存量+增量政策协同发力，财政货币延续积极｜中央经济工作会议前瞻

Group 1 - The core viewpoint of the article emphasizes the importance of the Central Political Bureau meeting in December as a precursor to the upcoming Central Economic Work Conference, outlining the economic policy direction for 2026 [2][3] - The meeting acknowledged the overall stability and progress of China's economy in 2025, highlighting the steady development of new productive forces and effective risk mitigation in key areas [3][4] - The policy focus for 2026 will be on maintaining stability while promoting quality and efficiency, with a commitment to more proactive fiscal policies and moderately loose monetary policies [3][4][5] Group 2 - The meeting reiterated the need for a combination of stable growth and quality improvement, indicating a shift in policy focus from merely stabilizing growth to optimizing structure [4][5] - Analysts expect that the macroeconomic policies for 2026 will be more forward-looking, aiming to lay a foundation for high-quality development over the next five years [4][5] - The emphasis on "integrating stock and incremental policies" suggests a coordinated approach across various departments and regions to enhance policy effectiveness [5][6] Group 3 - The three main policy principles for 2026 include implementing more proactive macroeconomic policies, enhancing the foresight and coordination of policies, and continuing with active fiscal and moderately loose monetary policies [7][8] - Fiscal policy is expected to maintain a deficit rate of around 4%, with an increase in special bonds and long-term special government bonds to support new productive forces and social welfare [8][9] - Monetary policy is anticipated to see further reductions in deposit and policy interest rates, with potential cuts in reserve requirements and interest rates to support economic stability [8][9][10]