做优增量、盘活存量 提升宏观经济治理效能

Core Viewpoint - The Central Economic Work Conference emphasizes the need to address both old problems and new challenges in China's economic development, while maintaining confidence in the long-term positive trend of the economy [1] Group 1: Economic Policy Direction - The conference sets a tone of "strengthening confidence, leveraging advantages, and responding to challenges" for economic work in the coming year and beyond [1] - The focus will be on "steady progress and improving quality and efficiency," indicating a shift away from short-term stimulus towards long-term economic planning [1][2] Group 2: Policy Implementation Strategies - The meeting highlights the importance of "optimizing increment and revitalizing stock," indicating a strong continuity and stability in macroeconomic policies [2][3] - Specific strategies include "controlling increment, reducing inventory, and optimizing supply" in the real estate sector, and "optimizing debt restructuring and replacement methods" in the fiscal sector [3][4] Group 3: Monetary Policy - The monetary policy will continue to adopt a moderately loose stance, with a focus on stabilizing economic growth and ensuring reasonable price recovery [5][6] - The emphasis will be on the dual approach of "optimizing increment and revitalizing stock," with a shift towards enhancing policy effectiveness rather than just timing [6][7] Group 4: Fiscal Policy - The fiscal policy will reflect the spirit of "optimizing increment and revitalizing stock," with higher demands for fiscal discipline and expenditure efficiency [8] - The projected fiscal deficit rate for 2026 is expected to remain around 4%, with an increase in the fiscal deficit scale to approximately 6 trillion yuan [8]