宏观经济专题：“十五五”：坚持以经济建设为中心

Economic Growth - The "15th Five-Year Plan" aims for significant achievements in high-quality development and technological self-reliance, with a focus on enhancing social civilization and improving people's quality of life[2] - An estimated market space of approximately 10 trillion yuan will be added over the next five years through the promotion of key industry upgrades[8] - The plan emphasizes the importance of maintaining strategic determination and confidence in the face of challenges[8] Infrastructure and Industry Policy - Policies focus on new urbanization infrastructure construction, with an expected investment demand exceeding 5 trillion yuan for underground pipeline renovations during the "15th Five-Year Plan" period[9] - The government will strengthen the top-level design and systematic deployment of artificial intelligence, enhancing foundational research and core technology development[11] Monetary Policy - The central bank aims to construct a scientific and stable monetary policy system, ensuring the smooth operation of stock, bond, and foreign exchange markets[13] - A moderately loose monetary policy will continue to support consumption and effective investment, maintaining financial market stability[14] Fiscal Policy - The Ministry of Finance announced the allocation of 500 billion yuan to local governments to enhance fiscal capacity and support effective investment[15] - This allocation is an increase of 100 billion yuan compared to 2024, aimed at addressing existing government investment project debts[15] Real Estate Policy - Recent policies in cities like Chengdu and Chongqing focus on adjusting housing fund loans and promoting smart construction in the housing sector[17] - The issuance of infrastructure REITs is encouraged to support urban renewal projects[17] Trade Relations - There is a potential meeting between the leaders of China and the U.S. during the upcoming APEC conference, with ongoing discussions on bilateral trade relations[18] - The Chinese government has expressed strong opposition to unilateral sanctions imposed by the EU[19]