中央定调！关于房地产，“止跌”没再提了

Group 1 - The annual Central Economic Work Conference has been held, summarizing this year's economic and social development and outlining the roadmap for next year [3][4] - The meeting emphasized that this year is significant as it marks the end of the "14th Five-Year Plan" and the beginning of the "15th Five-Year Plan" [5][6] - The conference highlighted the achievements over the past five years, including the completion of major economic goals despite various challenges [6][7] Group 2 - Domestic challenges include a downturn in real estate, local debt issues, weak consumption, and employment pressures, while international challenges involve regional conflicts and trade tensions, particularly with the US [9][10] - The GDP growth target of 5% for this year is likely to be achieved, with the third quarter GDP growth reaching 4.8% and the first three quarters averaging 5.2% [11][12] Group 3 - The economic strategy for next year will focus on stability while promoting progress, with an emphasis on better coordinating domestic economic work and international trade struggles [16][18] - Key measures include increasing counter-cyclical and cross-cyclical adjustments, implementing a more proactive fiscal policy, and optimizing fiscal expenditure structures [20][21][22] - The emphasis on optimizing fiscal expenditure suggests a potential shift from investment-driven growth to consumption-driven growth, with calls for direct financial support to residents [25][26] Group 4 - The focus on domestic demand and technological innovation remains paramount, with plans to strengthen the domestic market and enhance innovation capabilities [31][33] - The current consumption level in China is at 39.9% of GDP, which is below the 40% threshold maintained for 20 years, indicating a need for structural upgrades [36][37] - The meeting reiterated that expanding domestic demand and advancing technological innovation are critical for long-term economic growth and competitiveness [38][39] Group 5 - The discussion on real estate has shifted, with a notable decrease in mentions and a focus on stabilizing the market rather than pushing for a rebound [43][46] - The real estate market has seen significant declines, with a 14.7% drop in investment and a 9.6% decrease in sales revenue in the first ten months of the year [49][50] - The outlook for real estate suggests a potential bottoming out of sales volume, with estimates indicating a drop to around 800 million square meters in sales area [66][69]