Ma Haitao: A more proactive fiscal policy should focus on government debt management as the key task for the fiscal work in 2026, using "investing in things" as the means to expand the scale of effective investment.

Ma Haitao, President of Central University of Finance and Economics, stated at the 30th China Capital Market Forum today that implementing a more proactive fiscal policy should prioritize government debt management for the year 2026. It is essential to adhere to the close integration of "investment in things" and "investment in people" to promote stability in investment. Ma Haitao pointed out that a more proactive fiscal policy should maintain the necessary strength in terms of overall quantity, continuously optimize in terms of structure, and particularly coordinate efforts in "investment in things" and "investment in people", using "investment in things" as a lever to expand the effective investment scale. Furthermore, government debt management is not simply about subtraction, but should be managed scientifically to match the scale of debt with the demands for high-quality development and modernization of the industrial system.