经济日报金观平：推动物价合理回升

Core Viewpoint - The recent positive changes in China's price levels, including a steady rise in the Consumer Price Index (CPI) and improvements in supply-demand dynamics, signal a recovery in economic vitality [1][4]. Group 1: Price Trends - The CPI has risen for four consecutive months, with a year-on-year increase of 0.8% in December 2025, marking a 34-month high [1]. - The core CPI has maintained a year-on-year growth rate of 1.2% for three months, reaching a nearly 50-month high [1]. - The Producer Price Index (PPI) decreased by 1.9% year-on-year in December 2025, but the decline has narrowed by 1.7 percentage points from the year's low, with a month-on-month increase for three consecutive months [1]. Group 2: Economic Policies and Strategies - The central economic work conference emphasized the importance of promoting stable economic growth and reasonable price recovery as key considerations for monetary policy in 2026 [3]. - A combination of policies is needed to promote reasonable price recovery, including maintaining macro policy continuity, implementing proactive fiscal policies, and moderately easing monetary policies [3]. - Structural policies should focus on "expanding demand and optimizing supply," with actions to boost consumption and enhance income for urban and rural residents [3]. Group 3: Market Mechanisms and Economic Environment - The establishment of a unified national market and the elimination of "involutionary" competition are essential for optimizing resource allocation and addressing structural contradictions in supply and demand [3]. - The goal is to ensure that price signals accurately reflect market supply and demand relationships, facilitating a positive interaction between economic growth and price recovery [3]. - The overall economic development trend in China is stabilizing, with a large market advantage being gradually released and the precision of policy regulation improving [4].