中央定调明年货币政策 灵活高效运用降准降息等工具

Group 1 - The central economic work conference held in Beijing from December 10 to 11 outlined the economic work for 2026, emphasizing the continuation of a moderately loose monetary policy and the flexible use of various policy tools such as reserve requirement ratio (RRR) cuts and interest rate reductions [1] - The conference highlighted the importance of promoting stable economic growth and reasonable price recovery as key considerations for monetary policy, aiming to maintain ample liquidity and facilitate the transmission mechanism of monetary policy [1] - Chief researcher Dong Ximiao from Zhangle Research believes that the deposit and policy interest rates are expected to decline further in 2026, with one to two RRR cuts and interest rate reductions anticipated, while focusing on guiding financial resources towards technology innovation, green development, and boosting consumption [1] Group 2 - Citic Securities' chief economist Mingming noted that the main theme of "expansive fiscal and monetary policy" will continue into 2026, with room for RRR cuts and interest rate reductions expected in late 2025 to the first half of 2026 [2] - The conference emphasized enhancing the consistency and effectiveness of macroeconomic policies, incorporating various economic and non-economic policies into a consistency evaluation [2] - The policies will focus on key areas such as technology finance, green finance, and inclusive finance to improve policy precision [2] Group 3 - Dong Ximiao indicated that future policies across various departments, regions, and sectors will emphasize coordination and collaboration to form a unified effort [3] - Mingming analyzed that 2026, as the starting year of the 14th Five-Year Plan, will see a robust economic start driven by a more proactive macro policy mix and forward-looking structural reforms, laying a solid foundation for modernization by 2035 [3]