Next year, the fiscal policy "toolbox" is expected to be further expanded.

Looking back on 2025, a more proactive fiscal policy has achieved positive results in ensuring the implementation of major national strategies, expanding domestic demand, stabilizing growth, and benefiting people's livelihoods. Looking ahead to 2026, fiscal policy will be closely integrated with investments in both physical and human capital in the process of formulation and implementation. The Central Economic Work Conference proposed to continue implementing a more proactive fiscal policy. Yang Zhiyong, the director of the Chinese Academy of Fiscal Sciences, stated in an interview with reporters that this clearly indicates that the tone for 2026 will continue to be an expansionary fiscal policy, with requirements for the strength of fiscal policy and specific policies will be continuously optimized in accordance with the actual situation.