中央政治局会议释放六大信号

Core Viewpoint - The meeting of the Central Political Bureau on December 8 emphasized the need for a stable yet progressive economic strategy for 2026, focusing on enhancing quality and efficiency while implementing proactive fiscal and moderately loose monetary policies [2][5]. Group 1: Economic Policy Direction - The meeting highlighted the importance of maintaining a stable yet progressive work guideline, better coordinating domestic economic work with international trade, and enhancing the forward-looking, targeted, and coordinated nature of macroeconomic policies [5][6]. - The proactive fiscal policy and moderately loose monetary policy will continue, aiming to ensure effective transmission of fiscal expansion to the real economy while maintaining a stable financing environment [8][9]. Group 2: Economic Growth and Demand - The meeting called for continuous expansion of domestic demand and optimization of supply, emphasizing the need for a consumption-driven economic model to address current demand weaknesses [14][15]. - It was noted that the real estate sector is still facing challenges, with significant declines in investment and sales, indicating a need for targeted measures to stabilize this sector [5][12]. Group 3: Innovation and New Growth Drivers - The meeting stressed the importance of innovation-driven development and the cultivation of new growth drivers, with a focus on technology and manufacturing upgrades [17]. - There will be an emphasis on increasing fiscal spending in technology sectors and supporting the integration of technological innovation with industrial development [17]. Group 4: Risk Management - The meeting reiterated the commitment to maintaining stability in employment, enterprises, markets, and expectations, while actively managing risks in key areas such as real estate and local government debt [19][20]. - It was acknowledged that the current debt pressures faced by residents, enterprises, and local governments require careful management to prevent the accumulation of new ineffective debts [20].