中央经济工作会议系列一：稳定，统筹，需求发力

Fiscal Policy - The fiscal policy for 2025 is characterized by a more proactive approach, including an increase in the fiscal deficit ratio and enhanced fiscal spending intensity[28] - There will be an increase in the issuance of ultra-long special government bonds and local government special bonds, reflecting a shift from the constrained fiscal space of 2024[28] - The focus will be on improving the efficiency of fiscal spending and prioritizing benefits for the middle and low-income groups to stimulate consumption[28] Monetary Policy - The monetary policy for 2025 is expected to be more accommodative, with liquidity shifting from "reasonably ample" to "ample"[29] - A significant change in the central bank's objectives includes exploring the expansion of macro-prudential and financial stability functions, as well as innovating financial tools to maintain market stability[29] - The expectation is for more innovative financial tools to be implemented in 2025 following the establishment of stable capital market tools in 2024[29] Economic Stability Goals - The 2025 economic work goals emphasize stability, focusing on economic growth, employment, and overall price stability, while maintaining a balance in international payments[19] - A notable shift in language is the emphasis on "promoting the synchronization of resident income growth with economic growth," indicating a potential push for income distribution reform[19] Internal Demand Focus - The 2025 strategy prioritizes internal demand, with a stronger emphasis on the middle and low-income groups compared to the previous focus on the middle-income group in 2024[19] - The approach includes measures to enhance income and reduce burdens on these groups to boost consumption[19] Risk Management - There are risks associated with policy misunderstandings and potential macro policy adjustments exceeding expectations, which could impact economic stability[20]