal policy marks a significant adjustment in China's fiscal stance since 2008, aimed at promoting high-quality economic development and addressing total demand insufficiency [2][3]. Fiscal Deficit and Debt Management - The fiscal deficit is set at around 4% for the year, with a deficit scale of 5.66 trillion yuan, and plans to issue 1.3 trillion yuan in ultra-long-term special bonds, alongside 4.4 trillion yuan in new local government special bonds [3][5]. - The government maintains that the current deficit level is within a safe threshold, with China's government debt ratio at 90.12%, significantly lower than the G7 average of 127.42% [7][8]. Economic Stimulus and Confidence Building - The more proactive fiscal policy aims to expand domestic demand and stabilize confidence, providing strong financial support to stimulate consumption and investment [9][10]. - It is expected to enhance the resilience and vitality of economic development through coordinated fiscal and monetary policies [4][9]. Support for Key Areas - The fiscal policy focuses on supporting the construction of the livelihood sector, ensuring the implementation of major national strategies, and optimizing expenditure structures to enhance public service quality [11][12]. - Specific measures include increasing spending on education, healthcare, and social security, while also promoting green development and technological innovation [11][22]. Policy Coordination - Strengthening the coordination between fiscal and monetary policies is crucial for enhancing macroeconomic stability and promoting a virtuous economic cycle [4][13]. - The government aims to leverage fiscal policy to attract social capital and ensure effective implementation of macroeconomic strategies [13][19]. Challenges and Future Directions - The effectiveness of the more proactive fiscal policy may face challenges such as inherent inertia in fiscal concepts, demographic changes, and external economic pressures [14][16][17]. - Future efforts should focus on balancing short-term economic stability with long-term fiscal sustainability, optimizing the allocation of fiscal resources, and enhancing support for key sectors [19][20][23].

Group 1 - The core viewpoint of the article emphasizes the need for a more proactive fiscal policy to stimulate economic growth and address insufficient domestic demand, marking a significant adjustment in China's fiscal policy since 2008 [2][3][9] - The fiscal policy will see an increase in the deficit rate to around 4%, with a deficit scale of 5.66 trillion yuan, and plans to issue 1.3 trillion yuan in ultra-long-term special bonds, along with 4.4 trillion yuan in new local government special bonds [3][5][9] - The proactive fiscal policy aims to enhance confidence among business entities, provide strong financial support for expanding domestic demand, and effectively prevent and resolve risks in key areas [2][10][11] Group 2 - The proactive fiscal policy is expected to play a crucial role in driving economic recovery by expanding domestic demand and stabilizing confidence, thus addressing economic circulation bottlenecks [9][10] - It will focus on supporting the construction of the livelihood sector and major national strategies, optimizing expenditure structures to enhance public service quality and alleviate pressures on residents [11][12][22] - The government aims to strengthen the coordination between fiscal and monetary policies to enhance macroeconomic stability and resilience [4][13][23] Group 3 - The article discusses the importance of addressing structural challenges and external pressures while implementing a more proactive fiscal policy, emphasizing the need for effective resource allocation and risk prevention [14][19][20] - It highlights the necessity of balancing economic construction spending with livelihood spending to ensure social harmony and improve living standards [20][21] - The government is encouraged to deepen fiscal and tax system reforms to support high-quality development and mitigate risks in key areas [23][24]

Core Viewpoint - The central economic work conference in 2024 emphasizes the implementation of a more proactive fiscal policy to stimulate economic growth, enhance employment, and support industrial transformation [1][2]. Fiscal Policy Adjustment - The shift from "active" to "more active" fiscal policy marks a significant adjustment in China's fiscal stance since 2008, aimed at addressing insufficient total demand and promoting high-quality economic development [2][3]. Fiscal Deficit and Debt Management - The fiscal deficit is set at around 4% for the year, with a deficit scale of 5.66 trillion yuan and plans to issue 1.3 trillion yuan in ultra-long-term special bonds, alongside 4.4 trillion yuan in new local government special bonds [3][4]. - The government maintains that the current deficit level is within a safe threshold, despite surpassing the traditional 3% warning line, as it reflects a strategic approach to fiscal space and debt management [5][7]. Economic Stimulus and Confidence Building - The proactive fiscal policy aims to expand domestic demand and stabilize confidence, providing financial support to stimulate consumption and investment, thereby enhancing overall economic activity [9][10]. - It also focuses on risk prevention in key areas, ensuring stable macroeconomic operations through targeted fiscal measures [10][11]. Support for Livelihood and Strategic Initiatives - The policy prioritizes investments in social welfare, education, healthcare, and other critical areas to enhance public services and support major national strategies, including green development and technological innovation [11][12]. - Specific measures include increasing subsidies for consumption, enhancing social security, and providing targeted support for vulnerable groups [12][22]. Coordination of Policies - There is a strong emphasis on the coordination between fiscal and monetary policies to enhance macroeconomic stability and promote a virtuous economic cycle [4][13]. - The government aims to leverage fiscal tools to attract social capital and ensure effective implementation of fiscal policies [13][19]. Challenges and Future Directions - The effectiveness of the more proactive fiscal policy may be constrained by existing inertia, systemic issues, and external economic pressures [14][16][17]. - Future efforts should focus on balancing short-term fiscal stability with long-term sustainability, optimizing fiscal resource allocation, and enhancing the overall impact of fiscal measures [19][20][21].