定调2026年经济工作 十大要点全解读

Core Viewpoint The Central Economic Work Conference emphasizes the need for proactive macroeconomic policies to enhance economic stability and growth, focusing on expanding domestic demand, optimizing supply, and ensuring a strong start to the 14th Five-Year Plan. Group 1: Macroeconomic Policy Adjustments - The conference highlights the importance of increasing counter-cyclical and cross-cyclical adjustments to improve macroeconomic governance efficiency [2] - It is suggested that fiscal and monetary policies should work in tandem, with a focus on both existing and new policies to achieve stable growth and quality improvement [2] Group 2: Fiscal Policy - A more proactive fiscal policy is to be implemented, maintaining necessary fiscal deficits and total debt levels while optimizing expenditure structures [3] - Recommendations include raising the deficit rate to 4.5%-5% by 2026, with a broad deficit scale exceeding 16 trillion yuan [3] Group 3: Monetary Policy - The conference calls for a moderately loose monetary policy, utilizing various tools such as interest rate cuts and reserve requirement ratio reductions to support economic growth [4] - It is anticipated that there may be 1-2 rate cuts and reserve requirement ratio reductions in 2026, with a focus on maintaining liquidity and avoiding excessive asset price fluctuations [4] Group 4: Domestic Market Development - Emphasis is placed on building a strong domestic market, enhancing consumption, and optimizing the supply of quality goods and services [7] - The government aims to stimulate investment and improve the management of local government special bonds to invigorate private investment [7] Group 5: Innovation and Technology - The conference stresses the importance of innovation-driven growth, particularly in artificial intelligence and other emerging technologies [9] - Policies will be implemented to support high-value service industries and enhance the role of enterprises in innovation [9] Group 6: Capital Market Reforms - Continuous reforms in the capital market are highlighted, with a focus on enhancing the investment environment for long-term capital [10] - The aim is to improve the adaptability of listing standards for emerging industries and promote long-term investment products [10] Group 7: Green Transition - The conference outlines a commitment to a comprehensive green transition, focusing on energy efficiency and carbon reduction initiatives [13] - Plans include strengthening the carbon emissions trading market and promoting the use of renewable energy [13] Group 8: Real Estate Market Stability - The need to stabilize the real estate market is emphasized, with strategies to control inventory and improve supply [14] - The government aims to reform the housing provident fund system and promote the construction of quality housing [14]