CF40 report: China’s broad fiscal expenditure is expected to accelerate in the fourth quarter

China News Service, Beijing, November 2 (Tao Siyue) The China Financial Forty Forum (CF40) held a press conference on the macro policy report for the third quarter of 2026 in Beijing on November 2. The report pointed out that the improvement in the growth rate of broad fiscal expenditures in the fourth quarter is expected and will provide certain support for stimulating domestic demand.

On November 2, the China Finance Forty Forum (CF40) held a press conference for the third quarter of 2026 macro policy report in Beijing. Zhang Bin, a senior researcher at CF40 and deputy director of the Institute of World Economics and Politics, Chinese Academy of Social Sciences, spoke at the meeting. (Photo courtesy of the organizer)

The report shows that in the third quarter of 2026, China’s macroeconomic nominal growth accelerated. From a structural perspective, external demand remains strong, and exports remain high driven by the boom in the global AI industry chain. At the same time, production is relatively stable, and fixed asset investment has further slowed down.

When interpreting the report, Zhang Bin, senior researcher at CF40 and deputy director of the Institute of World Economics and Politics, Chinese Academy of Social Sciences, said that from the perspective of fiscal stimulation of domestic demand, about 700 billion yuan of this year's 800 billion yuan of policy financial instruments will be invested in the fourth quarter, playing a certain supporting role in stimulating domestic demand.

Zhang Bin believes that funds may focus on the construction of "six networks", among which computing power networks and underground pipe networks may be the main directions of development in the short term. Investments related to computing power networks are more likely to bring about capital leveraging effects and attract market capital participation; investments in underground pipeline networks are more likely to exert the multiplier effect of fiscal expenditures and drive upstream and downstream demand. The two are important starting points for promoting new economic development and stabilizing traditional investment respectively.