华夏时评：增收为本，投资于人

Core Viewpoint - In 2025, China's economy demonstrated resilience under various pressures, achieving a GDP of over 140 trillion yuan, with a year-on-year growth of 5.0% and a per capita GDP of 13,953 USD, maintaining above 13,000 USD for three consecutive years [2] Economic Performance - China's manufacturing sector remains the largest globally, and the retail sales of consumer goods rank among the top in the world, indicating steady growth in new productive forces [2] - The economic performance in 2025 exceeded expectations in areas such as export growth, capital market performance, and breakthroughs in the technology sector [2] Macroeconomic Policy Direction - The primary task for 2026 is to "insist on demand-led growth and build a strong domestic market," focusing on strengthening domestic circulation and expanding domestic demand [3] - The National Development and Reform Commission (NDRC) plans to optimize support policies and subsidies, establish a national-level merger fund, and promote the construction of a unified national market [3] Fiscal Policy - The Ministry of Finance will implement a more proactive fiscal policy in 2026, increasing overall fiscal spending and ensuring that spending in key areas remains strong [3] - New policies include a special guarantee plan for private investment and interest subsidies for small and micro enterprises, aimed at stimulating private investment and promoting consumer spending [3] Monetary Policy - The People's Bank of China (PBOC) indicated that there is still room for further interest rate cuts and will maintain a moderately loose monetary policy to support stable economic growth and reasonable price recovery [4] - The macroeconomic policies are expected to contribute positively to China's economic performance in the first quarter of 2026 [4] Long-term Economic Strategy - The focus on stimulating domestic demand will require attention to two key areas: increasing residents' income and investing in human capital [4][5] - Proposed strategies include improving wage growth mechanisms, gradually increasing income for employees, and enhancing public services in areas such as healthcare, education, and vocational training [5]