中央经济工作会议定调：2026年，居民如何“涨工资”？

Core Viewpoint - The growth of residents' current and expected income is a key driver for boosting consumption, which has been a long-standing call from the market [1][4]. Economic Policy and Income Growth - The Central Economic Work Conference held on December 10-11 emphasized promoting stable economic growth and reasonable price recovery as important considerations for monetary policy [2]. - The conference identified eight key tasks for economic work in 2026, including the implementation of special actions to boost consumption and the formulation of plans to increase urban and rural residents' income [2][4]. - From 2020 to 2022, the growth rate of per capita disposable income in China showed significant fluctuations, with rates of 2.1%, 8.1%, and 2.9% respectively, while projections for 2023, 2024, and the first three quarters of 2025 are 6.1%, 5.1%, and 5.2% [2]. - The meeting highlighted ongoing challenges in China's economic development, including external environmental changes and domestic supply-demand imbalances [2]. Employment and Income Distribution - Employment is a critical factor for income growth, with the conference proposing actions to stabilize and expand employment for key groups such as college graduates and migrant workers [4][5]. - The focus on increasing income includes measures to raise the minimum wage, with several regions planning to increase their minimum wage standards in 2025 [4]. - The conference's emphasis on a systematic approach to income growth suggests potential reforms in income distribution systems, personal income tax adjustments, and increased social security spending [4][6]. Social Security and Investment in Human Capital - Enhancing social security levels is expected to increase disposable income for urban and rural residents, with a notable increase in the basic pension standard from 55 yuan to 123 yuan per month [6]. - Future investment strategies are expected to shift towards "investing in people," focusing on education, employment, healthcare, and social security to drive high-quality economic development [7]. Price Stability and Economic Challenges - The persistent low levels of CPI and negative PPI growth are linked to supply-demand imbalances in the economy, with the conference recognizing the need for monetary policy to address these issues [9][10]. - The conference suggested that achieving reasonable price recovery may require coordinated monetary policy actions, including potential interest rate cuts [11][12].