东方金诚宏观首席分析师王青表示，预计明年财政促消费资金规模会从今年3000亿元上调至5000亿元， 支持范围有望从耐用消费品扩大到一般消费品及服务消费，其中服务消费将成为大力提振消费的重点。 中国民生银行首席经济学家兼研究院院长温彬称，预计2026年"国补"可能向服务消费领域倾斜。 （原标题：国家支持"买买买"！专家："国补"可能向服务消费领域倾斜） 中央经济工作会议提出，深入实施提振消费专项行动，优化"两新"政策实施。 ...

Core Viewpoint - The article emphasizes the importance of fiscal policy in boosting consumption and driving economic growth, highlighting the government's commitment to implement more proactive fiscal measures to expand domestic demand [3][5]. Group 1: Fiscal Policy and Consumption - Consumption is identified as the ultimate goal of economic activity and a key engine for economic growth, with the government prioritizing measures to stimulate consumption in its annual work tasks [3]. - The article discusses the need for a systematic fiscal policy approach to enhance consumption quality and upgrade the consumption structure [6]. Group 2: Structural Improvements - It is suggested to improve income distribution and social security systems to strengthen the foundation for resident consumption [7]. - The use of structural fiscal policy tools is recommended to tap into the potential of mass consumption and cultivate new growth points in service consumption [8]. Group 3: Addressing Challenges - The article notes that consumption potential has not been fully realized, with challenges such as a relatively single consumption structure and insufficient consumer confidence [9]. - It highlights the need for better allocation of fiscal resources to support consumption and address pain points that hinder consumption recovery [15][16]. Group 4: Enhancing Support for Key Groups - Increasing transfer payments and enhancing support for key groups are emphasized to alleviate residents' expected spending pressures [18]. - The article advocates for a balanced approach in the allocation of central budget investments and local government special bond funds to support economic development and public welfare [22]. Group 5: Financial Coordination - Strengthening the coordination between fiscal and financial policies is crucial for boosting consumer confidence through effective expectation management [23]. - The establishment of mechanisms for fiscal interest subsidies, risk compensation, and government guarantees is recommended to support specific consumption projects with low-interest financing [24].

Core Viewpoint - The article emphasizes the importance of expanding domestic demand and enhancing consumption as a fundamental driver of economic growth, aligning with the strategic goals set by the Chinese government to improve the quality of life for its citizens and stimulate economic recovery [1][7]. Group 1: Economic Strategy and Policy - The Chinese government has prioritized "boosting consumption and improving investment efficiency" as a key task for the year, implementing more proactive fiscal policies to support employment and enhance residents' income [1]. - Since the 18th National Congress, there has been a continuous improvement in residents' income levels and consumption structures, with a focus on optimizing the income distribution and social security systems to bolster consumer confidence [2][7]. Group 2: Structural Fiscal Policies - The government has utilized structural fiscal policy tools, such as tax incentives and special subsidies, to stimulate consumption, particularly in the "two new" areas (large-scale equipment updates and old-for-new consumption) [3]. - In 2024, 150 billion yuan will be invested to support over 4,600 equipment update projects, contributing to a 15.7% year-on-year increase in related investments [3]. Group 3: Service Consumption Growth - A series of fiscal policies have been introduced to promote service consumption, with tax incentives aimed at expanding service supply and improving service quality [4]. - The proportion of per capita service consumption expenditure in total consumption has increased from 39.7% in 2013 to 46.1% in 2024, indicating that service consumption is becoming a significant driver of overall consumption growth [4]. Group 4: Green Consumption Initiatives - The government has implemented policies to promote green consumption, including differentiated tax systems and government procurement of environmentally friendly products [5]. - In 2023, the government prioritized the procurement of environmentally friendly products amounting to 57.51 billion yuan, accounting for 84.9% of the total procurement in this category [5]. Group 5: Financial Support and Consumer Confidence - The article highlights the need for better allocation of fiscal resources to support consumption, addressing issues such as inadequate public services and uneven resource distribution [7][8]. - It suggests enhancing fiscal spending on education, healthcare, and community services to alleviate household financial burdens and boost consumer confidence [8]. Group 6: Tax System Reforms - The article calls for reforms in the tax system to enhance its role in stimulating consumption, including optimizing personal income tax and adjusting consumption tax structures [9]. - The aim is to reduce the tax burden on individuals, particularly low- and middle-income groups, thereby increasing disposable income and consumption capacity [9]. Group 7: Government Investment and Infrastructure - The government is encouraged to adjust fiscal investments to improve public service infrastructure, particularly in education, healthcare, and elderly care [10]. - There is a focus on developing new consumption infrastructure to meet the demands of evolving consumer preferences and enhance service supply capabilities [10]. Group 8: Financial Mechanisms for Consumption - The article discusses the establishment of financial mechanisms to support consumer financing, including interest subsidies and risk compensation for consumer loans [11]. - It emphasizes the importance of creating accessible financial products for specific demographics, such as new citizens and youth, to enhance their consumption capabilities [11].