2025年12月政治局会议学习体会：内需主导，提质增效

Group 1: Economic Policy Focus - The meeting emphasized "domestic demand as the main driver" for economic growth, aligning with the "14th Five-Year Plan" to promote an economy led by domestic demand and consumption[6] - The macro policy remains "more proactive and effective," with a focus on enhancing policy effectiveness and maintaining a "moderately loose" monetary policy[8] - The narrow fiscal deficit rate for 2026 is expected to be around 4%, with new local special bonds projected to be issued at approximately 4.6 trillion yuan[8] Group 2: Social Welfare and Consumer Support - The meeting highlighted the importance of "people's livelihood," aiming to resolve issues such as overdue payments to enterprises and wages for migrant workers[9] - Policies to stimulate consumption, such as birth subsidies and trade-in programs, are expected to continue to support social expectations[11] - The government aims to create three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots by 2027[11] Group 3: Risk Management and Structural Adjustments - Despite a temporary easing of external risks, the focus on social welfare remains high, indicating a commitment to stability and consumer confidence[9] - The total issuance of debt related to debt resolution has reached approximately 3.7 trillion yuan as of December 8, 2025, to ensure steady progress in debt resolution and overdue payment clearance[12] - The policy framework aims to unify the effectiveness and strength of measures, focusing on "quality improvement and efficiency enhancement" in economic governance[8]