政治局会议定调明年经济工作：实施更加积极有为的宏观政策

Core Viewpoint - The 2026 economic work policy emphasizes a more proactive macroeconomic policy to enhance the effectiveness of economic governance and address structural contradictions in economic operations, aiming for quality improvement and reasonable growth in the economy [1][2][3]. Economic Situation Assessment - The current economic operation is generally stable, with a GDP growth of 5.2% year-on-year, although the growth rate has slowed to 4.8% in the third quarter, indicating weakening economic momentum and structural issues [2][3]. - The manufacturing PMI for November is at 49.2%, indicating a contraction for seven consecutive months, which signals ongoing economic downward pressure [2][3]. Policy Direction - The meeting calls for continued implementation of a more proactive fiscal policy and moderately loose monetary policy, enhancing the integration of existing and new policies to strengthen counter-cyclical and cross-cyclical adjustments [2][3]. - The fiscal policy during the "15th Five-Year Plan" period is expected to remain positive, with a focus on expanding domestic demand and supporting high-level technological self-reliance [3][4]. Domestic Market Development - The emphasis is on building a strong domestic market, with key strategies including boosting consumption, expanding effective investment, and removing barriers to the construction of a unified national market [6][7]. - The "15th Five-Year Plan" aims to significantly increase the household consumption rate, although recent data shows a decline in retail sales growth, indicating potential challenges ahead [7]. Investment Focus - Investment strategies should prioritize public service improvements and funding in education, healthcare, and elderly care, as well as in cutting-edge technology sectors like new information technology and renewable energy [8]. - There is a need for a fair competitive market environment and mechanisms to encourage private sector participation in major projects, creating a strong synergy between government and private investments [8].