李迅雷：中央经济工作会议将如何优化“存量”与“增量”｜立方大家谈

Group 1 - China's economy has entered an era dominated by stock economy, facing higher demands for optimizing stock and seeking incremental growth due to its large economic scale and accumulated debt [2] - The Central Economic Work Conference emphasizes the need to practice internal strength to respond to external challenges, indicating increased confidence in handling external pressures such as tariffs and technology blockades [3][4] - The conference highlights the importance of balancing domestic economic work with international trade struggles, aiming for high-quality development amidst external uncertainties [3][4] Group 2 - Expanding domestic demand is a key strategic measure to counter external shocks, with a focus on boosting consumption through specific actions and increasing residents' income [4][5] - The conference calls for stabilizing investment and increasing central budget investment to support major projects, particularly in urban renewal to mitigate real estate investment decline [4][6] - The manufacturing sector, which accounts for about 30% of global value added, faces challenges from external market demands and trade protectionism, necessitating a focus on the global layout of production capacity [5] Group 3 - The economic work for the coming year will prioritize quality and efficiency, with a continuation of proactive fiscal and moderately loose monetary policies [6][7] - Fiscal policies will maintain necessary deficits and optimize project implementations, with an expected increase in the fiscal deficit rate from around 4% to 4.2-4.5% [7] - Monetary policy will remain flexible, with potential adjustments in reserve requirements and interest rates, while also focusing on reasonable price recovery as a key consideration [8] Group 4 - The conference outlines the need for innovation-driven growth, emphasizing the establishment of international technology innovation centers and the development of new industries [10][11] - Local governments are encouraged to tailor their approaches based on regional resources and conditions, promoting new production capacities while enhancing traditional industries [11] - The real estate market will be stabilized through targeted measures, including inventory reduction and promoting the construction of quality housing [12][13]