2025年中央经济工作会议，定调明年经济工作 I GA HIYESI'I C 今年是很不平凡的一年。以习近平 同志为核心的党中央团结带领全党全 国各族人民迎难而上、奋力拼搏,坚 定不移贯彻新发展理念、推动高质量 发展,统筹国内国际两个大局,实施 更加积极有为的宏观政策,经济社会 发展主要目标将顺利完成。我国经济 顶压前行、向新向优发展,现代化产 业体系建设持续推进,改革开放迈出 新步伐,重点领域风险化解取得积极 进展,民生保障更加有力。过去5年, 我们有效应对各种冲击挑战,推动党 和国家事业取得新的重大成就,"十 四五"即将圆满收官,第二个百年奋 斗目标新征程实现良好开局。 做好新形势下经济工作 新的认识和体会 必须 充分挖掘经济潜能 必须坚持政策支持和改革创新 并举 业 须 做到既"放得活"又"管 得好" 必须 坚持投资于物和投资于人 坚密结合 要继续实施更加积极的财政政策。保 持必要的财政赤字、债务总规模和支 出总量,加强财政科学管理,优化财 政支出结构,规范税收优惠、财政补 贴政策。重视解决地方财政困难,兜 牢基层"三保"底线。严肃财经纪 律,坚持党政机关过紧日子 要继续实施适度宽松的货币政策。把 促进 ...

Core Viewpoint - The Central Economic Work Conference has outlined the economic work for 2026, emphasizing high-quality development and the role of the insurance industry in supporting national strategies and improving social welfare [1][2]. Group 1: High-Quality Development - The conference provides a systematic deployment for the insurance industry's high-quality development, guiding companies to translate the conference's spirit into specific development paths [2]. - China Ping An aims to integrate its development with national strategies, focusing on "comprehensive finance + healthcare and elderly care" to support the construction of a financial powerhouse and national rejuvenation [2]. - China Export & Credit Insurance Corporation emphasizes supporting high-level opening-up and enhancing service quality for foreign trade and key projects [3]. Group 2: Support for Social Welfare - The conference highlights the importance of expanding health and long-term care insurance to better meet diverse resident needs [5]. - China Ping An is committed to enhancing its insurance product offerings in health and elderly care to support the public's varied protection demands [5][6]. - The insurance industry is encouraged to focus on improving financial supply efficiency and addressing social welfare challenges [6]. Group 3: Activation of Insurance Capital - Insurance institutions are leveraging their long-term and stable capital to meet the needs of the real economy, acting as "patient capital" [7]. - China Life Group plans to align its actions with the central government's economic governance strategies, focusing on technology finance and green finance [7]. - China Ping An is committed to increasing investments in strategic emerging industries and advanced manufacturing through a collaborative model of "technology + finance + ecology" [8]. Group 4: Green Transformation - The conference emphasizes the need for a comprehensive green transition, guiding various sectors towards high-quality development [8]. - TaiKang Asset is focused on ESG investment principles, increasing research on green industries like wind and solar energy to support the green transformation of the economy [8].

Core Viewpoint - The meeting emphasized the importance of effectively addressing the issues raised by the Central Inspection Team in Guangxi, ensuring that the rectification work meets historical and public scrutiny [1][5]. Group 1: Inspection Feedback and Responsibilities - The Central Inspection Team conducted inspections from July 17 to September 29, providing feedback on November 27, which acknowledged the work in Guangxi while highlighting existing issues and rectification requirements [2]. - The rectification work is seen as a critical test of political loyalty and a means to enhance the political and natural ecological environment in Guangxi [2][3]. - All levels of government are urged to align closely with the central leadership, enhancing political awareness and ensuring thorough rectification of identified issues [2][3]. Group 2: Political and Ecological Integrity - The need to purify and restore the political ecosystem is stressed, with lessons drawn from past corruption cases, and a commitment to eliminate corrupt practices [3]. - The dual focus on political and natural ecology is highlighted, aiming for a harmonious relationship between the two [3]. - The importance of maintaining a high-quality development agenda and integrating into the national development framework is emphasized [2][3]. Group 3: Implementation and Accountability - Strong leadership and accountability in the rectification process are essential, with a call for a structured approach to ensure effective implementation at all levels [4][5]. - The meeting identified common pitfalls in the rectification process, such as superficial compliance and avoidance of complex issues, urging a more focused and effective approach [4]. - Continuous monitoring and a commitment to practical outcomes are necessary to ensure the rectification efforts are genuine and impactful [5].

记者 张骏 12月14日至15日，中共上海市委举行学习讨论会。市委书记陈吉宁主持会议并强调，要把学习贯彻 党的二十届四中全会和中央经济工作会议精神，同贯彻落实习近平总书记考察上海重要讲话精神更加紧 密结合起来，保持战略定力，始终坚定信心，善于科学应对，改进工作方法，加强上下统筹，更好形成 全市发展"一盘棋"，干字当头、奋力一跳，以义不容辞的责任担当为全国挑大梁、作贡献，努力在推进 中国式现代化中充分发挥龙头带动和示范引领作用，确保"十五五"开好局、起好步。 市委副书记、市长龚正，市人大常委会主任黄莉新、市政协主席胡文容、市委副书记朱忠明出席会 议并作了发言。 会上，上海财经大学校长刘元春就"十五五"时期国内经济形势展望，香港金融管理局助理总裁兼首 席经济学家朱海斌就2026年国际经贸形势及其影响分析，分别作了专题辅导报告。65位同志围绕会议主 题，结合工作实际，着眼谋划新一年工作，交流体会、分析问题，开拓思路、集思广益，提出了有针对 性、有启发性的意见建议，进一步凝聚共识、形成合力。 陈吉宁指出，明年是"十五五"开局之年。习近平总书记在中央经济工作会议上对当前国际国内形势 作出深刻分析。要切实把思想和行动统一 ...

Economic Overview - November economic data shows a consistent trend with previous periods, indicating weakness in real estate, infrastructure, and manufacturing investments, while consumer confidence remains low[7] - Fixed asset investment cumulative year-on-year decreased from -1.7% to -2.6%, reflecting a significant fluctuation and pointing towards a need for improved supply-demand structure[7] - Retail sales growth in November dropped to 1.3%, influenced by previous high base effects and a decline in consumer confidence post "Double Eleven" promotions[7] Policy and Investment Insights - The introduction of 500 billion yuan in new policy financial tools has been fully deployed, but the impact on investment growth may take time to materialize[7] - The focus on effective industrial investment is emphasized, with policies aiming for high-quality and sustainable growth rather than mere quantitative expansion[7] - Recent policies aimed at enhancing consumer goods supply-demand compatibility and promoting consumption are expected to gradually improve consumer sentiment[7] Production and Trade Dynamics - Industrial value-added output slightly decreased by 0.1 percentage points, but high-tech industries showed a robust growth of 8.4%, indicating technology's crucial role in overall economic growth[7] - Export delivery value improved slightly from -2.1% to -0.1%, suggesting a narrowing of production fluctuations due to external trade conditions[7] Future Outlook - The market anticipates weaker growth in Q4 compared to Q3, with the expectation that the effects of new policies will take time to manifest, leading to continued economic challenges until year-end[7] - Despite current weaknesses, China's economic momentum remains strong, supported by counter-cyclical policies and a focus on domestic demand, particularly consumption[7]

Core Viewpoint - The recent Central Economic Work Conference outlines the economic work for 2025 and 2026, emphasizing the need to maintain confidence, leverage advantages, and address challenges to ensure a stable and improving economic momentum [1][2]. Economic Performance and Goals - The major expected goals for economic and social development in 2025 are on track to be achieved, with a projected GDP growth of around 5% year-on-year, positioning China as the largest engine of global economic growth [2][3]. - The "14th Five-Year Plan" is nearing completion, with 20 key indicators expected to be met, showcasing resilience and vitality in the face of challenges such as the pandemic [2][3]. Key Insights from the "Five Musts" - The conference highlighted five essential principles for economic work: 1. Fully explore economic potential by expanding consumption, investment, and fostering innovation [3]. 2. Combine policy support with reform and innovation to address intertwined economic issues [3]. 3. Balance deregulation with effective governance to enhance productivity while maintaining market order [4]. 4. Integrate investments in physical and human capital to promote overall development and welfare [4]. 5. Strengthen internal capabilities to face external challenges and enhance self-reliance in the economy [4]. Economic Work for 2026 - The economic work for 2026 will focus on stability and quality improvement, with an emphasis on maintaining employment and price stability, and promoting synchronized growth of residents' income and the economy [5][6]. - A proactive fiscal policy will be implemented, ensuring sustainable fiscal practices while optimizing expenditure structures to support strategic national initiatives [5][6]. Eight Key Tasks for Economic Work - The conference identified eight key tasks for economic work in 2026: 1. Prioritize domestic demand and build a strong domestic market. 2. Accelerate innovation-driven growth. 3. Enhance reform efforts to boost high-quality development. 4. Promote open cooperation in various fields. 5. Foster coordinated development between urban and rural areas. 6. Lead with dual carbon goals for comprehensive green transformation. 7. Focus on improving people's livelihoods. 8. Safeguard against risks in key areas [7][8]. Employment and Risk Management - Employment is highlighted as a fundamental aspect of people's livelihoods, with a focus on stabilizing job opportunities for key groups such as graduates and migrant workers [8]. - Measures will be taken to stabilize the real estate market and manage local government debt risks, ensuring that systemic risks are avoided [8][9].

Group 1 - The core viewpoint emphasizes the need for a balance between "letting go" and "managing well" in economic reforms, highlighting the importance of both government and market roles in achieving a stable and dynamic economy [1] - The recent Central Economic Work Conference identified the necessity of achieving both "active market" and "effective governance" to ensure economic vitality without chaos, aiming for a high-quality socialist market economy [1][2] - The government and market must work in tandem to enhance resource allocation efficiency and maintain market order, overcoming past issues of excessive regulation or lack of oversight [1][3] Group 2 - A series of measures have been implemented this year to promote a balanced approach, including the issuance of guidelines for administrative inspections and the establishment of a unified national market [2] - The focus on "letting go" involves allowing the market to play a decisive role in resource allocation, with an emphasis on improving property rights protection and establishing a fair competition system [2] - The government's role is to effectively manage areas such as macroeconomic regulation and market supervision, ensuring that interventions are appropriate and necessary while minimizing direct interference in microeconomic activities [3] Group 3 - The shift from "managing well" to "managing effectively" in this year's conference reflects a higher standard for government oversight, particularly in understanding new industries and market dynamics [3] - The government is encouraged to enhance its understanding of market mechanisms to better balance the roles of "letting go" and "managing," ensuring a harmonious interaction between market forces and regulatory frameworks [3]

12月15日下午，省政府召开经济运行调度会议，深入学习贯彻习近平总书记重要讲话和中央经济工 作会议精神，认真落实李强总理讲话要求，按照省委十四届十次全会和省委常委会会议部署，研究安排 当前重点工作，坚定不移完成全年目标任务，确保"十四五"圆满收官。省长刘小涛主持会议并讲话。 刘小涛强调，要切实把思想和行动统一到习近平总书记、党中央对经济形势的科学判断和决策部署 上来，牢牢把握"五个必须"的规律性认识，坚持稳中求进、提质增效，坚定信心、用好优势、应对挑 战，着力稳就业、稳企业、稳市场、稳预期，扎实补短板、筑底板、强弱项、扬优势，不断巩固拓展经 济稳中向好势头，以高质量发展实绩实效为全国发展大局多作贡献。 刘小涛指出，要抓好重点攻坚，努力扩大有效投资，加大重大项目推进、"两重"项目资金配套和使 用进度，形成更多实物工作量；坚持"一区域一策、一类群体一策、一地块一策、一楼盘一策"激发住房 需求，探索多渠道盘活存量商品房，着力稳定房地产市场。要抓好潜能挖掘，持续开展"暖冬购物季"等 消费促进活动和"苏品苏货"对接会，发力首店、首品等首发经济，激发商品消费、服务业消费活力；要 大力引育新主体、拓展新市场、发展新模式、畅 ...

Core Viewpoint - The integration of technological innovation and industrial innovation is essential for achieving high-quality development in China, emphasizing the importance of cultivating application scenarios to support this integration [1][2][5]. Group 1: Importance of Application Scenarios - Application scenarios serve as critical environments for validating new technologies and products, enabling the identification of technical demands and research opportunities within industrial applications [2][3]. - High-quality application scenarios can attract various resources, including talent, capital, and data, thereby facilitating the rapid emergence of high-value technologies and products [3][4]. Group 2: Strategies for Scenario Development - The government aims to cultivate and expand application scenarios in emerging fields such as digital economy, artificial intelligence, and clean energy, while also enhancing scenarios in traditional sectors like manufacturing and transportation [6]. - There is a focus on increasing the openness of application scenarios, promoting cross-sector collaboration, and ensuring that new scenarios are developed based on local resources and characteristics to avoid redundancy [6]. Group 3: Policy Framework and Implementation - The implementation of policies to support the integration of technological and industrial innovation includes establishing a clear path from technological breakthroughs to industrial applications [5][6]. - Enhancing the regulatory framework for resource allocation and improving the legal and standard systems are crucial for fostering a conducive environment for innovation [6].

Group 1 - The core viewpoint emphasizes the need for a balanced relationship between government intervention ("visible hand") and market forces ("invisible hand") to achieve a well-functioning economy [1] - The recent Central Economic Work Conference highlighted the importance of both "letting go" and "managing well" in economic work, aiming for a dynamic yet orderly economic environment [1][2] - The government and market each have unique strengths that are essential for economic and social development, necessitating a collaborative approach to enhance resource allocation efficiency and market order [1][3] Group 2 - A series of regulatory measures have been introduced this year, including the "Opinions on Strictly Regulating Administrative Inspections Related to Enterprises" and guidelines for building a unified national market, aimed at improving the balance between market freedom and government regulation [2] - The focus on "letting go" involves ensuring that market forces are allowed to operate effectively, with an emphasis on establishing a unified market access system and enhancing property rights protection [2] - The government's role includes effective macroeconomic regulation, market supervision, and public service provision, with a need to respect market dynamics while preparing appropriate regulatory measures [3]