2025年12月中央经济工作会议解读：稳中求进、提质增效

Group 1 - The core viewpoint of the report emphasizes a positive overall tone from the Central Economic Work Conference, indicating a strong continuity and stability in macroeconomic policies for 2026, which aims to enhance market expectations and confidence in long-term economic growth [6][9][10] - The conference highlighted the need for a more proactive fiscal policy, maintaining necessary fiscal deficits and total debt levels, with an expected fiscal effort for 2026 to remain consistent with 2025 [9][10] - Monetary policy will continue to be moderately accommodative, with potential for further reductions in reserve requirements and loan rates, while guiding financial institutions to support key areas such as domestic demand and technological innovation [9][10] Group 2 - The primary task for 2026 is to expand domestic demand, with initiatives to boost consumption and stabilize investment, addressing the slowdown in investment growth observed since the second half of 2025 [10][11] - The report outlines a commitment to innovation-driven growth, emphasizing the importance of nurturing new growth drivers and enhancing the role of enterprises in innovation, alongside measures to protect intellectual property in emerging fields [11][12] - The conference addressed various social concerns, including the challenges posed by external economic conditions and domestic supply-demand imbalances, and provided clear directives to tackle these issues, thereby fostering consensus and confidence in future development [12][14]