明年经济工作怎么干？——中央经济工作会议学习体会

Core Viewpoint - The Central Economic Work Conference emphasizes a pragmatic and positive approach to economic work for 2026, focusing on stabilizing growth, optimizing structure, and prioritizing people's livelihoods while addressing existing challenges and risks in the economy [2][3][4]. Economic Situation Assessment - The conference acknowledges both achievements and ongoing challenges in the economy, recognizing that many issues are solvable through effort [3][4]. - China's economy demonstrated resilience in 2025, with exports exceeding expectations and capital markets performing well, contributing to a projected GDP growth of around 5% for the year [4][5]. Policy Orientation - The conference continues the previous macroeconomic policy direction of being "more proactive and effective," with an emphasis on fiscal policy being more active and monetary policy remaining moderately loose [3][7]. - There is a shift in focus from external shocks to strengthening domestic economic coordination and managing expectations [8][9]. Structural and Institutional Arrangements - The conference highlights the importance of structural and institutional arrangements, including the establishment of a unified national market and improvements in the local tax system [9][10]. - Emphasis is placed on creating a fair competitive environment and reducing local government interference in market operations [10][11]. Fiscal Policy - The fiscal policy remains proactive, with a focus on increasing spending intensity and optimizing the structure of fiscal expenditures to address local government debt risks [14][15]. - The conference suggests maintaining a fiscal deficit rate of no less than 4% and increasing the scale of new debt to support economic stability [16][17]. Monetary Policy - The monetary policy is expected to remain moderately loose, with potential for interest rate cuts and reserve requirement ratio reductions to support economic growth [21][22]. - Structural tools will be enhanced to support key sectors such as consumption, technology, and elderly care [21][22]. Domestic Demand and Investment - The conference emphasizes the importance of domestic demand, with plans to implement a "rural residents' income increase plan" to boost consumption [23][24]. - Investment policies will shift from merely improving efficiency to stabilizing investment levels, with a focus on increasing central budget investments and optimizing local government bond usage [26][27]. Capital Market Reforms - The conference calls for deepening capital market reforms to enhance its functions and support national strategies, including improving inclusivity for innovative enterprises [28][29]. - There is a focus on increasing the quality of listed companies and promoting long-term investment to stabilize the market [31][32]. Real Estate Market Stability - The conference aims to stabilize the real estate market through targeted measures, including controlling new land supply and promoting the conversion of unsold properties into affordable housing [33][34]. - Emphasis is placed on high-quality housing construction and the establishment of a new development model for the real estate sector [35][36]. Innovation and Industry Development - The conference stresses the importance of innovation, with a focus on strengthening the role of enterprises in driving technological advancements and fostering new growth drivers [37][38]. - Specific industries will be targeted for high-quality development, including traditional sectors transitioning to higher standards and emerging industries expanding their scale [38]. Public Services and Livelihood - The conference reiterates the principle of prioritizing people's livelihoods, with specific measures to enhance employment, education, healthcare, and social security systems [39][40]. - Policies will be introduced to support flexible employment and improve social insurance coverage for new employment forms [39].