5个必须、8项任务！中央重要会议细化明年经济工作，有何亮点？

Economic Outlook - The Central Economic Work Conference outlined the economic work for 2025 and analyzed the current economic situation, emphasizing the need to fully tap economic potential and combine policy support with reform and innovation [1] - The conference set a target for China's economic growth rate around 5% for the coming year, with international organizations raising their growth forecasts for China [1] Fiscal Policy - The fiscal policy for the upcoming year will maintain a "more proactive" stance, with a fiscal deficit rate not lower than 4%, reflecting a significant increase from the previous year [3][4] - The total debt scale is expected to increase, with a focus on optimizing the fiscal expenditure structure and addressing local fiscal difficulties [3][4] Monetary Policy - The monetary policy will continue to be "appropriately loose," with an emphasis on flexible and efficient use of tools such as reserve requirement ratio cuts and interest rate reductions [6][7] - The central bank aims to maintain a stable exchange rate for the RMB, with expectations of a moderate appreciation against the USD [7] Domestic Demand Expansion - The conference prioritized "expanding domestic demand," with specific policies to implement a plan for increasing urban and rural residents' income and stabilizing investment [9][10] - The focus will be on enhancing consumer capacity and stimulating consumption through targeted actions [9] Real Estate Market - The meeting highlighted the importance of stabilizing the real estate market, with "de-stocking" as a key measure to address inventory issues [12][13] - Encouragement for the acquisition of existing housing for affordable housing purposes is seen as a vital strategy [13][14] Capital Market Reform - The conference emphasized the continuous deepening of capital market reforms, aiming to enhance the market's ability to serve technological innovation and the real economy [16][17] - Future reforms will focus on improving the inclusiveness and adaptability of the capital market, with an emphasis on long-term investments [17] Innovation and Technology - The establishment of three major international technology innovation centers in Beijing, Shanghai, and the Guangdong-Hong Kong-Macau Greater Bay Area is aimed at fostering innovation-driven growth [19][20] - These centers will leverage existing resources and strategic needs to enhance China's competitiveness in global technology [19] Trade and Investment - The meeting called for promoting more regional and bilateral trade and investment agreements, reinforcing China's commitment to multilateral trade systems [25][26] - The focus will be on expanding high-standard free trade agreements and enhancing trade with free trade partners [26][27]