政策周观察第 68 期：今年经济工作的新部署

Policy Direction - The policy emphasizes "stability while seeking progress" and aims for a good start to the "14th Five-Year Plan" with a focus on counter-cyclical adjustments and short-term economic stability, warning against "policy dependency" without reform support[1] - Investment should not follow the old path of "rapid expansion" but focus on the real economy and technological innovation, with an emphasis on improving people's livelihoods and human resource development[2] Investment and Consumption - The government plans to optimize the implementation of "dual heavy" projects and increase central investment subsidy standards, while enhancing the management of local government special bonds to boost project construction[2] - There is a commitment to increase basic pensions for urban and rural residents and to release potential in service consumption sectors such as tourism, events, dining, and health care[3] Market Competition and Industry Development - Measures will be taken to regulate "involution-style" competition through a list of encouraged and prohibited items for local government investment, aiming to create a fair market order[3] - The focus will be on developing emerging pillar industries such as integrated circuits, aerospace, and biomedicine, while emphasizing the importance of artificial intelligence as a key variable[4] Risk Management - The report highlights the need to manage risks in key areas, including supporting reasonable financing needs of real estate companies and preventing debt default risks[9] - It calls for optimizing debt restructuring and replacement methods to mitigate risks associated with local government financing platforms[10]