Group 1: Economic Development Strategy - The core focus for 2026 is to ensure a strong start for the "14th Five-Year Plan" with an emphasis on high-quality economic and social development [1] - The Central Economic Work Conference has prioritized eight key tasks, including domestic demand-led growth, innovation-driven development, and reform initiatives [1][2] Group 2: Domestic Demand and Investment - The emphasis on domestic demand aims to build a robust domestic market, with policies targeting both investment and consumption [2] - Measures to stabilize investment include increasing government investment, implementing major engineering projects, and stimulating private investment [2] - Consumption strategies involve optimizing policies for replacing old consumer goods, expanding service consumption, and improving the quality of consumer supply [2] Group 3: Urban Development and Infrastructure - The focus on urban renewal includes implementing a specialized plan for urban updates and conducting city assessments [3] - Key infrastructure projects will include the renovation of gas pipelines and the construction of comprehensive underground utility corridors [3] Group 4: Innovation and Technology - The strategy emphasizes innovation-driven growth, with a focus on fostering new productive forces through technological advancements and industrial upgrades [4] - Specific initiatives include enhancing industrial technology capabilities, supporting emerging industries, and promoting the integration of artificial intelligence [5] Group 5: Data and Digital Economy - The year 2026 is designated as the "Year of Data Element Value Release," focusing on integrating data into economic value creation [6] - Efforts will be made to enhance data flow, promote data technology innovation, and support the development of digital industry clusters [6] Group 6: Reform and Market Dynamics - The reform agenda aims to eliminate systemic barriers to high-quality development, with a focus on creating a unified national market [7] - Financial reforms will enhance market supervision and facilitate cross-border financial services [7] Group 7: Social Welfare and Employment - The strategy includes measures to improve employment and social welfare, focusing on enhancing public services and ensuring stable prices for essential goods [9][10] - Specific actions will target skill development, social insurance coverage, and support for vulnerable groups [10][11]

2025年，中国经济展现出令人瞩目的韧性与活力，通过深度的结构调整和精准的宏观政策，不仅实现了 稳定增长，也为"十五五"时期的开启积蓄了力量。 这一年，中国经济顶住压力，前三季度国内生产总值（GDP）实现了5.2%的同比增长。这一速度不仅 高于国际货币基金组织（IMF）等机构在年初的预测，在全球主要经济体中也位居前列。这一年，中国 经济的增长动能经历了一场深刻的"系统升级"，核心特征是新质生产力的加速成长：产业升级态势明 显，先进制造业支撑作用增强；新兴产业发展壮大，为经济注入新动能；市场需求焕新提升，新需求不 断扩大。这一年，我国政府实施了一系列靶向精准的宏观政策。在投资方面，聚焦数字经济、人工智能 等前沿领域以赢得未来竞争力；支持城市更新、交通能源等薄弱环节以增强发展后劲；通过设备更新和 消费品以旧换新，直接撬动消费与投资，形成良性循环。更重要的是，这一年，我国启动了国民经济和 社会发展第十五个五年规划（"十五五"规划）的编制工作，为中长期发展指明了方向。"十五五"规划建 议明确了以高质量发展为核心，设定了"经济增长保持在合理区间""全要素生产率稳步提升"和"居民消 费率明显提高"等可量化的目标。这份蓝图 ...

申万宏源宏观团队 赵伟/贾东旭/侯倩楠 本周首推 有别于大众的认识 相比市场预期，我们对本次经济工作会议财政货币政策表述更为积极乐观。 其中，央行的职能目标扩展至"促进经济稳定增长"与"物价合理回 升"，结构性货币政策工具和政策性金融工具将发挥更主导的作用，甚至部分承担财政功能。 2025 年中央经济工作会议提出的五个 "必须" 与 2024 年五个 "统筹" 逻辑呼应，突出经济潜能挖掘、政策改革协同等导向；直指 "供强需弱" 核心痛点；2026 年经济目标侧重总量引领，强调质的有效提升和量的合理增长，契合 "十五五" 开局稳增长诉求。 财政政策延续 "更加积极" 取向，强调保持必要赤字与债务规模，聚焦地方财政困难与化债工作；货币政策以稳增长、促物价合理回升为目 标，拟灵活运用降准降息工具，通过中小金融机构提质畅通传导机制；新增强调存量与增量政策集成效应，扩大宏观政策取向一致性评估范 围。 经济工作中，坚持内需主导仍是首位，会议提出通过居民增收、服务消费提质、扩大预算内投资等稳消费稳投资。深化改革攻坚仍是重 点，会议提出纵深推进统一大市场建设、深入整治 "内卷式" 竞争。强化 "双碳" 引领位置前移，明确提出 ...

改革发展无止境。我们要自觉运用习近平经济思想谋划工作、指导实践，进一步增强做好经济工作的责 任感使命感，有力有效应对各种风险挑战，奋力把各方面积极因素转化为发展实绩，坚定信心、勇毅前 行，在高质量发展之路上不断取得新成效。 来源：央视网 （文章来源：南方都市报） 中央经济工作会议在部署明年经济工作的重点任务时，把"坚持改革攻坚，增强高质量发展动力活力"列 为"八个坚持"之一，并提出"高质量推进城市更新""实施新一轮重点产业链高质量发展行动""推动共 建'一带一路'高质量发展""推动县域经济高质量发展""推动海洋经济高质量发展"……这一系列部署，鲜 明释放了坚定不移以高质量发展推进中国式现代化的强烈信号。 2026年是"十五五"开局之年。党的二十届四中全会在"十五五"规划建议中将"以推动高质量发展为主 题"列入"十五五"时期经济社会发展的指导思想；强调"坚持高质量发展"是必须遵循的六大原则之 一，"高质量发展取得显著成效"作为七大主要目标之首……足见高质量发展在"十五五"中的千钧分量。 我们必须从确保"十五五"开好局、起好步，为基本实现社会主义现代化奠定更加坚实基础的高度来谋划 明年经济工作，在开局之年展现新作 ...

Group 1 - The core viewpoint emphasizes the importance of reform to enhance the momentum and vitality of high-quality development [1] Group 2 - The commentary suggests that persistent efforts in reform are essential for driving economic growth and improving overall productivity [1] - It highlights the need for innovation and structural adjustments to adapt to changing market conditions [1] - The piece calls for a collective commitment to reform initiatives to ensure sustainable development in the long term [1]

Economic Situation - The economic situation is characterized by persistent challenges, but the overall tone is becoming more positive. The external environment is expected to stabilize marginally, while domestic supply-demand imbalances are highlighted as significant issues [2][10][14]. Five Musts - The meeting outlined "Five Musts" to enhance economic potential, emphasizing the need for internal strengthening to address external challenges, and the importance of policy support and reform innovation [2][16][17]. 2026 Growth Target - The nominal and real GDP growth target for 2026 is set at around 5%. This target aligns with the need for a good start to the 14th Five-Year Plan and is slightly above the lower limit of the expected growth for the next decade [3][18][19]. Macro Policy - The macro policy framework is shifting from "promoting stability through growth" to "enhancing quality and efficiency," indicating a focus on structural optimization and effectiveness rather than just scale and intensity [4][22][25]. Fiscal Policy - The fiscal policy is expected to maintain a broad deficit rate of around 4%, with a focus on optimizing the expenditure structure and increasing investment in social welfare [4][26][28][29]. Monetary Policy - The monetary policy will continue to be moderately loose, with expectations for one rate cut and one reserve requirement ratio reduction in 2026. The focus will be on stabilizing nominal GDP and supporting key sectors [4][32][33][36]. Key Tasks - The emphasis is on domestic demand, innovation-driven growth, and reform efforts. Specific strategies include boosting consumption, stabilizing investment, and enhancing innovation capabilities [5][38][45]. Domestic Demand - The strategy prioritizes domestic demand, with a focus on increasing consumer income and optimizing supply. Retail sales growth is projected to recover to around 4.5% in 2026 [5][38][43]. Innovation - Innovation is positioned as a key task, with plans to strengthen the integration of education, technology, and talent development, and to establish major international technology innovation centers [5][45][46]. Reform - Key reforms will target the elimination of "involution" in competition, the clearing of overdue corporate debts, and the enhancement of the financial supply-side structure to support high-quality development [5][52][53][54]. Opening Up - The commitment to opening up remains strong, with a focus on expanding institutional openness and optimizing the business environment for foreign investment [5][55][56].

Group 1: Macroeconomic Policy and Domestic Market - The core macroeconomic policy emphasizes a more proactive approach, focusing on quality and efficiency as key development themes, with the "Eight Persistences" as critical directives for economic work in the first year of the 14th Five-Year Plan [1] - Domestic demand has become the main driver of economic growth, contributing an average of 93.1% to economic growth from 2013 to 2024, highlighting the importance of a strong domestic market as a long-term strategy [2][3] Group 2: Innovation and New Growth Drivers - The necessity of innovation-driven growth is underscored, as new momentum is essential for future development and competitive positioning, requiring a systemic reshaping of production factors and business models [4][5] - The development of new momentum must support both high-end industries and traditional industry upgrades, creating high-quality employment and meeting the needs of the populace [5] Group 3: Reform and High-Quality Development - Continuous reform is essential to inject vitality into high-quality development, addressing deep-seated issues that have emerged due to changing development stages [6][7] - Emphasis on technological innovation as a key driver for high-quality development, necessitating a deep integration of innovation systems and breaking down institutional barriers [7] Group 4: Open Economy and International Cooperation - China aims for a higher level of openness, promoting multi-faceted cooperation to adapt to global economic changes and challenges, emphasizing the importance of collaborative networks in various fields [8][9] - The need for innovative cooperation mechanisms to address challenges posed by protectionism and geopolitical tensions is highlighted, focusing on quality and resilience in partnerships [9] Group 5: Coordinated Development and Urban-Rural Integration - The strategy of promoting coordinated development aims to address the growing disparities between urban and rural areas, emphasizing the need for a balanced and inclusive development approach [10][11] - Regional integration strategies like the Beijing-Tianjin-Hebei collaboration and the Yangtze River Economic Belt are examples of efforts to optimize resource allocation and promote high-quality regional economic layouts [11] Group 6: Green Transformation and Carbon Neutrality - The commitment to achieving carbon peak by 2030 and carbon neutrality by 2060 reflects China's responsibility in global climate governance and the need for a comprehensive green transformation [12][13] - Innovation is identified as the core engine for achieving carbon goals, requiring advancements in renewable energy, energy efficiency, and the establishment of supportive institutional frameworks [14] Group 7: Focus on People's Livelihood - The emphasis on prioritizing people's livelihoods reflects the increasing complexity of public demands, necessitating a responsive governance approach that addresses specific community needs [15][16] - Establishing long-term mechanisms to ensure sustainable improvements in public welfare is crucial, with a focus on resource allocation and social governance [16] Group 8: Risk Management - The need to manage risks in key areas such as real estate and local debt is highlighted, with a focus on maintaining stability while actively addressing potential threats [17][18] - A balanced approach to risk management is essential, combining immediate responses with long-term structural improvements to foster sustainable development [18]

登录新浪财经APP 搜索【信披】查看更多考评等级 中央经济工作会议12月10日至11日在北京举行。如何看待当前中国经济形势？明年"继续实施更加积极 的财政政策和适度宽松的货币政策"，释放出怎样的信号？八项重点任务蕴含怎样的发展新机遇？ 创金合信基金首席经济学家魏凤春表示，此次中央经济工作会议释放"政策延续扩张、存量增量并重"的 积极信号。他比较关注物价回升与居民增收，因为这会为经济常态化运行奠定基础。 1、会议强调明年经济工作要坚持稳中求进工作总基调，您如何理解和评价此次会议提出的总基调？ 创金合信基金首席经济学家魏凤春：稳中求进是经济仍处于恢复进程中、外部环境不确定加大背景下的 理性选择，强调以"稳"定预期、托底风险，以"进"提信心、增动能，在财力约束下统筹发展与安全，兼 顾短期稳增长与中长期高质量发展。 2、会议指出明年继续实施更加积极的财政政策和适度宽松的货币政策。您对明年宏观政策有怎样的期 待？ 创金合信基金首席经济学家魏凤春：在2026年的宏观政策安排上，总体判断是：在债务约束强化和经济 修复尚不牢固的背景下，政策仍将保持扩张取向，但更加注重"稳节奏、提效率、控风险"。 财政政策方面，更可能在维持支 ...

Core Viewpoint - The central economic work meeting emphasizes the integration of investment in both material and human resources, indicating a focus on improving people's livelihoods in 2026 [1][1]. Group 1: Investment in Human Resources - The meeting highlights the importance of investing in people and prioritizing livelihoods, suggesting that future economic efforts will concentrate on the welfare of the population [1][1]. - Key initiatives include stabilizing employment for critical groups such as college graduates and migrant workers, as well as enhancing the quality and capacity of job opportunities [1][1]. Group 2: Education and Structural Adjustments - There is a focus on restructuring the allocation of educational resources, which is seen as a significant step towards improving human capital [1][1]. - Experts are optimistic about the implementation of detailed measures related to educational reforms and resource distribution [1][1]. Group 3: Broader Economic Goals - The meeting also addresses broader tasks such as reform challenges and the "dual carbon" initiative, indicating a commitment to sustainable development [1][1]. - The anticipation of more specific measures being rolled out in the coming year reflects a proactive approach to economic management [1][1].

Core Insights - The Central Economic Work Conference held on December 10-11, 2025, is crucial for setting the direction for China's economic work in 2026 and ensuring a good start for the "15th Five-Year Plan" [1][2] - The conference emphasizes the importance of unity in thought, consensus, and confidence to navigate the complexities of the current economic landscape and achieve high-quality development [2][3] Economic Strategy - The conference outlines a series of strategic deployments focused on stabilizing and advancing economic growth, with a priority on domestic demand and building a strong domestic market [3] - Key tasks include boosting consumption, optimizing investment, fostering innovation, and addressing risks in real estate and local debt [3][4] Leadership and Governance - Strengthening the Party's comprehensive leadership over economic work is highlighted as essential for overcoming challenges and achieving targets [4] - The need for a correct performance view that prioritizes people's well-being and practical results is emphasized, along with avoiding bureaucratic tendencies [4] Future Outlook - The conference sets a clear roadmap for 2026, aiming for a robust start to the "15th Five-Year Plan" and a commitment to high-quality development [5] - A call for collective effort and determination to overcome obstacles and achieve economic goals is made, reinforcing the vision for a modern socialist country [5]