申万宏源：中央经济工作会议的十大亮点

Core Insights - The 2025 Central Economic Work Conference emphasized five "musts" to address current economic challenges, focusing on potential economic growth and the need for policy support and reform innovation [1][12][23] - The conference highlighted the significant issue of "strong supply and weak demand" in the domestic economy, contrasting with the previous year's focus on demand-side challenges [2][12][24] - The 2025 conference set a general economic growth target for 2026, aiming for stable and reasonable growth without detailing specific indicators, aligning with the "14th Five-Year Plan" goals [2][24] Economic Policy Focus - Fiscal policy will remain "more proactive," with an emphasis on maintaining necessary fiscal deficits and total debt levels, while addressing local fiscal difficulties [3][25][29] - Monetary policy will focus on promoting stable economic growth and reasonable price recovery, with tools like reserve requirement ratio cuts and interest rate reductions being considered [3][25][26] - The conference stressed the importance of integrating existing and new policies to enhance their effectiveness and ensure alignment with current economic goals [4][26] Domestic Demand and Investment - The conference underscored the need to prioritize domestic demand, with plans to implement urban and rural resident income increase programs and stimulate service consumption [5][27][28] - Investment strategies will include increasing central budget investment and optimizing the use of local government special bonds to enhance investment stability in 2026 [5][27][28] Structural Reforms and Green Development - The conference called for deepening the construction of a unified national market and addressing "involution" competition, aiming for a shift from quantity expansion to quality improvement in the economy [5][28][29] - Green and low-carbon initiatives were prioritized, with a commitment to accelerate the development of a new energy system and expand green electricity applications [5][28][29]