中央经济工作会议：灵活高效运用降准降息等多种政策工具

Core Viewpoint - The Central Economic Work Conference emphasizes the need for a stable yet progressive economic policy for the upcoming year, focusing on quality and efficiency improvements while enhancing macroeconomic governance [1] Fiscal Policy - The conference advocates for a more proactive fiscal policy, maintaining necessary fiscal deficits, total debt scale, and expenditure levels while optimizing fiscal expenditure structure and regulating tax incentives and subsidies [1] - Attention is drawn to addressing local fiscal difficulties and ensuring the basic "three guarantees" at the grassroots level [1] - Strict financial discipline is emphasized, urging government agencies to adopt frugal practices [1] Monetary Policy - A moderately loose monetary policy will continue, with a focus on stabilizing economic growth and ensuring reasonable price recovery as key considerations [1] - The use of various policy tools such as reserve requirement ratio cuts and interest rate reductions will be flexible and efficient to maintain ample liquidity [1] - The aim is to guide financial institutions to support key areas like expanding domestic demand, technological innovation, and small and medium-sized enterprises [1] - Stability of the RMB exchange rate at a reasonable and balanced level is also a priority [1] Policy Coordination - There is a call for enhanced consistency and effectiveness in macroeconomic policy orientation, integrating various economic and non-economic policies into a cohesive evaluation framework [1] - The establishment of a sound expectation management mechanism is crucial to boost social confidence [1]