中央定调2026年货币政策适度宽松，什么信号

Core Viewpoint - The Central Economic Work Conference emphasizes the importance of financial support for expanding domestic demand, technological innovation, and small and micro enterprises, indicating a clear direction for financial work in 2026 [1][3]. Financial Policy Direction - The conference highlights the need for a proactive fiscal policy, maintaining necessary fiscal deficits and total debt levels, while optimizing fiscal expenditure structure and addressing local fiscal difficulties [5][6]. - It is projected that the new government debt scale for 2026 may increase to approximately 12.5 trillion yuan, with a deficit rate maintained at around 4.0%, reflecting an increase of about 200 billion yuan from the previous year [6]. Monetary Policy Approach - A moderately loose monetary policy will continue, focusing on stabilizing economic growth and ensuring reasonable price recovery, with flexible use of various policy tools such as reserve requirement ratio cuts and interest rate reductions [6][7]. - The emphasis on price levels has increased, with the Consumer Price Index (CPI) showing a year-on-year increase of 0.7% in November, indicating a potential for further monetary easing [6]. Key Economic Tasks - The conference identifies eight key tasks for economic work, with a focus on domestic demand as the primary driver for economic growth in 2026 [10]. - Specific actions include implementing measures to boost consumption, such as increasing funding for consumption from 300 billion yuan to 500 billion yuan, and expanding support for service consumption [11]. Investment and Innovation - The conference aims to stabilize investment by increasing central budget investment and optimizing the use of special bonds, which is expected to enhance market expectations and restore overall investment willingness [11]. - Emphasis is placed on innovation-driven growth, with a focus on developing a technology finance system that supports technological innovation and industry development [12]. Financial Institution Reform - The conference calls for deepening the reform of small and medium financial institutions to enhance their competitiveness and mitigate risks, which is a crucial part of the financial supply-side structural reform [12][13]. - Specific measures include promoting mergers and restructuring of rural small and medium banks to improve their service adaptability and competitiveness [13].