According to the CITIC Securities Research Report, the 2026 fiscal policy is set as a “more active fiscal policy.” Fiscal spending is expected to continue to expand. On the one hand, it will continue to lean towards new energy fields such as “new infrastructure,” scientific and technological innovation, and green and low carbon; on the other hand, spending on basic livelihood services will also increase to enhance people's livelihood and welfare and directly stimulate consumer demand. At the same time, the risk of local government stock debt has received great attention. Under the constraints of controlling debt risk, fiscal policy seeks a balance between “expanding spending” and “preventing risk.” The monetary policy tone is expected to continue “moderate easing” in 2026, and emphasizes the flexible use of various tools to reduce social financing costs. It is expected that in 2026, the People's Bank of China will maintain a moderately relaxed approach in terms of aggregate instruments, and there is still room for interest rate cuts.

According to the CITIC Securities Research Report, the 2026 fiscal policy is set as a “more active fiscal policy.” Fiscal spending is expected to continue to expand. On the one hand, it will continue to lean towards new energy fields such as “new infrastructure,” scientific and technological innovation, and green and low carbon; on the other hand, spending on basic livelihood services will also increase to enhance people's livelihood and welfare and directly stimulate consumer demand. At the same time, the risk of local government stock debt has received great attention. Under the constraints of controlling debt risk, fiscal policy seeks a balance between “expanding spending” and “preventing risk.” The monetary policy tone is expected to continue “moderate easing” in 2026, and emphasizes the flexible use of various tools to reduce social financing costs. It is expected that in 2026, the People's Bank of China will maintain a moderately relaxed approach in terms of aggregate instruments, and there is still room for interest rate cuts.