今日视点：“五个必须”定方向 政策协同稳大局

Core Viewpoint - The Central Economic Work Conference held on December 10-11 in Beijing serves as a critical juncture for China's economic development, providing a roadmap for the 14th Five-Year Plan's conclusion and the 15th Five-Year Plan's initiation, amidst complex external environments and domestic economic transitions [1][6]. Economic Performance - China's economy has shown resilience against external uncertainties and internal transformation pressures, with major development goals expected to be met by the end of 2025. Key indicators include a 7.2% growth in high-tech manufacturing and a 6.7% increase in digital product manufacturing in October [7][8]. - Domestic demand has maintained a high contribution rate to economic growth, and energy consumption per unit of GDP has continued to decline, laying a solid foundation for the upcoming 15th Five-Year Plan [7][8]. Challenges and Opportunities - Despite positive performance, challenges remain, including insufficient global economic growth, frequent geopolitical conflicts, and internal supply-demand imbalances. However, China's large market size, complete industrial system, and rich human resources provide strong support for long-term economic stability [2][8]. Policy Directions - The conference emphasized a macro policy framework focused on "stability while seeking progress and improving quality." Fiscal policy is set to be more proactive, while monetary policy will aim for moderate flexibility and efficiency [4][9]. - Eight key tasks were outlined for the upcoming year, including prioritizing domestic demand, driving innovation, enhancing high-quality development, promoting open cooperation, and ensuring social welfare [4][9]. Capital Market Reforms - The capital market is recognized as a core hub for serving the real economy, with a commitment to deepening comprehensive reforms in investment and financing. This includes the introduction of new measures such as a refinancing framework and further reforms in the ChiNext market [5][10]. Systematic Approach - The conference's directives reflect a systematic and long-term perspective, emphasizing the need for coordinated efforts across various regions and departments to implement policies effectively, thereby fostering economic growth and addressing development challenges [6][11].