赵伟：财政货币政策协同发力，聚焦结构性投资机遇

Core Viewpoint - The Central Economic Work Conference emphasizes the need to explore economic potential and coordinate policies and reforms, focusing on stabilizing domestic demand and aligning policy direction with current development trends [1][3]. Group 1: Fiscal and Monetary Policy - Fiscal policy will continue to adopt a "more proactive" approach, maintaining necessary fiscal deficits, total debt scale, and expenditure levels while addressing local fiscal difficulties [3]. - The conference highlights the importance of monetary policy in promoting stable economic growth and reasonable price recovery, indicating potential for future monetary easing through tools like reserve requirement ratio cuts and interest rate reductions [3][4]. - There is a focus on integrating existing and new policies to ensure consistency with current economic goals, suggesting structural adjustments to outdated policies that do not align with the current economic transformation [3][4]. Group 2: Domestic Demand and Investment - The conference underscores the principle of "demand-led growth," with key initiatives aimed at increasing urban and rural residents' income, unleashing service consumption potential, and stabilizing investment [3][4]. - The investment strategy includes increasing central budget investment and optimizing the use of local government special bonds, which may enhance investment stability in 2026 [3]. Group 3: Green Development and Structural Opportunities - Green development is prioritized, with a focus on "dual carbon" goals and accelerating the construction of a new energy system, indicating a stronger policy focus on green initiatives [4]. - The structural impact on the stock market is expected to favor sectors such as domestic demand and technology, with policies directly benefiting the consumer sector and promoting innovation in key regions [4].