Core Viewpoint - The Chinese economy is expected to perform better than anticipated, with a projected GDP of approximately 140 trillion yuan for 2025, and policies will be implemented in 2026 to further stimulate economic growth [1][3]. Economic Performance - Major economic indicators in China are showing better-than-expected results, with a projected annual growth rate of around 5%, making China the largest engine of global economic growth [2]. - The economy has demonstrated resilience and vitality, with stable employment, rapid growth in foreign trade, and significant advancements in modern industrial systems [2]. Economic Projections - The GDP is expected to reach around 140 trillion yuan this year, marking a significant milestone in the "14th Five-Year Plan" [3]. - International institutions, including the IMF and Goldman Sachs, have raised their economic growth forecasts for China for the next two years [3]. Policy Implementation - In 2024, new incremental policies will be introduced based on changing circumstances, aiming to synergize existing and new policies to promote stable economic growth [4]. Risk Mitigation - Positive progress has been made in mitigating risks in key areas, including the orderly replacement of local government hidden debts and the completion of housing delivery tasks [5]. Economic Work Guidelines - The central economic work meeting outlined five essential principles for economic work under new circumstances, emphasizing the need to explore economic potential, combine policy support with reform, and ensure effective management [6][7][8]. Income and Economic Growth - In 2026, efforts will focus on synchronizing income growth with economic growth, maintaining stability in employment and prices, and implementing proactive fiscal policies [9]. Trade and Openness - China aims to expand both exports and imports, promoting sustainable foreign trade and enhancing service sector openness [10]. Innovation and Technology - The focus will be on innovation-driven growth, with plans to expand international science and technology innovation centers to foster original innovation [11]. Consumer Market Development - Policies will be optimized to stimulate consumption, including enhancing the supply of quality goods and services and improving the inbound consumption environment [12]. Corporate Debt Management - Measures will be taken to address corporate debt issues and ensure a healthy market order through regulatory actions [13]. Education and Employment - There will be an increase in high school enrollment and quality university admissions to adapt to demographic changes and improve employment quality [14]. Green Energy Initiatives - The construction of a new energy system will be accelerated, with a focus on expanding green electricity applications and promoting carbon emission control [15][16].

Core Viewpoint - The speech by Han Wenxiu highlights that China's major economic indicators are performing better than expected, with a projected GDP growth of around 5% for the year, positioning China as the largest engine of global economic growth [1][2]. Economic Performance - China's economic total is expected to reach approximately 140 trillion yuan this year, marking significant growth as it has crossed the thresholds of 110 trillion, 120 trillion, and 130 trillion yuan in recent years [2]. - Employment remains stable, and foreign trade is growing rapidly, with notable diversification in exports [1]. Risk Mitigation - Positive progress has been made in mitigating risks in key areas, including the orderly replacement of local government hidden debts and the completion of housing delivery tasks [3]. Economic Work Guidelines - Five essential principles for economic work in the new context have been proposed: 1. Fully explore economic potential by expanding consumption and investment, and promoting urban-rural integration [4]. 2. Combine policy support with reform innovation to address intertwined cyclical, structural, and institutional issues [4]. 3. Balance deregulation with effective management to eliminate barriers to productivity while ensuring market order [5]. 4. Integrate investments in physical and human capital to enhance overall development and welfare [5]. 5. Strengthen internal capabilities to face external challenges and enhance self-innovation [5]. Future Economic Goals - For 2026, the focus will be on synchronizing income growth with economic growth, maintaining stability in employment and prices, and ensuring a balanced international payment [6]. - The expansion of three major international science and technology innovation centers is aimed at fostering original innovation [7]. Trade and Openness - Plans for 2026 include promoting both exports and imports to ensure sustainable foreign trade development, with an emphasis on expanding institutional openness [8]. Policy Implementation - There will be an optimization of the "two new" policies to provide local governments with more autonomy, aiming to stimulate consumption and enhance the supply of quality goods and services [9]. Corporate Debt Management - Continued efforts will be made to address corporate debt issues and prevent the recurrence of payment delays, alongside the establishment of a fair market order [10]. Education and Employment - There will be an increase in the supply of ordinary high school places and quality undergraduate admissions to adapt to demographic changes, alongside policies to stabilize employment for key groups [11]. Green Development - The transition to carbon emission control will be prioritized, with plans to expand green electricity applications and develop new growth points in hydrogen energy and green fuels [12].

12月13日，中国国际经济交流中心举办2025—2026中国经济年会。 中央财经委员会办公室分管日常工作的副主任、中央农村工作领导小组办公室主任韩文秀表示，2025年 我国主要经济指标表现好于预期，经济总量预计达到140万亿元左右。2026年还将根据形势变化出台实 施增量政策，要协同发挥存量政策和增量政策集成效应，推动经济稳中向好。 主要经济指标表现好于预期 韩文秀表示，近期国际货币基金组织等国际机构纷纷上调了今明两年我国经济增长的预测。回望"十四 五"，我们有效应对世纪疫情、脱钩断链、自然灾害等超乎寻常的冲击挑战。经济实力明显壮大，我国 经济总量连续跨过110万亿元、120万亿元、130万亿元的台阶，今年预计达到140万亿元左右。 明年将根据形势变化出台实施增量政策 韩文秀表示，按照中央经济工作会议的总体要求，明年要保持经济稳定增长，保持就业和物价总体稳 定，保持国际收支基本平衡，促进居民收入增长和经济增长同步。做好明年经济工作要坚持稳中求进、 提质增效，加大逆周期和跨周期调整，切实提升宏观经济治理效能。 宏观政策方面，将继续实施更加积极的财政政策，继续实施适度宽松的货币政策，增强宏观政策取向的 一致性和有 ...

Core Viewpoint - The national memorial ceremony for the victims of the Nanjing Massacre was held in Nanjing, emphasizing the importance of remembering history and promoting peace [1][2]. Group 1: Ceremony Details - The ceremony took place at the Nanjing Massacre Memorial Hall, attended by approximately 8,000 representatives from various sectors [1]. - A moment of silence was observed, with air raid sirens sounding in Nanjing, and participants paying their respects by standing still [1]. - The ceremony included the playing of the national anthem and the presentation of flower wreaths by military honor guards [1]. Group 2: Key Messages from Officials - Stone Taifeng highlighted the significance of historical memory and the ongoing journey towards national rejuvenation through Chinese-style modernization [2]. - He called for unity around the leadership of Xi Jinping and emphasized the need to promote the spirit of resistance against Japanese aggression [2]. - The event featured youth representatives reading a "Peace Declaration" and the ringing of a "Peace Bell," symbolizing the pursuit of peace [2]. Group 3: Participants and Historical Context - The ceremony included representatives from various sectors, including veterans, international friends, and survivors of the Nanjing Massacre [3]. - December 13 was officially designated as the National Memorial Day for the victims of the Nanjing Massacre by the National People's Congress in 2014 [3].

Group 1 - The National Memorial Ceremony for the Victims of the Nanjing Massacre was held in Nanjing on December 13, 2025, attended by approximately 8,000 representatives from various sectors [1][2] - The ceremony included a moment of silence, the playing of the national anthem, and the presentation of wreaths by military honor guards [1] - Stone Tai Feng emphasized the importance of remembering history and the commitment to peace and development, highlighting the progress of Chinese modernization and national rejuvenation [2] Group 2 - The event was attended by various representatives, including veterans of the Anti-Japanese War, officials from different political parties, and survivors of the Nanjing Massacre [3] - December 13 was officially designated as the National Memorial Day for the Victims of the Nanjing Massacre by the National People's Congress in February 2014 [3]

Group 1 - The National Memorial Ceremony for the Victims of the Nanjing Massacre was held in Nanjing, attended by approximately 8,000 representatives from various sectors [1][2] - The ceremony included a moment of silence, the playing of the national anthem, and the presentation of flower wreaths by military honor guards [1] - The event emphasized the importance of remembering history, honoring the victims, and promoting peace and development [2] Group 2 - Stone Taifeng highlighted the significance of historical memory and the progress of Chinese modernization, calling for unity under the leadership of Xi Jinping [2] - Youth representatives read a "Peace Declaration," and a "Peace Bell" was rung, symbolizing the pursuit of peace and remembrance of the victims [2] - The ceremony was attended by various representatives, including veterans, international friends, and survivors of the Nanjing Massacre [3]

每经编辑｜段炼 今天（13日），在中国国际经济交流中心举办的2025-2026中国经济年会上，中央财办分管日常工作的副主任、中央农办主任韩文秀表示，今年是中国式 现代化进程中具有重要意义的一年，是很不平凡的一年。全年经济社会发展主要预期目标将顺利实现，"十四五"即将圆满收官。 韩文秀介绍，一年来，我国经济顶压前行，向新向优发展，展现出了强大的韧性和活力。主要经济指标表现好于预期，许多机构预测，全年经济增长5% 左右，我国仍然是全球经济增长的最大引擎。就业形势总体稳定，外贸较快增长，出口多元化成效明显，现代化产业体系建设加快推进。新质生产力稳步 发展，人工智能、生物医药、机器人等研发和应用处在全球第一梯队。改革开放迈出新步伐。纵深推进全国统一大市场建设，综合整治内卷式竞争，光伏 等行业的供求关系和价格走势出现积极的变化，资本市场交投活跃，国内外投资者信心增强，自主开放有序推进。安全、稳定、自信、包容的中国形象展 现在世界的面前。 韩文秀表示，"十四五"规划纲要所确定的20项主要指标即将顺利完成，推动党和国家事业发展取得新的重大成就。 韩文秀介绍，近期，国际货币基金组织、高盛等国际机构纷纷上调了今明两年我国经济增 ...

今天（13日），在中国国际经济交流中心举办的2025-2026中国经济年会上，中央财办分管日常工作的 副主任、中央农办主任韩文秀表示，今年是中国式现代化进程中具有重要意义的一年，是很不平凡的一 年。全年经济社会发展主要预期目标将顺利实现，"十四五"即将圆满收官。 韩文秀介绍，一年来，我 国经济顶压前行，向新向优发展，展现出了强大的韧性和活力。主要经济指标表现好于预期，许多机构 预测，全年经济增长5%左右，我国仍然是全球经济增长的最大引擎。就业形势总体稳定，外贸较快增 长，出口多元化成效明显，现代化产业体系建设加快推进。新质生产力稳步发展，人工智能、生物医 药、机器人等研发和应用处在全球第一梯队。改革开放迈出新步伐。纵深推进全国统一大市场建设，综 合整治内卷式竞争，光伏等行业的供求关系和价格走势出现积极的变化，资本市场交投活跃，国内外投 资者信心增强，自主开放有序推进。安全、稳定、自信、包容的中国形象展现在世界的面前。（央视新 闻） ...

Core Viewpoint - The event highlighted the importance of the upcoming "15th Five-Year Plan" (2021-2025) as a critical phase for China's modernization, emphasizing the need for structural adjustments in economic growth drivers, particularly in export, investment, and consumption strategies [4][5]. Group 1: Export Adjustments - The need to reduce reliance on exports is emphasized, suggesting a shift from an export-driven economy to a more balanced approach that mitigates risks associated with global uncertainties [8]. - China should stabilize its trade relationships with ASEAN and the EU while exploring emerging markets in South America, Africa, and Central Asia to diversify export destinations [9]. - The export structure should focus on advanced manufacturing and high-tech industries, increasing the share of service trade, including intellectual property and project consulting [10]. - Future export strategies should prioritize "scarcity" by offering unique products to avoid low-price competition and associated tariff risks [13]. - Promoting the use of the Renminbi in international trade can enhance export security and reduce foreign exchange volatility [14]. - The concept of exporting production capacity is introduced, suggesting that overseas investments can yield economic returns while creating local jobs and tax revenues [15]. Group 2: Effective Investment - Investment quality, efficiency, and structure are crucial for economic growth, with a focus on meeting market demands and aligning with the modern industrial system [16]. - Key investment areas include traditional manufacturing, strategic emerging industries (like renewable energy and biotechnology), advanced manufacturing, future industries (like quantum technology), foundational industries (like agriculture), and services [17][18][22][23][24]. Group 3: Consumption Activation - Consumption is projected to be the main driver of economic growth during the "15th Five-Year Plan," with strategies to stimulate it through fiscal policies, monetary support, and innovation in supply [30][31][34]. - Adjusting housing supply and implementing supportive policies can help release pent-up demand in the real estate sector [36]. - Encouraging service-oriented consumption across various sectors can further activate domestic demand [37]. Group 4: Industry Insights - Companies should avoid low-level competition by understanding industry cycles and technological advantages, ensuring they have a sustainable competitive edge [40]. - Businesses need to interpret the "15th Five-Year Plan" by analyzing the industrial landscape, recognizing shifts in themes towards safety and high-quality development, and assessing social acceptance of their projects [42][43]. - Financial institutions should align funding with industry characteristics, particularly in strategic emerging industries and advanced manufacturing, to support long-term growth [47].

Core Insights - The main theme of the event was the restructuring of driving forces for China's modernization during the "15th Five-Year Plan" period, emphasizing the need for adjustments in export, effective investment, and consumption stimulation [5][7]. Group 1: Export Adjustments - China is advised to shift from traditional product exports to "production capacity going abroad," focusing on unique competitive advantages rather than price competition [8][9]. - The adjustment of export strategies includes reducing reliance on resource-intensive and high-pollution exports, optimizing export structures to enhance development quality [9]. - The construction industry is highlighted as a sector where China can leverage its global advantages, creating jobs and tax revenue in partner countries while alleviating domestic overcapacity [9]. Group 2: Effective Investment - Investment quality, efficiency, and structure are emphasized as critical for economic growth, with a focus on meeting market demand and aligning with the modernization of the industrial system [10]. - Key investment areas include new energy, aerospace, quantum technology, and other emerging industries that promise market demand and returns, which are expected to drive economic growth during the "15th Five-Year Plan" [10][11]. - Effective investment is seen as essential for optimizing economic structure and enhancing national competitiveness, with a call for investments that support the upgrading of industrial chains and value chains [10]. Group 3: Consumption Stimulation - Consumption is projected to become the main engine for economic growth during the "15th Five-Year Plan," necessitating a coordinated approach involving fiscal, monetary, and industrial policies [11]. - The importance of adjusting the real estate supply relationship is underscored, with recommendations for policy measures to stimulate housing consumption and address demand-side and supply-side issues [11]. - The need for innovative consumption supply and new consumption scenarios is highlighted, indicating that consumption upgrades are tied to supply innovation and structural adjustments [11]. Group 4: Strategic Cooperation and Financial Support - A strategic cooperation framework was established between China Bank Guangdong Branch and Southern Media Group to enhance financial research and promote high-quality development [12]. - The "Intelligent Bay Area" technology finance action plan was introduced, focusing on providing stable financial support for technology innovation and addressing the financing needs of tech enterprises [13][14]. - The action plan aims to create a comprehensive financial service system for technology enterprises, integrating various financial tools to meet diverse financing needs [18][19].