The first executive meeting of the State Council in 2026 will be held recently. From optimizing the "double interest subsidy" policy for residents' consumption to establishing a special guarantee plan for private investment, from establishing a risk sharing mechanism for private enterprise bonds to improving the equipment renewal interest subsidy policy, the conference focused on domestic demand and deployed a series of policy measures that are both beneficial to the current situation and more beneficial to the long-term through fiscal and financial coordination. Experts say that the conference aims to bridge the barriers between consumption and investment, reduce the cost of the real economy, and boost market confidence through systematic policy design. The accelerated implementation of policy measures will also inject strong impetus into effectively stimulating the potential of the domestic super large market and consolidating the foundation for economic recovery and improvement. The core of the policy path clarified at this National Standing Committee meeting lies in "synergy" and "precision". The meeting emphasized the need to strengthen the coordination and linkage between fiscal and financial policies, and fully leverage policy effects, with the aim of forming a policy synergy and amplifying efficiency. Li Xuhong, Vice President of Beijing National Institute of Accounting, pointed out that China has a market with a huge scale and great growth potential, and expanding effective demand is the key to promoting economic stability and progress. Strengthening the coordination of fiscal and financial policies can enhance the consistency of macro policy orientation, form a "1+1 GT; 2" effect, and more effectively guide resource allocation and stimulate market vitality. This is in line with the previous Central Economic Work Conference's requirement to enhance policy foresight, targeted coordination, and reflects the continuous optimization of macroeconomic regulation and control ideas. The specific focus of policy implementation is clearly directed towards the two major domestic demand engines of consumption and investment, and a systematic "package" tool combination has been launched. In terms of promoting residents' consumption, the meeting proposed the policy combination of "optimizing the implementation of interest subsidy policies for service industry operating entities' loans and personal consumption loans", which is known as the "double interest subsidy" in the market, and will work simultaneously from both the supply and demand sides. Dong Ximiao, Deputy Director of Shanghai Finance and Development Laboratory, pointed out that this optimization has strong pertinence. From the supply side, by providing loan interest subsidies to service industry operators, their financing costs can be directly reduced, which helps to stabilize and increase the supply of high-quality services in tourism, sports, elderly care, and other fields, and improve the consumption environment. From the demand side, providing interest subsidies for personal consumption loans is equivalent to reducing residents' credit costs, which can to some extent enhance their short-term consumption ability and boost their willingness to consume. Li Xuhong also believes that the "double interest subsidy" policy synergizes supply and demand, stabilizing business entities and ensuring supply, as well as stabilizing individual consumption entities and unleashing potential, which is conducive to forming a virtuous cycle of supply and demand mutual promotion. It is understood that the relevant interest subsidy policies have shown initial effectiveness since their implementation in the second half of 2025. The deployment of the National Standing Committee indicates that policies will be more precise and sustainable. Dong Ximiao suggested that the next step should start with improving accuracy, efficiency, and synergy, such as dynamically adjusting the scope of support, breaking down data barriers to simplify the interest subsidy process, and strengthening the linkage design of policies between supply and demand. In terms of supporting private investment, the conference has constructed a stronger and more diverse "policy matrix": implementing interest subsidy policies for small and medium-sized enterprise loans, establishing a special guarantee plan for private investment, establishing a risk sharing mechanism for supporting private enterprise bonds, optimizing the implementation of financial interest subsidy policies for equipment renewal loans, etc. Wang Qing, Chief Macro Analyst of Dongfang Jincheng, stated that this policy system covers the main channels for corporate financing and implements targeted measures for different pain points. The interest subsidy policy for loans to small and medium-sized enterprises is a new financing cost reduction for medium-sized enterprises, while for small and micro enterprises that have already enjoyed the preferential treatment of supporting agriculture and small loans, it is a "superposition of preferential treatment", significantly enhancing the inclusiveness. Dong Ximiao pointed out that the interest subsidy policy can leverage the "four two transfers a thousand pounds" of fiscal funds, guide more financial resources to flow into key areas supported by national strategies and industries that carry employment, and amplify policy effectiveness. Of particular concern are the establishment of a special guarantee plan for private investment and the establishment of a risk sharing mechanism to support private enterprise bonds. Wang Qing believes that the former aims to increase credit through government guarantees, leverage bank credit to support private investment projects, and address the problem of "loan difficulties" in a targeted manner; The latter, through market-oriented methods such as credit risk mitigation tools, shares the credit risk of private enterprise bonds, enhances market subscription willingness, and focuses on solving the dilemma of "difficult and expensive bond issuance". These institutional arrangements send a strong signal of stabilizing the expectations of private enterprises and strengthening their investment confidence. At the same time as deploying the policy toolbox, the meeting attaches great importance to the implementation effect of policies, clearly proposes to take more facilitation measures, effectively promote the implementation and effectiveness of policies, and strengthen the management of the entire chain to ensure the standardized and efficient use of funds. This reflects the upgrading of governance thinking in policy design from 'blood transfusion' to 'blood production', from 'introduction' to 'effectiveness', ensuring that dividends can directly reach business entities and consumers, truly transforming into a sense of gain and development momentum. ”Lou Feipeng, a researcher at China Postal Savings Bank, said that the package of policies deployed at this meeting focuses precisely on consumption and investment, highlighting the coordination and precision of regulation. Through tools such as interest subsidies, guarantees, and risk sharing, the fiscal side effectively plays a role in increasing credit and sharing risks, while the financial side can more actively amplify credit and bond financing support, ultimately forming an efficient transmission chain of "fiscal leverage of finance and financial guidance of social capital". Lou Feipeng emphasized that policies are not only aimed at short-term stable growth, but also a "key step" in building a long-term mechanism to expand domestic demand, which is of great significance for promoting a "good start" to the economy in 2026 and promoting high-quality development. (New Society)