中央经济工作会议指明总基调，多位首席一线解读明年经济工作方向

Group 1 - The central economic work conference in Beijing emphasized a stable yet progressive approach to economic work, focusing on expanding domestic demand, technological innovation, deepening reforms, and risk prevention [1][5] - The macroeconomic policy for 2026 is expected to remain proactive, with a combination of active fiscal policy and moderately loose monetary policy to support economic recovery and stabilize the capital market [1][6] - The conference highlighted the importance of enhancing the quality and efficiency of economic work, with a focus on structural adjustments and technological self-reliance as key directions for 2026 [1][2] Group 2 - The conference indicated that fiscal policy will maintain a proactive stance, with expectations for the budget deficit rate to remain around 4%, while special bonds may see a slight increase [2][6] - Monetary policy is anticipated to have a window for interest rate cuts in the first half of the year, with a potential reduction of around 10 basis points, while focusing on supporting sectors like technological innovation and service consumption [2][6] - The capital market will play a crucial role in supporting technological innovation and industrial upgrades, with a comprehensive reform of investment and financing mechanisms expected to promote high-quality development [3][4] Group 3 - The emphasis on expanding domestic demand is seen as a cornerstone for stabilizing the economy in 2026, with measures to boost consumer spending and fixed asset investment [7][8] - The real estate market will see policies aimed at stabilizing the market, with a focus on inventory reduction and the construction of quality housing, reflecting a shift from viewing real estate as an economic engine to a cornerstone of livelihood [8][9] - The conference addressed the need to avoid "involution" and risks, promoting a unified national market and enhancing the effectiveness of policy implementation through coordinated efforts [9][10]