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12月中央经济工作会议学习理解:政策定调积极有为,内需回暖春山可望
Guoyuan Securities·2024-12-17 05:43

Group 1 - The central economic work conference held on December 11-12, 2024, emphasized a proactive macroeconomic policy to boost domestic demand and consumption as a primary task for the upcoming year [4][9][17] - The conference set clear economic goals for 2024, including maintaining stable economic growth, ensuring employment and price stability, and promoting synchronized growth of residents' income and the economy [9][32] - The meeting highlighted the importance of technology innovation in leading the development of new productive forces and building a modern industrial system, with a focus on artificial intelligence and other emerging industries [23][30] Group 2 - The report indicates a shift in policy focus from investment to domestic demand, with a strong emphasis on boosting consumption and improving investment efficiency [17][29] - The fiscal policy will be more proactive, with plans to increase the fiscal deficit ratio and enhance fiscal spending intensity, particularly in key areas [10][32] - Monetary policy is expected to be moderately loose, with potential for interest rate cuts and reserve requirement ratio reductions to maintain ample liquidity [14][32] Group 3 - The report suggests that the real estate and stock markets will be stabilized through continued policy support, which is anticipated to improve residents' wealth expectations [28][29] - The focus on expanding domestic demand is expected to lead to increased investment opportunities in consumer goods, service consumption, and new consumption sectors [5][29] - The emphasis on addressing "involution" in competition is seen as a way to enhance industry competitiveness and stimulate innovation [23][30]