Core Viewpoint - The upcoming Central Economic Work Conference is expected to set the tone for China's economic policies in 2026, emphasizing "stability while seeking progress" and focusing on structural adjustments and energy transitions [1] Group 1: Macroeconomic Policy Coordination - "Stability" is anticipated to play a central role in the economic work for 2026, with expectations for a series of macroeconomic policies to ensure economic operation within a reasonable range [2] - Fiscal policy is expected to become more proactive, with higher deficit rates and the continuation of issuing long-term special bonds to stabilize the economy and employment [2] - Monetary policy is likely to remain moderately loose, with expectations for timely reductions in reserve requirements and interest rates to lower financing costs for the real economy [2] Group 2: Expanding Domestic Demand - The release of domestic market potential is seen as crucial, with a shift towards stimulating innovation and consumption to create a favorable environment for entrepreneurship [3] - Fiscal support for consumption is expected to expand, potentially covering a wider range of consumer goods and services, with a focus on service consumption [3] - Investment in equipment upgrades is anticipated to increase, with a focus on technology innovation and manufacturing transformation, while addressing issues of overcapacity and mismatched supply and demand [3] Group 3: Accelerating New Momentum Cultivation - China is at a critical stage of transitioning growth drivers, with a need to explore new growth paths amid weakening traditional drivers [4] - The World Intellectual Property Organization's report indicates that China has entered the global top ten in innovation index, laying a solid foundation for technological industrialization [4] - Future policies are expected to strengthen basic research and the transformation of key technologies, focusing on strategic emerging industries such as new energy, AI, and advanced manufacturing [4][5]
（经济观察）重磅会议将定调明年经济 稳增长政策料持续发力
Zhong Guo Xin Wen Wang·2025-12-10 09:07