中国经济长期向好具有三大核心驱动力

Core Insights - The Central Economic Work Conference held on December 10-11, 2025, highlighted the core contradiction of "strong supply and weak demand" and emphasized future policies will focus on boosting demand and optimizing supply [1][4] Group 1: Economic Potential and Policy Directions - The conference stressed the need to fully tap into economic potential, combining policy support with reform innovation, ensuring both flexibility and effective management, and integrating investments in both physical and human capital [5] - The five key imperatives outlined reflect three core drivers of long-term economic growth: the development of new productive forces, a vibrant unified national market, and macro policies that address both short-term issues and long-term space [5] Group 2: Focus on New Growth Drivers - The conference emphasized the importance of innovation-driven growth and the cultivation of new momentum, with specific measures addressing education and talent, international technology innovation centers, intellectual property protection, service industry enhancement, and high-quality development of key industrial chains [2][5] - The shift towards "new momentum" encompasses not only technology itself but also the institutional, industrial, social governance, financial, and service upgrades driven by technology, ultimately forming a positive cycle [2][5] Group 3: Support for Industries - Three key directions for supporting strategic emerging industries and upgrading traditional industries were identified: promoting a dual approach of private investment and fiscal support, encouraging government procurement of major technological equipment and new materials, and driving industry upgrades through demand-side initiatives [3][6] - Financial mechanisms are to be enhanced to support technological innovation and industrial upgrades, with improvements in multi-tiered capital markets like the Sci-Tech Innovation Board and the Beijing Stock Exchange, aimed at providing comprehensive financing for "hard tech" companies [6]