重磅解读！中央政治局会议研究明年经济工作，如何理解8项“坚持”？

Core Viewpoint - The Central Political Bureau of the Communist Party of China emphasizes the need for a more proactive macroeconomic policy in 2026, focusing on domestic demand and optimizing supply to support economic recovery and growth [1][2]. Group 1: Macroeconomic Policy - The macroeconomic policy will continue to be "more proactive and effective," maintaining a supportive stance through fiscal and monetary measures [2]. - Fiscal policy may see an increase in central government spending, with a potential budget deficit rate raised to 4.5% and continued issuance of special government bonds [2]. - Monetary policy will remain "appropriately loose," with structural tools supporting key sectors while overall monetary conditions will depend on economic circumstances [2][3]. Group 2: Domestic Demand and Supply - The meeting highlights the importance of "domestic demand as the main driver" for economic growth, aiming to build a strong domestic market [4]. - From 2013 to 2024, domestic demand is expected to contribute an average of 93.1% to economic growth, although challenges remain in fully reversing the current insufficient domestic demand [5]. - The government aims to combine "expanding domestic demand" with "quality supply," focusing on enhancing consumer experience and long-term development [5]. Group 3: Innovation and New Growth Drivers - The meeting stresses "innovation-driven development" as a core strategy, transitioning from factor-driven to innovation-driven growth [7]. - There is a need for a collaborative innovation ecosystem that integrates government, market, and social forces to foster high-level technological innovation [7][8]. - Current structural shortcomings in innovation, such as insufficient investment in basic research and challenges in technology transfer, need to be addressed through targeted policies [8]. Group 4: Open Economy and International Cooperation - The importance of "high-level opening up" is reiterated, with a focus on creating win-win cooperation across multiple fields [9][10]. - From 2013 to 2024, China's cumulative imports and exports are projected to reach 31.4 trillion USD, with direct foreign investment totaling 1.9 trillion USD, highlighting the benefits of international cooperation [10]. - Future cooperation will extend to areas like green trade and international industrial chain collaboration, enhancing resilience against external pressures [11]. Group 5: Risk Management - The meeting emphasizes the need for proactive and prudent risk management in key areas, including real estate and local government debt [12][13]. - Policies will continue to evolve to address risks in the real estate sector, with measures to stabilize liquidity and manage long-term risks [13][14]. - The approach to local government debt will focus on building a long-term management mechanism while ensuring that new hidden debts are not created [14].