“很不平凡的一年”，一次有所不同的中央经济工作会议

Core Viewpoint - The recent Central Economic Work Conference emphasizes the importance of addressing specific issues and market participants' sentiments alongside economic growth, indicating a shift in policy focus towards improving overall economic conditions [1][20]. Summary by Sections Economic Policy Adjustments - The 2024 Central Economic Work Conference introduced a new policy framework that integrates growth, employment, and price stability as key objectives, reflecting a significant shift in economic policy thinking since the implementation of the "924" new policy [3][6]. - The 2025 conference further deepened this understanding, highlighting the need to balance effective markets with proactive government intervention, supply and demand, and the cultivation of new and old economic drivers [7][8]. Economic Challenges and Insights - The conference acknowledged persistent challenges in China's economic development, including a mismatch between strong supply and weak demand, and emphasized the need for adjustments in both supply and demand sides to enhance economic performance [8][10]. - Experts noted that the government's recognition of these issues indicates a clear understanding of the current economic landscape and the difficulties faced [9]. Economic Growth Targets - The 2026 economic growth target is set to be "positive and pragmatic," focusing on quality and effectiveness rather than solely on growth quantity, with a potential GDP growth rate of 4.5% to 5% [12][13]. - The conference reiterated the importance of maintaining a balance between reform and policy support, indicating that economic policies will not pursue aggressive stimulus measures but will instead focus on sustainable growth [14][16]. Reform Initiatives - Key reform initiatives for 2026 include the construction of a unified market, state-owned enterprise reform, and improvements in the fiscal and taxation systems, aimed at enhancing economic efficiency and addressing local government financial challenges [15][17]. - The conference highlighted the need for a coordinated approach between macroeconomic policies and reforms, suggesting that optimizing existing fiscal and financial structures could unlock significant economic potential [17][18]. Societal Impact - The conference stressed the importance of enhancing the sense of gain for residents and businesses, with policies aimed at improving income distribution, employment, and education resources [19][20]. - Specific measures include the development of urban and rural income increase plans and adjustments to educational resource allocation to alleviate societal pressures [19].