How can fiscal policy become more proactive? Lan Fo'an: Provide sufficient funding scale and amplify policy coordination effects

Caixin 2026 deficit ratio remains at a historic high of around 4%, with ultra-long special bonds and local government专项 bonds maintaining high levels, and a 100 billion yuan fiscal and financial coordination fund launched to stimulate domestic demand. Minister of Finance Lan Fuan stated at the March 6 economic press conference that in 2026, China will continue to implement a more proactive fiscal policy, reflected not only in the scale of funds and sufficient policy strength but also in strengthening policy coordination to amplify effects.

Lan Fuan said that in recent years, fiscal policy has always maintained an active orientation. In 2025, China first implemented a more proactive fiscal policy, further strengthening macro regulation. In 2026, the country will continue to adhere to the “more proactive” tone, maintaining the intensity established in 2025’s overall expansion. This arrangement fully considers the profound and complex changes in the current domestic and international situation, balancing counter-cyclical and cross-cyclical adjustments. It can effectively hedge short-term fluctuations, promote economic operation within a reasonable range, and also facilitate structural optimization and enhance economic resilience, providing solid support for a good start and a strong beginning for the 14th Five-Year Plan.