The Central Economic Work Conference has deployed that China will continue to implement a more proactive fiscal policy in 2026. Expanding the fiscal expenditure plate, optimizing the government bond tool portfolio, enhancing local autonomous available financial resources, continuously optimizing expenditure structure, and strengthening fiscal financial coordination... The reporter learned from the recently held National Financial Work Conference that a more proactive fiscal policy in 2026 will continue to play a powerful and effective "combination punch" to strengthen support and guarantee for economic development. By 2025, China will implement more proactive macro policies to promote the development of the economy towards a new and better direction, demonstrating strong resilience and vitality. As an important tool for macroeconomic regulation, a series of major measures of fiscal policy have been implemented and shown to be effective. The financial work has achieved new results and played an important role in promoting the completion of the annual economic and social development goals and tasks, "said Minister of Finance Lan Fo'an. This year, the deficit arrangement was more awesome. The deficit ratio was 4%, and the deficit scale reached 5.66 trillion yuan, the highest in recent years. The countercyclical adjustment was further strengthened. Maintaining expenditure intensity, the national general public budget expenditure exceeds 29 trillion yuan, and through further expansion of fiscal expenditure, it effectively promotes sustained and healthy economic and social development. A series of "big" policies will leave a deep mark in 2025: issue extra long term special treasury bond of 1.3 trillion yuan, give greater support to "dual" projects, and strengthen the expansion of the implementation of "two new" policies; Add 4.4 trillion yuan of local government special bonds, improve management mechanisms, and carry out pilot projects of "self review and spontaneous"; Activate the 500 billion yuan debt balance limit and supplement local comprehensive financial resources; We will issue 500 billion yuan of special treasury bond to supplement the capital of large state-owned commercial banks and effectively enhance the ability to extend credit; Stimulate consumption potential on both sides of supply and demand, and introduce and implement policies for individual consumption loans and interest subsidies for service business entity loans. In addition, adjustments and optimizations have been made to duty-free shops and exit tax refund policies to encourage and expand inbound consumption. Promoting more financial resources to invest in people and continuously strengthening people's livelihood security has become a distinctive feature of fiscal expenditure in 2025. Enrich the tools for stabilizing employment policies, introduce policies such as expanding social insurance subsidies and increasing the return of unemployment insurance to stabilize employment, and continue to reduce unemployment and work-related injury insurance premiums. Gradually promote free preschool education, starting from kindergarten classes, and waive childcare education fees, benefiting over 12 million people. Establish a childcare subsidy system, with the national government allocating 100 billion yuan to provide childcare subsidies to infants and young children under the age of 3. In addition, deepening the reform of the fiscal and taxation system is also noteworthy, including comprehensively promoting zero based budget reform at the local level and improving policies such as value-added tax retention and refund. "2025 is an extraordinary year. The financial sector has implemented more active fiscal policies deployed by the CPC Central Committee, promoted economic and social stability, steadily promoted the reform of the fiscal and taxation system, and the concept of scientific fiscal management has been deeply rooted in the hearts of the people. The role of finance in promoting Chinese path to modernization has been more fully played. ”Yang Zhiyong, President and Researcher of the Chinese Academy of Fiscal Sciences, stated. According to the deployment, China will maintain a necessary fiscal deficit, total debt, and total expenditure by 2026 by expanding the fiscal expenditure plate. 'More proactive' is reflected not only in the scale of funds, but also in improving the efficiency of fund utilization. ”Lan Fo'an stated that we will continue to implement more proactive fiscal policies and improve precision and effectiveness, optimize increment and activate stock, focus on expanding domestic demand, optimizing structure, increasing momentum, benefiting people's livelihoods, stabilize employment, enterprises, markets, and expectations, promote reform, strengthen management, prevent risks, and increase efficiency, promote the effective improvement of the economy in quality and reasonable growth in quantity, maintain social harmony and stability, and provide strong guarantees for achieving a good start to the 15th Five Year Plan. The National Financial Work Conference proposed a series of policy measures: expanding the fiscal expenditure plate to ensure necessary expenditure intensity; Optimize the portfolio of government bond instruments to better leverage bond benefits; Improve the efficiency of transfer payment funds and enhance local independent and available financial resources; Continuously optimizing expenditure structure and strengthening support in key areas; Strengthen fiscal and financial coordination, and enhance policy effectiveness. A more proactive fiscal policy is not only reflected in the expansion of fiscal expenditure scale, but also in the optimization of fiscal expenditure structure and further improvement of fiscal fund efficiency. Strengthening scientific management of finance, seeking benefits from management and reform, will further enhance the efficiency of fiscal governance. ”Yang Zhiyong said. Professor Bai Yanfeng from the School of Finance and Taxation at the Central University of Finance and Economics analyzed that in 2026, it is necessary to make good use of policy space and maintain necessary expenditure intensity in terms of total expenditure. At the same time, for fiscal funds of the same scale, different expenditure structures and progress may result in significant differences in the effectiveness of fund utilization. Therefore, in 2026, we need to make efforts to advance the progress of fiscal expenditure, take the initiative, and continuously improve the efficiency of fiscal resource allocation in terms of the timeliness of fiscal management, "said Bai Yanfeng. As the starting year of the 15th Five Year Plan, 2026 will continue the "more proactive" tone of fiscal policy, stabilize growth with a package of policy measures, and simultaneously focus on the coordination of fiscal resources, scientific management, and zero based budgeting. Through measures such as tax optimization, precise fund allocation, and transfer payments, strong momentum will be injected into high-quality economic development. ”Li Xuhong, Vice Dean and Professor of Beijing National Institute of Accounting, said. Strengthen the guarantee of key areas and expand the fiscal expenditure by 2026. In which areas will the funds be directed? Expanding domestic demand and ensuring people's livelihood have become key words. Adhere to domestic demand leadership and support the construction of a strong domestic market. The fiscal policy will continue to support the vigorous boost of consumption, and the special action to boost consumption will be implemented in depth. We will actively expand effective investment, make good use of ultra long term special treasury bond, central budget investment and other funds, optimize investment orientation and structure, and increase investment in key areas such as new quality productivity and all-round human development. Accelerate the construction of a unified national market, standardize tax incentives and fiscal subsidies policies. Support the deep integration of technological innovation and industrial innovation, and accelerate the cultivation and growth of new driving forces. Further increase financial investment in science and technology, improve the management of financial science and technology funds, and strengthen the dominant position of enterprises in scientific and technological innovation. Implement the action plan for high-quality development of key manufacturing industry chains, launch a new batch of pilot cities for the transformation of new manufacturing technologies, and accelerate the construction of a modern industrial system. Further strengthen the protection of basic necessities and the bottom line, and effectively enhance the guarantee of people's livelihood. Coordinate various types of funds such as employment subsidies and unemployment insurance funds to guide and support enterprises in stabilizing and expanding employment, and key groups in employment and entrepreneurship. Actively leverage the regulatory role of taxation, social security, and transfer payments to increase residents' income through multiple channels. Support the provision of education that satisfies the people, improve the level of medical and health service guarantee, perfect the social security system, and expand development space while meeting the needs of the people. By weaving a solid and dense social security safety net, we can help residents steadily increase their income, stabilize and improve their expectations, and enable them to consume and dare to consume. ”Bai Yanfeng stated. In addition, we will promote the comprehensive green transformation of economic and social development and accelerate the construction of a beautiful China. Promote pollution prevention and control, strengthen ecosystem protection and restoration, improve support policies for green and low-carbon development, coordinate efforts to reduce carbon emissions, pollution, expand greenery, and promote growth, and enhance the momentum of green development. In 2026, we will comprehensively strengthen the scientific management of finance and promote high-quality development of finance through high-level management. Adhere to the combination of consolidating responsibilities and improving mechanisms, and effectively safeguard the bottom line of the "three guarantees". Persist in combining risk resolution with the establishment of long-term mechanisms, and strengthen government debt management without relaxation. Adhere to the combination of steady progress and bold exploration, and deepen the reform of the financial and tax system. Adhere to the combination of managing assets well and making good use of assets, and promote the improvement of the state-owned asset management system. Adhere to the combination of accurately identifying problems and effectively solving them, and continuously strengthen financial and accounting supervision work. Li Xuhong suggested that by strengthening the structural optimization of capital investment, concentrating financial support for major strategies and livelihood issues, reducing inefficient expenditures, and achieving the goal of 'good steel being used on the cutting edge'. At the same time, we will further promote zero based budget reform, break the "base dependence" of budget preparation, dynamically adjust fund allocation based on policy priorities and project performance, and improve the efficiency and accuracy of fiscal fund utilization. A more proactive fiscal policy in 2026, promoting the organic unity of short-term stable growth and long-term efficiency improvement, can provide solid financial support for the economic and social development during the '15th Five Year Plan' period. ”Li Xuhong said (from Xinshe)