需重视发挥存量政策和增量政策集成效应

Core Viewpoint - The Central Political Bureau of the Communist Party of China emphasizes the need for a stable yet progressive economic strategy for 2026, focusing on enhancing quality and efficiency through proactive fiscal and moderately loose monetary policies [1] Group 1: Economic Policy Direction - The economic policy for 2026 will continue the trend of a more proactive fiscal policy and moderately loose monetary policy, consistent with the 2025 policy direction [1] - The fiscal deficit rate is set to increase from 3% in 2024 to a historical high of 4% in 2025, while the central bank implemented a 0.5 percentage point reserve requirement ratio cut and a 0.1 percentage point reduction in the 7-day reverse repurchase rate in May [1] Group 2: Focus on Domestic Demand and Supply Optimization - The meeting highlights the importance of expanding domestic demand and optimizing supply as strategic bases for constructing a new development pattern and responding to international economic challenges [2] - Recent measures to promote private investment include 13 initiatives aimed at stimulating market-driven effective investment growth, alongside a plan to enhance the adaptability of consumer goods supply and demand [2] Group 3: Key Strategies for Economic Growth - The strategy of "optimizing increment and revitalizing stock" is crucial, requiring the development of new productive forces and strategic emerging industries while maintaining reasonable investment growth [2] - Revitalizing stock involves effectively utilizing idle and inefficient assets, including underused land, vacant properties, and existing infrastructure [3] Group 4: Integration of Policies - The integration of stock and increment policies is essential for improving policy coherence and resource allocation efficiency, ultimately driving high-quality economic development [3] - Adjustments to existing restrictive measures in sectors like automotive and housing are necessary to enhance the effectiveness of incremental policies [3]