【纠错】 【责任编辑:邱丽芳】 1月20日，财政部副部长廖岷在国新办新闻发布会上表示，2026年，财政部门将继续实施更加积极 的财政政策，概括起来就是"总量增加、结构更优、效益更好、动能更强"。2026年财政赤字、债务总规 模和支出总量将保持必要水平，确保总体支出力度"只增不减"、重点领域保障"只强不弱"。（记者申 铖、刘开雄） ...

Core Viewpoint - The National Development and Reform Commission (NDRC) of China aims to continuously promote a reasonable recovery of prices through a combination of policies, emphasizing the importance of price stability for both economic operation and residents' livelihoods [1][2]. Summary by Relevant Sections Overall Economic Policy - The NDRC plans to implement a more proactive fiscal policy and moderately loose monetary policy, making the promotion of reasonable price recovery a key consideration in monetary policy [1]. - There is an observed upward trend in both the Consumer Price Index (CPI) and the Producer Price Index (PPI), indicating signs of economic recovery [1]. Structural Policy - The NDRC will implement special actions to boost consumption and develop plans to increase income for urban and rural residents [2]. - Policies will be optimized to promote large-scale equipment updates and the replacement of old consumer goods, alongside advancing major national strategies and key area safety capabilities [2]. - Efforts will be made to address "involution" competition and establish a unified national market construction regulation to enhance market efficiency [2]. Reform Policy - The NDRC aims to further clarify price relationships to promote efficient resource allocation and ensure stable supply [2]. - Continuous efforts will be made to stabilize prices and supply of essential goods, ensuring sufficient quantity and stable prices to support basic livelihoods [2].

Core Viewpoint - The National Development and Reform Commission (NDRC) emphasizes the need for more proactive fiscal policies and moderately loose monetary policies to promote price recovery and stimulate economic growth [1][2]. Group 1: Economic Policies - The NDRC plans to implement a more proactive fiscal policy and moderately loose monetary policy, focusing on price recovery as a key consideration [1]. - A new strategy for expanding domestic demand from 2026 to 2030 will be developed, aiming to strengthen the domestic circulation and adapt to the upgrading of demand structure [2]. - The NDRC is studying the establishment of a national-level merger fund to enhance government investment and fund layout planning [3]. Group 2: Market Regulation - The NDRC will further regulate low-price disorderly competition among enterprises and strengthen price supervision in key industries to create a healthy market order [4]. - There will be a focus on promoting a transition from "price competition" to "value competition" and improving market access and fair competition mechanisms [5]. Group 3: Economic Development Goals - By 2025, the NDRC aims to complete major economic and social development goals, with a focus on implementing proactive macro policies and achieving breakthroughs in new productivity development [6]. - The urbanization rate is expected to reach 67.89% by the end of the year, an increase of 0.89 percentage points from the previous year [6]. Group 4: Employment and Social Welfare - The NDRC is committed to enhancing social welfare and employment, with an average urban survey unemployment rate of 5.2% for the year [7]. - Measures will be taken to optimize holiday arrangements and implement childcare subsidies to improve the quality of life for citizens [7]. Group 5: Technological and Industrial Development - The NDRC is planning to advance a series of significant projects in high-tech industries during the 14th Five-Year Plan period [8][9]. - By 2025, the digital economy's added value is expected to reach 49 trillion yuan, accounting for approximately 35% of GDP [9]. Group 6: Consumer and Investment Policies - The NDRC is developing actions to stabilize jobs and expand capacity, aiming to enhance residents' consumption capabilities [10]. - A comprehensive approach will be taken to address supply-demand imbalances and promote domestic circulation [11]. Group 7: Investment and Project Management - In 2025, approximately 8,400 projects will be supported by long-term special government bonds, driving total investment growth by 1.8 percentage points [12]. - The NDRC will lower investment thresholds for project applications and increase support for small and medium-sized enterprises [13][16]. Group 8: Environmental and Energy Policies - The NDRC aims to accelerate energy transition and increase the share of non-fossil energy consumption, promoting clean energy generation to meet new electricity demand [17]. - Efforts will be made to develop green and low-carbon industries while promoting energy-saving and carbon-reduction transformations in key sectors [18]. Group 9: Market Construction and Regulation - The NDRC is working on establishing regulations for a unified national market and will address issues that hinder market construction [19][20]. - Measures will be taken to eliminate unreasonable restrictions in the consumer sector and foster new growth points in consumption [21]. Group 10: Private Investment and Participation - The NDRC will implement measures to promote private investment and improve mechanisms for private enterprises' participation in major projects [22].

Core Viewpoint - The National Development and Reform Commission (NDRC) emphasizes the need for more proactive fiscal policies and moderately loose monetary policies to promote price recovery, highlighting the importance of integrating existing and new policies to foster economic growth and price recovery [1] Group 1 - The Consumer Price Index (CPI) and Producer Price Index (PPI) have both shown signs of recovery [1] - Future policies will focus on implementing more aggressive fiscal measures and maintaining a moderately loose monetary stance [1] - The integration of stock and incremental policies is crucial for enhancing efficiency and promoting a positive interaction between economic growth and price recovery [1]

Core Viewpoint - The National Development and Reform Commission (NDRC) emphasizes the need for more proactive fiscal policies and moderately loose monetary policies to promote price recovery, highlighting the importance of integrating stock and incremental policies to foster a positive interaction between economic growth and price recovery [1] Group 1 - The Consumer Price Index (CPI) and Producer Price Index (PPI) have both shown signs of recovery [1] - Future policies will focus on implementing more aggressive fiscal measures and maintaining a moderately loose monetary stance [1] - The promotion of price recovery will be a key consideration in monetary policy [1]

Core Viewpoint - The Chinese government aims to promote a reasonable recovery of prices as a key objective of macroeconomic regulation, with a focus on implementing policies that support economic growth and price recovery [1] Group 1: Economic Policy Measures - The National Development and Reform Commission emphasizes the need for a more proactive fiscal policy and moderately loose monetary policy to facilitate price recovery [1] - Structural adjustments will be made to address "involution" competition and establish a unified national market construction regulation [1] - The government plans to enhance the market mechanism for survival of the fittest, ensuring efficient resource allocation and stable supply [1] Group 2: Future Directions - The government will focus on dual supply and demand efforts to create a positive interaction between economic growth and price recovery [1] - There will be a concerted effort to streamline the exit of inefficient production capacities and improve price relationships [1]

Core Viewpoint - The meeting highlighted the importance of high-quality development in China's economy, emphasizing the need for innovative strategies and policies to sustain growth amidst external pressures [17][19]. Group 1: Economic Performance and Projections - China's GDP reached 140,187.9 billion yuan in 2025, reflecting a 5.0% increase from the previous year [17]. - The economy has shown resilience and vitality, with significant growth milestones achieved during the "14th Five-Year Plan" period, crossing the thresholds of 110 trillion, 120 trillion, 130 trillion, and 140 trillion yuan [17]. Group 2: Policy Recommendations - The government aims to implement more proactive fiscal policies and moderately loose monetary policies, focusing on a combination of policy measures to enhance quality and effectiveness [20]. - There is a strong emphasis on innovation-driven growth and deepening reform and opening-up, with a strategic focus on expanding domestic demand to boost internal growth dynamics [21]. Group 3: Social Development and Welfare - The meeting underscored the necessity of integrating social welfare improvements with economic growth, aiming to enhance consumer spending and invest in both material and human resources [21].

Core Viewpoint - The meeting highlighted the importance of implementing high-quality development strategies in response to the uncertain external environment, emphasizing the need for proactive fiscal and monetary policies to enhance domestic demand and improve living standards [2][3]. Group 1: Economic Performance and Outlook - The past year was marked by significant challenges, yet the country managed to implement effective counter-cyclical measures, leading to improved market confidence and economic resilience [1]. - The government aims to maintain a positive economic trajectory despite ongoing uncertainties and challenges, with a focus on high-quality development as a long-term goal [2]. Group 2: Policy Recommendations - Emphasis on high-quality development as a guiding principle, with a call for a combination of proactive fiscal policies and moderately loose monetary policies to achieve substantial improvements [3]. - The need to strengthen innovation and deepen reform and opening-up, with a strategic focus on expanding domestic demand to enhance internal growth drivers [3]. Group 3: Social Welfare and Development - The government plans to integrate social welfare improvements with consumption and investment strategies, aiming to cultivate new economic growth points and enhance the well-being of the population [3].

Core Viewpoint - The meeting led by Premier Li Qiang emphasizes the need for high-quality development to address uncertainties in the development environment, focusing on implementing proactive fiscal policies and moderately loose monetary policies [1] Group 1: High-Quality Development - The government aims to enhance high-quality development as a guiding goal, seeking greater breakthroughs in qualitative improvements [1] - There is a strong emphasis on innovation-driven growth and deepening reform and opening up [1] Group 2: Economic Strategy - The strategic focus is on expanding domestic demand to continuously enhance the internal driving force of development [1] - Policies will be coordinated to ensure that reforms and macroeconomic policies work in tandem [1] Group 3: Social Welfare - The government intends to ensure and improve people's livelihoods while promoting consumption and investment, both in goods and human capital [1] - There is a commitment to cultivating new economic growth points to continuously enhance the well-being of the population [1]

央行降息25bp，国债期货大多收涨 市场分析 宏观面：（1）宏观政策： 12月8日政治局会议明确实施更加积极的财政政策和适度宽松的货币政策，释放宽货币 信号；中央经济工作会议提出，2026年财政政策方面继续实施更加积极的财政政策，货币方面继续实施适度宽松 的货币政策，灵活高效运用降准、降息及结构性政策工具，为"十五五"良好开局提供稳定的宏观政策环境；2026 年1月19日起，下调再贷款、再贴现等一篮子利率0.25个百分点，同时今年还存在继续降准降息的空间。（2）通胀： 12月CPI同比上升0.8%。 财政：（3）11 月一般公共预算收入在高基数影响下同比放缓，但全年收入进度仍偏快，第一本账完成压力不大， 财政托底能力仍在。支出端呈现出降幅明显收窄的特征，前期预算内资金逐步转化为实际支出，结构上更加向民 生和投资于人倾斜，基建相关支出边际改善但整体仍偏弱。政府性基金收入继续受地产拖累，但专项债发行提速 带动支出同比转正，对广义财政形成支撑。整体来看，当前财政体现为稳总量、调结构、托底为主，短期对经济 形成一定支撑，但更强拉动仍有赖于准财政资金和明年政策加码的进一步落地。（4）金融：11月金融数据整体偏 弱，信贷 ...