Group 1 - The central economic work conference was held in Beijing from December 10 to 11, focusing on the current economic situation and key tasks for the new "14th Five-Year Plan" period [1] - The government is implementing a more proactive fiscal policy for the first time this year, with a deficit level and scale at the highest in recent years, increasing the deficit rate to around 4% and the deficit scale to 5.66 trillion yuan, which is an increase of 1.6 trillion yuan compared to 2024 [4][5] - The total issuance of government bonds in 2025 is projected to be 11.86 trillion yuan, including 4.4 trillion yuan in government bonds and 1.3 trillion yuan in special long-term bonds [4] Group 2 - The fiscal policy will continue to be proactive next year, maintaining necessary fiscal deficits, total debt scale, and total expenditure while optimizing the fiscal expenditure structure [5][6] - The government aims to enhance the effectiveness and precision of fiscal spending, focusing on major national strategic financial support and increasing investment in people's livelihoods, domestic demand, and long-term growth [5][6] - The monetary policy will be moderately loose, with the central bank having implemented a reduction in the reserve requirement ratio and interest rates for the first time in 14 years, and plans to continue this approach next year [8][10] Group 3 - The social financing scale and broad money supply (M2) grew by 8.7% and 8.4% year-on-year, respectively, with the balance of RMB loans reaching 270.4 trillion yuan [11] - The new lending rates for corporate loans and personal housing loans have decreased by approximately 40 basis points and 25 basis points year-on-year, respectively [11] - The monetary policy will focus on promoting stable economic growth and reasonable price recovery as key considerations [12][14] Group 4 - The government will enhance the consistency and effectiveness of macro policies, integrating economic and non-economic policies, as well as stock and incremental policies, to ensure coordinated efforts across various policy measures [17] - The emphasis on "seeking progress while maintaining stability" continues as the overall guideline for economic work during the "14th Five-Year Plan" period, with a focus on quality improvement and efficiency enhancement [20]

中国人民银行货币政策委员会召开2025年第四季度例会 中国人民银行货币政策委员会2025年第四季度（总第111次）例会于12月18日召开。 会议指出，要引导大型银行发挥金融服务实体经济主力军作用，推动中小银行聚焦主责主业，增强银行 资本实力，共同维护金融市场的稳定发展。有效落实好各类结构性货币政策工具，扎实做好金融"五篇 大文章"，加强对扩大内需、科技创新、中小微企业等重点领域的金融支持。用好证券、基金、保险公 司互换便利和股票回购增持再贷款，探索常态化的制度安排，维护资本市场稳定。持续做好支持民营经 济发展壮大的金融服务。切实推进金融高水平双向开放，提高开放条件下经济金融管理能力和风险防控 能力。 会议强调，要以习近平新时代中国特色社会主义思想为指导，全面贯彻落实党的二十届四中全会和中央 经济工作会议精神，按照党中央、国务院的决策部署，牢牢把握高质量发展首要任务，扎实推进中国式 现代化，完整准确全面贯彻新发展理念，加快构建新发展格局。把做强国内大循环摆到更加突出的位 置，统筹好总供给和总需求的关系，增强宏观政策前瞻性针对性协同性，着力扩大内需、优化供给，做 优增量、盘活存量，不断巩固拓展经济稳中向好势头。 ...

会议研究了下阶段货币政策主要思路， 建议发挥增量政策和存量政策集成效应，综合运用多 种工具，加强货币政策调控，根据国内外经济金融形势和金融市场运行情况，把握好政策实 施的力度、节奏和时机 。保持流动性充裕，使社会融资规模、货币供应量增长同经济增长、 价格总水平预期目标相匹配，促进社会综合融资成本低位运行。强化央行政策利率引导，完 善市场化利率形成传导机制，发挥市场利率定价自律机制作用，加强利率政策执行和监督。 从宏观审慎的角度观察、评估债市运行情况，关注长期收益率的变化。畅通货币政策传导机 制，提高资金使用效率。 增强外汇市场韧性，稳定市场预期，防范汇率超调风险，保持人民 币汇率在合理均衡水平上的基本稳定 。 会议指出，要引导大型银行发挥金融服务实体经济主力军作用，推动中小银行聚焦主责主 业，增强银行资本实力，共同维护金融市场的稳定发展。 有效落实好各类结构性货币政策工 具，扎实做好金融"五篇大文章"，加强对扩大内需、科技创新、中小微企业等重点领域的金 融支持 。用好证券、基金、保险公司互换便利和股票回购增持再贷款，探索常态化的制度安 排，维护资本市场稳定。持续做好支持民营经济发展壮大的金融服务。切实推进金融 ...

Core Viewpoint - The People's Bank of China (PBOC) aims to continue implementing a moderately accommodative monetary policy, enhancing counter-cyclical and cross-cyclical adjustments to support stable economic growth and reasonable price recovery [1][4]. Group 1: Monetary Policy Implementation - The PBOC's monetary policy committee recently held a meeting to discuss the main ideas for the next phase of monetary policy, emphasizing the integration of incremental and stock policies [4]. - The meeting suggested using various tools to strengthen monetary policy regulation, ensuring liquidity remains ample and aligning money supply growth with economic growth and price level expectations [5]. Group 2: Financial Support and Structural Policies - The meeting highlighted the importance of effectively implementing various structural monetary policy tools to support key areas such as domestic demand expansion, technological innovation, and small and micro enterprises [5]. - The PBOC plans to utilize securities, funds, and insurance company swap facilities, as well as stock repurchase and refinancing, to maintain capital market stability [5]. Group 3: Domestic Economic Focus - The PBOC intends to prioritize strengthening the domestic economic cycle, balancing total supply and demand, and enhancing the forward-looking, targeted, and coordinated nature of macro policies [5]. - The focus will be on expanding domestic demand, optimizing supply, and continuously consolidating and expanding the momentum of stable economic growth [5].

中国人民银行货币政策委员会召开2025年第四季度例会。会议分析了国内外经济金融形势，认为当前外 部环境变化影响加深，世界经济增长动能不足，贸易壁垒增多，主要经济体经济表现有所分化，通胀走 势和货币政策调整存在不确定性。我国经济运行总体平稳、稳中有进，高质量发展取得新成效，但仍面 临供强需弱矛盾突出等问题和挑战。要继续实施适度宽松的货币政策，加大逆周期和跨周期调节力度， 更好发挥货币政策工具的总量和结构双重功能，加强货币财政政策协同配合，促进经济稳定增长和物价 合理回升。 ...

来源：中国人民银行 中国人民银行货币政策委员会召开2025年第四季度例会 中国人民银行货币政策委员会 2025年第四季度（总第111次）例会于12月18日召开。 会议认为，今年以来宏观调控力度加大，货币政策适度宽松，持续发力、适时加力，强化 逆周期调节，综合运用多种货币政策工具，服务实体经济高质量发展，为经济稳中向好创造 适宜的货币金融环境。贷款市场报价利率改革效能持续释放，存款利率市场化调整机制作用 有效发挥，货币政策传导效率增强，社会融资成本处于历史较低水平。外汇市场供求基本平 衡，外汇储备充足，人民币汇率双向浮动，在合理均衡水平上保持基本稳定。金融市场总体 运行平稳。 会议分析了国内外经济金融形势，认为当前外部环境变化影响加深，世界经济增长动能不 足，贸易壁垒增多，主要经济体经济表现有所分化，通胀走势和货币政策调整存在不确定 性。我国经济运行总体平稳、稳中有进，高质量发展取得新成效，但仍面临供强需弱矛盾突 出等问题和挑战。要继续实施适度宽松的货币政策，加大逆周期和跨周期调节力度，更好发 挥货币政策工具的总量和结构双重功能，加强货币财政政策协同配合，促进经济稳定增长和 物价合理回升。 会议研究了下阶段货币 ...

Core Insights - The Central Economic Work Conference summarized the economic work for 2025 and analyzed the current economic situation, setting the stage for 2026 economic work [1][4][17] Economic Performance - In the first three quarters of 2025, China's GDP grew by 5.2% year-on-year, with the total economic output expected to reach around 140 trillion yuan [3][5] - The economic development goals for the year are on track to be achieved, reflecting a resilient and vibrant economy [4][6] Key Areas of Focus - The conference highlighted five key areas for economic work: 1. Overall economic stability and progress, with major indicators meeting expectations [5] 2. Continuous advancement in modern industrial system construction, with significant achievements in technology and innovation [5] 3. Progress in reform and opening up, with a focus on building a unified national market [5] 4. Positive developments in risk mitigation in key areas, including local government debt management [5] 5. Strengthened social welfare measures, including childcare subsidies and free education [5] Policy Directions for 2026 - The conference outlined the policy direction for 2026, emphasizing stability and quality improvement, with a focus on integrating existing and new policies [17][19] - A more proactive fiscal policy will be implemented, maintaining necessary fiscal deficits and ensuring sustainable finances [20][21] - An appropriately loose monetary policy will be adopted to support economic stability and reasonable price recovery [22] Eight Key Tasks for "15th Five-Year Plan" - The conference identified eight key tasks to ensure a strong start for the "15th Five-Year Plan": 1. Focus on domestic demand and build a strong domestic market [26] 2. Accelerate innovation-driven development [26] 3. Enhance high-quality development dynamics through reform [26] 4. Promote win-win cooperation in international trade [26] 5. Foster coordinated development between urban and rural areas [26] 6. Lead with carbon neutrality initiatives for green transformation [26] 7. Prioritize people's livelihoods and address practical issues [26] 8. Mitigate risks in key areas effectively [26][32]

12月22日，中国人民银行授权全国银行间同业拆借中心公布新版LPR报价，1年期品种报3.0%，上月为 3.0%；5年期以上品种报3.5%，上月为3.5%。 东方金诚宏观研究团队表示，12月两个期限品种的LPR报价保持不变，有两个直接原因：首先，近期政 策利率（央行7天期逆回购利率）保持稳定，这意味着12月LPR报价的定价基础没有发生变化，已在很 大程度上预示当月LPR报价会保持不动；另外，12月以来包括1年期银行同业存单到期收益率（AAA 级）在内的主要中长端市场利率稳中有升，商业银行在货币市场的融资成本略有上升，在商业银行净息 差处于历史最低点的背景下，当前报价行也缺乏主动下调LPR报价加点的动力。 来源：北京日报客户端 记者：潘福达 LPR报价已连续七个月保持不变。中国邮政储蓄银行研究员娄飞鹏认为，目前市场流动性总体较为充 裕，央行通过公开市场操作精准调控流动性，利率水平也处于较低水平，银行净息差本身较低，也需要 维持合理的净息差更好地服务实体经济。 LPR报价一直按兵不动，背后的根本原因是：受年初以来出口持续超预期、国内新质生产力领域较快发 展等支撑，今年宏观经济顶住外部环境剧烈波动压力，增长韧性超出普 ...

央广网北京12月22日消息（记者 冯方）12月22日，12月贷款市场报价利率（LPR）出炉，1年期LPR为 3.0%，5年期以上LPR为3.5%，均较上月维持不变。受访专家指出，目前实现全年经济增长目标已没有 悬念，年底前逆周期调节加力的迫切性不高。展望2026年，LPR有望稳中有降，并更加注重发挥结构性 货币政策工具作用，引导金融资源更多流向科技创新、绿色发展、提振消费。 LPR连续7个月保持不变 央行数据显示，自今年5月份1年期和5年期以上LPR双双下降10个基点以来，两个期限品种LPR均已连 续7个月保持不变。 "12月LPR继续'按兵不动'，连续7个月保持不变，符合预期。"招联首席研究员、上海金融与发展实验室 副主任董希淼对央广财经记者表示，从LPR报价机制看，LPR定价主要参考的7天期逆回购操作利率并 未发生变化，因此LPR较难下降。从银行方面看，随着持续向实体经济减费让利，银行息差缩窄压力仍 然不小。三季度末商业银行净息差为1.42%，尽管与二季度持平，但较去年四季度末下降了10个基点。 因此，银行缺乏压降LPR报价加点的动力。 董希淼进一步表示，数据显示，无论是企业新发放贷款还是个人住房贷款加权 ...

据中国人民银行网站22日消息，中国人民银行授权全国银行间同业拆借中心公布，2025年12月22日贷款市场报价利率（LPR）为：1年期LPR为3.0%，5年期 以上LPR为3.5%。以上LPR在下一次发布LPR之前有效。 所谓"贷款市场报价利率"（LPR）是由各报价行按公开市场操作利率（公开市场7天期逆回购利率）加点形成的方式报价，由全国银行间同业拆借中心计算 得出，旨在为银行贷款提供定价参考。目前，LPR包括1年期和5年期以上两个品种。 另据央行网站此前公布的消息，2025年4月21日，贷款市场报价利率（LPR）为：1年期为3.10%，5年期以上为3.60%。5月20日，1年期LPR下调至3.00%，5 年期以上LPR下调至3.50%。因此，截止目前，LPR已连续7个月保持不变。 | | | 此前中央经济工作会议指出，要继续实施适度宽松的货币政策。把促进经济稳定增长、物价合理回升作为货币政策的重要考量，灵活高效运用降准降息等多 种政策工具，保持流动性充裕，畅通货币政策传导机制，引导金融机构加力支持扩大内需、科技创新、中小微企业等重点领域。保持人民币汇率在合理均衡 水平上的基本稳定。 ...