（经济观察）中国明年财政和货币政策 “存量”与“增量”作何解？

Core Viewpoint - The Central Economic Work Conference emphasizes the continuation of proactive fiscal policy and moderately loose monetary policy for the upcoming year, aiming to enhance macroeconomic governance effectiveness and support economic growth [1][2] Group 1: Fiscal Policy - Fiscal policy will maintain strong support to expand demand and optimize structure, with a focus on implementing existing policies effectively [1] - The integration of existing and new fiscal policies is highlighted, with an emphasis on utilizing existing resources and improving policy transmission efficiency [1][2] - The continuation of debt replacement work is expected to address local government hidden debt issues [2] Group 2: Monetary Policy - Monetary policy will remain moderately loose to provide a low-cost funding environment for economic operations [1] - Coordination between fiscal and monetary policies is crucial, with attention to fiscal expenditure structure, deficit arrangements, and the issuance of special bonds [2] - The role of monetary policy includes stabilizing the environment and supporting economic recovery [2] Group 3: Policy Integration - The concept of "integrated effects of existing and new policies" is a new addition, emphasizing the need for alignment between existing and future policies [1] - The collaboration between fiscal policy as a demand driver and monetary policy as a stabilizing agent is essential for economic recovery [2] - Global economic conditions, including high interest rates and debt levels, necessitate a stronger interaction between fiscal and monetary policies [2]