The recently held National Financial Work Conference clarified that a more proactive fiscal policy will continue to be implemented in 2026, and policy effectiveness will be released through five major measures including expanding the spending scale and optimizing the combination of bond instruments. Lan Foan, Minister of Finance, stated that the proactive fiscal policy is reflected not only in the scale of funds but also in improving the efficiency of fund utilization.

Specifically, fiscal work in 2026 will focus on six key tasks, among which expanding domestic demand is the core starting point. On the consumption side, funds will continue to be arranged to support the trade-in of consumer goods, optimize the scope and standards of subsidies, and improve the consumer loan interest discount policy to boost the development of new consumption formats and models. On the investment side, key investments will be increased in areas such as new-quality productive forces and the all-round development of people, accelerating the construction of a unified national market.

Notably, on January 5, the Ministry of Finance disclosed plans to issue the 2026 Book-Entry Discount Treasury Bonds (Issue 1), with a total tender face value of 40 billion yuan, a term of 182 days, and interest accruing from January 7. Industry analysts believe that the issuance of treasury bonds will provide financial support for the implementation of the proactive fiscal policy, and at the same time enhance the independent financial capacity of local governments by optimizing the effectiveness of transfer payments, laying a solid foundation for stable economic growth throughout the year.