发挥存量政策和增量政策集成效应

Core Viewpoint - The Central Economic Work Conference emphasizes the need for a stable yet progressive economic approach, focusing on enhancing the effectiveness of existing and new policies to support economic growth and stability. Fiscal Policy - The conference calls for the continuation of a more proactive fiscal policy, with an emphasis on maintaining necessary fiscal deficits, total debt scale, and expenditure levels to stabilize the macroeconomic environment [2][3]. - Experts highlight the importance of optimizing the structure of fiscal spending to improve policy precision and effectiveness, ensuring that both existing and new policies work in harmony [3][7]. - The fiscal policy aims to enhance its role in stabilizing the macroeconomic landscape, particularly during the current phase of economic recovery and structural adjustment [2][3]. Monetary Policy - The conference proposes to maintain a moderately loose monetary policy to support high-quality development of the real economy [4][5]. - There is a focus on balancing the promotion of economic growth and reasonable price recovery as key considerations for monetary policy [4][5]. - Experts suggest that monetary policy should utilize various tools flexibly and efficiently, including potential adjustments to reserve requirements and interest rates, to ensure adequate liquidity [4][5]. Structural Policies - The conference emphasizes guiding financial institutions to support key areas such as expanding domestic demand, technological innovation, and small and micro enterprises [5][6]. - Structural monetary policy tools are expected to play a significant role in directing financial resources towards priority sectors outlined in the 14th Five-Year Plan [6][7]. Policy Coordination - There is a strong emphasis on enhancing the consistency and effectiveness of macroeconomic policies, integrating various economic and non-economic policies into a cohesive framework [7][8]. - Experts advocate for a systematic approach to policy implementation, ensuring that fiscal, monetary, and industrial policies work together to maximize economic impact and stabilize social expectations [7][8].