Sou Hu Cai Jing·2025-12-12 03:39Core Viewpoint - The Central Economic Work Conference held on December 10-11 outlines the economic work for 2025 and sets the direction for 2026, emphasizing the importance of expanding domestic demand in the short term and strengthening internal capabilities in the medium to long term [1] Group 1: Macroeconomic Policy - The macroeconomic policy maintains a "more proactive and effective" tone, focusing on internal conditions and medium to long-term issues, with a shift in external environment assessment from "adverse" in 2024 to neutral in 2025 [1] - It is expected that the macroeconomic policy will continue the positive tone established in 2025 into 2026 [1] Group 2: Domestic Demand and Investment - The emphasis is on domestic demand, with clear strategies for investment and service consumption, aiming to "stop the decline and stabilize investment," while maintaining a stable narrow deficit ratio [1] - The use of new policy financial tools will continue to support investment, and reforms will be implemented to promote service consumption, stimulating demand through supply [1] Group 3: Social Stability - Ensuring stable livelihoods remains a priority, with measures in healthcare, education, employment, and medical care, indicating a focus on both the quantity and quality of supply to stabilize livelihoods [1] - The economic growth target for 2026 is expected to remain relatively stable, balancing growth stability and expectations [1] Group 4: Fiscal Policy - The fiscal policy will continue to be more proactive, maintaining necessary fiscal deficits, total debt scale, and expenditure levels, with the deficit ratio expected to remain stable in 2026 [2] - There will be a focus on standardizing tax incentives and fiscal subsidy policies, aiming to address local protectionism and "involution" competition [2] Group 5: Monetary Policy - The monetary policy will continue to adopt an "appropriately loose" stance, emphasizing the flexible and efficient use of various policy tools such as reserve requirement ratio cuts and interest rate reductions [2] - The shift from "timely" to "flexible and efficient" indicates a greater focus on the effectiveness of monetary policy, with an emphasis on both short-term and long-term adjustments to address structural and deep-seated economic issues [2]