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Core Viewpoint - The Central Economic Work Conference emphasizes a more proactive fiscal policy and moderately loose monetary policy to stabilize the economy and promote high-quality development, aligning with the goals of the 14th Five-Year Plan [2][5][11]. Group 1: Positive Signals from the Conference - The conference released three major positive signals: strong policy continuity with a focus on "more proactive fiscal policy + moderately loose monetary policy," highlighting the importance of stable expectations; a focus on high-quality development emphasizing "stability while seeking progress and improving quality and efficiency"; and a targeted approach to key areas, reaffirming the dominance of domestic demand and risk prevention [5][7][8]. - The emphasis on "domestic supply being strong while demand is weak" indicates a shift in focus compared to previous years, addressing the need to rectify "involutionary competition" [6][7]. Group 2: Economic Work Focus - The economic work for the coming year will prioritize structural optimization, with policies designed to effectively connect short-term counter-cyclical measures and medium- to long-term cross-cyclical strategies [5][9]. - The conference introduced the concept of "improving quality and efficiency," marking a shift from quantity expansion to structural optimization, which is essential for sustainable development [10][11]. Group 3: Fiscal and Monetary Policy Coordination - The expectation for fiscal policy includes maintaining a deficit ratio around 4% and expanding special bond quotas to approximately 5 trillion yuan, while monetary policy should focus on maintaining ample liquidity and directing structural tools towards innovation and consumption [12][13]. - The anticipated coordination between fiscal and monetary policies aims to lower financing costs for the real economy and enhance policy effectiveness through a combination of existing and new policies [13][14]. Group 4: Expanding Domestic Demand - The conference places "expanding domestic demand" as the top priority, emphasizing the need for consumption to drive economic growth, supported by income increases and improved public services [15][16]. - Key strategies for expanding domestic demand include optimizing income distribution, enhancing public service guarantees, and fostering a favorable environment for consumption [18][19]. Group 5: Capital Market's Role in Innovation - The capital market is expected to play a crucial role in supporting innovation by providing financing, pricing, and merger functions, particularly in emerging sectors such as digital economy, artificial intelligence, and advanced manufacturing [20][21]. - The focus on "artificial intelligence +" and other strategic emerging industries highlights the need for a robust capital market to facilitate the growth of new economic drivers [22][23]. Group 6: Addressing Competition and Risk - The conference emphasizes the need to address "involutionary competition" and improve the quality of small financial institutions, aiming for a more efficient and fair market environment [24][25]. - Strategies for risk management include targeted measures to address risks in key areas, such as real estate and local government debt, while maintaining a balance between growth and risk prevention [25][26]. Group 7: Opportunities in International Cooperation - The conference highlights opportunities in digital trade, green energy, and high-end manufacturing as key areas for international cooperation, which are expected to open up investment opportunities in related sectors [27][28]. - The shift towards a rules-based approach in international trade and cooperation is anticipated to enhance the competitiveness of domestic companies in global markets [29][30].