理响中国·聚焦2026中国经济丨准确把握经济工作政策取向，为何强调这八个字？

Group 1 - The central economic work conference was held in Beijing from December 10 to 11, focusing on the current economic situation and key tasks for the new "14th Five-Year Plan" period [1] - The government is implementing a more proactive fiscal policy for the first time this year, with a deficit level and scale at the highest in recent years, increasing the deficit rate to around 4% and the deficit scale to 5.66 trillion yuan, which is an increase of 1.6 trillion yuan compared to 2024 [4][5] - The total issuance of government bonds in 2025 is projected to be 11.86 trillion yuan, including 4.4 trillion yuan in government bonds and 1.3 trillion yuan in special long-term bonds [4] Group 2 - The fiscal policy will continue to be proactive next year, maintaining necessary fiscal deficits, total debt scale, and total expenditure while optimizing the fiscal expenditure structure [5][6] - The government aims to enhance the effectiveness and precision of fiscal spending, focusing on major national strategic financial support and increasing investment in people's livelihoods, domestic demand, and long-term growth [5][6] - The monetary policy will be moderately loose, with the central bank having implemented a reduction in the reserve requirement ratio and interest rates for the first time in 14 years, and plans to continue this approach next year [8][10] Group 3 - The social financing scale and broad money supply (M2) grew by 8.7% and 8.4% year-on-year, respectively, with the balance of RMB loans reaching 270.4 trillion yuan [11] - The new lending rates for corporate loans and personal housing loans have decreased by approximately 40 basis points and 25 basis points year-on-year, respectively [11] - The monetary policy will focus on promoting stable economic growth and reasonable price recovery as key considerations [12][14] Group 4 - The government will enhance the consistency and effectiveness of macro policies, integrating economic and non-economic policies, as well as stock and incremental policies, to ensure coordinated efforts across various policy measures [17] - The emphasis on "seeking progress while maintaining stability" continues as the overall guideline for economic work during the "14th Five-Year Plan" period, with a focus on quality improvement and efficiency enhancement [20]