连平：推动内外循环深度融合

Core Viewpoint - The Chinese economy is at a historical juncture as it transitions from the "14th Five-Year Plan" to the "15th Five-Year Plan," facing both opportunities and challenges in the macroeconomic environment. The focus for 2026 is on balancing short-term recovery with long-term transformation, emphasizing sustainable consumption growth and the integration of "internal circulation" and "high-level opening up" strategies [1][3]. Group 1: Economic Environment and Policy Direction - The global economy is still searching for a recovery rhythm amid fluctuations, while China's economy shows resilience due to policy synergy [1]. - The Central Economic Work Conference has set the tone for 2026 as "seeking progress while maintaining stability, improving quality and efficiency" [1]. - The importance of balancing short-term recovery with long-term transformation is highlighted, particularly in achieving sustainable consumption growth [1]. Group 2: Internal and External Circulation - The integration of internal and external circulation is crucial for China's economic development, especially in light of global trade restructuring and the spillover effects of major economies' policies [3]. - The Central Economic Work Conference emphasizes the need to coordinate domestic and international situations and to maintain openness while promoting win-win cooperation in multiple fields [3]. - The urgency of stabilizing foreign trade and foreign investment is underscored, given the moderate slowdown of the global economy and the challenges posed by geopolitical risks [3]. Group 3: Strategic Focus for 2026 - Key areas of focus for the upcoming year include actively expanding autonomous opening up, enhancing the quality and efficiency of foreign trade, and expanding bilateral investment cooperation [4]. - Achieving synergy between internal circulation and external opening requires policy guidance and improved market mechanisms [4]. - The establishment of 22 pilot free trade zones is seen as a vital node for promoting the flow of domestic and foreign factors and goods, facilitating the integration of internal and external circulation [4].