CHINA PRESS: Chief Economists See More Intensive Fiscal Support Next Year

Chief economists interviewed by Yicai broadly agree that fiscal policy support will intensify in 2026, with a more explicit emphasis on “investment in people” and on stimulating consumption. Li Zhan, chief economist at the China Merchants Fund Research Department, projected that the fiscal deficit ratio will rise to between 4.0% and 4.2% in 2026, with the overall deficit expanding moderately from 2025 levels. Li added that fiscal funds will support for major national projects, urban renewal and the development of strategic emerging industries. On the consumption front, several chief economists stressed that service consumption will become a central focus of policy efforts in 2026. Another economist expected the government will raise the quota and broaden its scope of its trade-in subsidy scheme to include services, thereby strengthening consumption-driven growth momentum.