——2025年12月政治局会议解读：新征程，新步伐

Economic Outlook - The meeting provided a clear and coherent assessment of the international situation, indicating a readiness to respond, while emphasizing qualitative improvement and reasonable quantitative growth for the domestic economy[1] - The meeting introduced the concept of "quality improvement and efficiency enhancement" as a work guideline, reflecting a focus on sustainable and high-quality development[1] - The emphasis on "domestic demand as the main driver" and "optimizing supply" aims to strengthen the endogenous momentum and reliability of the domestic circulation[1] Risk Management - The focus of risk prevention has shifted from "stabilizing the stock and real estate markets" to "doing practical work," moving from "stabilizing expectations" to "stabilizing reality"[1] - The meeting released numerous positive signals within a limited scope, suggesting a promising start for the "14th Five-Year Plan" and broad growth potential for Chinese assets[1] Policy Adjustments - The policy tone has shifted from "promoting stability through progress" to "quality improvement and efficiency enhancement," indicating a greater emphasis on the quality and sustainability of development[1] - The meeting highlighted the need for "cross-cycle" adjustments in macroeconomic governance, reflecting concerns about enhancing the effectiveness of macroeconomic management[1] Domestic Demand and Supply - The meeting's first mention of "domestic demand as the main driver" and "optimizing supply" signifies a strategic shift towards enhancing domestic demand and improving supply quality[1] - The focus on service consumption as a new engine for expanding domestic demand, particularly in sectors like childcare, education, and healthcare, is expected to drive future growth[1] Market Stability - The meeting did not mention stabilizing the stock and real estate markets, instead emphasizing practical measures to address real economic issues, indicating a shift towards tangible outcomes[1] - The emphasis on "stabilizing employment, enterprises, markets, and expectations" reflects a more grounded approach to economic stability compared to previous years[1]