中央经济工作会议的十大亮点（申万宏观·赵伟团队）

Core Viewpoint - The 2025 Central Economic Work Conference emphasizes five "musts" to address the current economic challenges, highlighting the contradiction of strong supply and weak demand domestically, and focusing on the need for policy support and reform innovation to stimulate economic potential [2][15]. Economic Situation and Policy Framework - The conference identifies persistent "old problems and new challenges" in the economy, particularly the contradiction of strong supply and weak demand, which aligns with the ongoing weak PPI and CPI trends [2][15]. - The 2025 conference shifts focus from the demand side issues highlighted in 2024 to the current supply-demand imbalance, indicating a need for deeper structural adjustments [2][15]. Economic Goals for 2026 - The conference outlines a focus on maintaining a stable economic momentum and achieving qualitative and reasonable quantitative growth without detailing specific indicators, reflecting a broader strategic approach for the "14th Five-Year Plan" [3][16]. Fiscal and Monetary Policy - Fiscal policy remains "more proactive," with an emphasis on maintaining necessary fiscal deficits and total debt levels, while addressing local fiscal difficulties and encouraging local governments to manage their debts [4][17]. - Monetary policy aims to support economic stability and reasonable price recovery, with a focus on flexible use of tools like reserve requirement ratio cuts and interest rate reductions to enhance liquidity [4][17]. Policy Coordination and Reform - The conference stresses the importance of integrating existing and new policies, enhancing the consistency and effectiveness of macroeconomic policies, and adjusting outdated policies that do not align with current economic transformation [5][18]. - There is a notable emphasis on combining short-term policy measures with long-term institutional reforms, particularly in expanding domestic demand and addressing "involution" in competition [6][19]. Green Development and Risk Management - The conference prioritizes green and low-carbon initiatives, committing to accelerate the construction of a new energy system and expand the application of green electricity [7][20]. - Risk management strategies have evolved from "preventing and resolving" to "actively and prudently resolving," particularly in the real estate sector, where measures include controlling new supply and promoting the conversion of existing properties into affordable housing [8][20].