2025.12. 17 本文字数：1384，阅读时长大约2分钟 作者 | 一财评论员 在日前召开的中央经济工作会议上，习近平总书记强调：所有规划都要实事求是，追求实实在在、没 有水分的增长，推动高质量、可持续的发展；对于脱离实际急躁冒进、层层加码、乱铺摊子的，要严 肃问责。 应该看到，这些年驰而不息纠正形象工程、政绩工程，取得了很多成效，但尚未根治，有的地方还出 现了新变种。比如，有的地方开发区大而不当，有的地方展会论坛活动无序发展，还有"数字注水"、 虚假开工、"开票经济"等各种表现形式。 因此，追求实实在在、没有水分的增长是一项长期艰巨任务，尤其在高质量制定"十五五"规划及"十 五五"要取得良好开局的关键时期，更是如此。 增长中的"水分"包括很多方面，比如数字造假、以牺牲环境为代价制造得不偿失的病态增长、通过重 复建设追求表面光鲜的浪费型增长，以及通过新官不理旧账实现不负责任的增长等。 过去唯GDP论英雄的理念造成了官出数字、数字出官的不良现象。有的地方在增长方面先设定指 标，然后一级压一级，压到最基层。如此而言，数字的真实性可想而知。 GDP早已不是对地方领导干部政绩考核的主要指标，当前考核更着重科学发 ...

在中央经济工作会议上，习近平总书记强调"要树立和践行正确政绩观"，坚持为人民出政绩、以实干出政绩，自 觉按规律办事，完善差异化考核评价体系。总书记对政绩观的深刻阐述，鲜明回答了树立什么样的政绩观、为谁创造 业绩、创造什么样的业绩、怎样创造业绩等一系列问题，为确保党中央决策部署落地见效，激励广大党员干部以务实 作风履职尽责、干事创业提供了根本遵循。 一分部署，九分落实。中央经济工作会议明确提出了党中央关于明年经济工作的总体思路、政策取向、重点任 务。这些都是经过充分论证、反复研究后提出的，是我们做好经济工作的科学指引和行动指南，定了就要坚决落实。 习近平总书记的重要讲话，为广大党员干部打"预防针"、开"清醒剂"，提醒、警示、指引我们要树立和践行正确 政绩观，完整、准确、全面贯彻落实党中央决策部署，以实干担当创造经得起实践、人民、历史检验的实绩。 中国式现代化，民生为大。习近平总书记深刻指出："坚持为人民出政绩。"这质朴而深邃的话语，彰显了人民领 袖人民至上的深厚情怀。从"制定实施城乡居民增收计划"到"持续巩固拓展脱贫攻坚成果"，再到"实施稳岗扩容提质行 动""推进教育资源布局结构调整""优化药品集中采购""实施 ...

Group 1 - The core viewpoint emphasizes the importance of the centralized leadership of the Party in ensuring effective economic work and the necessity for all regions and departments to implement the central government's economic strategies tailored to their specific circumstances [1][2] - The meeting highlighted the need for a flexible approach in formulating specific strategies based on local realities while adhering to the central government's decisions, ensuring that all actions align with the broader national development goals [3][4] - The concept of "因地制宜" (adapting to local conditions) is crucial for achieving high-quality and sustainable development, as it encourages regions to leverage their unique advantages and capabilities [2][3] Group 2 - The meeting underscored the importance of establishing a correct view of performance, focusing on serving the people and achieving results through practical actions rather than pursuing superficial achievements [4] - It was emphasized that all planning and policy measures must be realistic and devoid of exaggeration, aiming for tangible growth that contributes to high-quality development [3][4] - The call for unity in action across the nation, while also encouraging local initiatives, aims to foster a collaborative environment that promotes high-quality development [3][4]

Core Viewpoint - The article emphasizes the importance of adapting economic policies to local conditions to promote high-quality and sustainable development, as outlined in the Central Economic Work Conference [2][4]. Group 1: Central Leadership and Economic Strategy - The article highlights that the centralized and unified leadership of the Party is fundamental to effective economic work, with a focus on implementing the Central Committee's decisions and policies [2][3]. - It stresses that the ability to navigate complex situations and achieve significant accomplishments over the past five years is rooted in the leadership of the Party and the guidance of Xi Jinping's thoughts [2][3]. Group 2: Practical Implementation of Policies - The principle of "starting from reality" is crucial for decision-making and actions, with "adapting to local conditions" being a key method for effective implementation [3][4]. - The article calls for flexibility in strategies developed by regions and departments based on their specific circumstances, ensuring that all plans are practical and aimed at achieving tangible growth [4][5]. Group 3: Performance and Accountability - The article discusses the importance of establishing a correct view of performance, emphasizing that achievements should be for the people and based on practical efforts rather than superficial metrics [5]. - It encourages a focus on genuine development that benefits the populace, avoiding short-termism and ensuring accountability in governance [5].

实实在在、没有水分的增长，既要切实树立和践行正确政绩观，也要强化严格任用和严厉考核机制。 在日前召开的中央经济工作会议上，习近平总书记强调：所有规划都要实事求是，追求实实在在、没有 水分的增长，推动高质量、可持续的发展；对于脱离实际急躁冒进、层层加码、乱铺摊子的，要严肃问 责。 过去唯GDP论英雄的理念造成了官出数字、数字出官的不良现象。有的地方在增长方面先设定指标，然 后一级压一级，压到最基层。如此而言，数字的真实性可想而知。 GDP早已不是对地方领导干部政绩考核的主要指标，当前考核更着重科学发展、高质量发展，但根深蒂 固的GDP情结仍然有着深刻影响，原因之一是这一指标更加直观、更加体现政绩。由此也就引发了"数 字注水"、虚假开工、"开票经济"等"变种"的产生。 要进一步树立和践行正确政绩观，必须以高质量发展作为指针。《中共中央关于制定国民经济和社会发 展第十五个五年规划的建议》指出，要推动经济实现质的有效提升和量的合理增长，要推动人的全面发 展、全体人民共同富裕迈出坚实步伐。这应该成为今后地方促进发展的原则，也会更加成为地方领导政 绩考核的主要方向。 另外，中央经济工作会议强调，必须做到既"放得活"又"管 ...

中国式现代化，民生为大。习近平总书记深刻指出："坚持为人民出政绩。"这质朴而深邃的话语，彰显了人民领袖人民至上的深厚情怀。从"制定 实施城乡居民增收计划"到"持续巩固拓展脱贫攻坚成果"，再到"实施稳岗扩容提质行动""推进教育资源布局结构调整""优化药品集中采购""实施康 复护理扩容提升工程""扎实做好安全生产、防灾减灾救灾、食品药品安全等工作"，会议部署的重点任务都紧扣民生需求，彰显民生温度。各地区 各部门要把为民办事、为民造福作为最重要的政绩，把为老百姓做了多少好事办了多少实事解决了多少难事作为检验工作成效的重要标准，用心 用情用力解决群众急难愁盼问题，不断增强人民群众的获得感、幸福感、安全感。 "以实干出政绩"，要突出一个"实"字。要自觉按规律办事，不在追求政绩上搞急功近利、弄虚作假、盲目蛮干那一套，杜绝新官不理旧账和形象 工程、政绩工程。要聚焦高质量发展、可持续发展，规划编制工作要做到实事求是，追求实实在在、没有水分的增长。对于脱离实际急躁冒进、 层层加码、乱铺摊子的单位和个人，要严肃问责。要保持一股"干"劲，匡正干的导向，增强干的动力，形成干的合力，敢于担当、善于作为，以 钉钉子精神化解难题，开创工作 ...

Core Points - The Central Economic Work Conference held on December 10-11, 2023, emphasized the importance of economic work for the year 2025, marking the end of the 14th Five-Year Plan and setting the direction for the 15th Five-Year Plan [1][2] - The conference highlighted the need for a comprehensive understanding of economic work under new circumstances, focusing on maximizing economic potential, combining policy support with reform, and ensuring effective management alongside flexibility [1][2] Economic Policy Direction - The conference called for a more proactive macroeconomic policy, emphasizing stability and quality improvement, and increasing counter-cyclical and cross-cyclical adjustments [3][4] - It was decided to maintain necessary fiscal deficits and optimize fiscal expenditure structures while addressing local fiscal difficulties [4] - Monetary policy will remain moderately loose, utilizing various tools like reserve requirement ratio cuts and interest rate reductions to support economic growth [4] Domestic Market Development - Building a strong domestic market is prioritized, with a focus on enhancing domestic demand and addressing the current insufficient effective demand [6][7] - Specific measures include boosting consumption, expanding the supply of quality goods and services, and optimizing policies to stimulate consumer spending [6][7] Innovation and New Growth Drivers - The conference stressed the importance of innovation-driven development, proposing a series of initiatives to enhance education, technology, and talent development [8][9] - It aims to strengthen the role of enterprises in innovation and promote the integration of technological and industrial innovation [8][9] Reform and Opening Up - The conference outlined reforms to enhance high-quality development, including establishing a unified national market and addressing competitive practices [10][11] - It emphasized the transition from a commodity and factor flow-oriented opening to a rules-based opening, focusing on service sector expansion and digital trade [11] Regional Development and Urban-Rural Integration - Coordinated regional development is essential, with a focus on urban-rural integration and promoting high-quality county-level economic development [12][13] - The conference highlighted the importance of maintaining poverty alleviation efforts and integrating them into rural revitalization strategies [12][13] Green Transition - The conference called for a comprehensive green transition, emphasizing carbon reduction and environmental protection measures [14] - Specific actions include energy system construction and pollution control initiatives to support sustainable development [14] Social Welfare and Employment - The conference underscored the importance of social welfare, focusing on employment stability for key groups and enhancing educational opportunities [16] - It aims to improve public services and ensure the supply of essential goods, particularly during the year-end period [16] Risk Management - The conference addressed the need to stabilize the real estate market and manage local government debt risks [17][18] - It proposed measures to control real estate supply and promote the construction of affordable housing [17][18]

[Table_Main] 证券研究报告 | 宏观点评 宏观点评 1. 政策总基调更加突出"提质增效" 会议指出，明年经济工作要坚持稳中求进、提质增效。与 2024 年 12.9 政治局会议相比，表述已由"稳中求进、以进促稳"调整为"稳中求进、提质 增效"，显示宏观政策的基本取向没有变，但战术重点有所调整。去年提出"实 施更加积极的财政政策和适度宽松的货币政策，充实完善政策工具箱，加强 超常规逆周期调节"，工作的重点在于通过一系列政策"组合拳"，推动宏观经 济企稳向好，逆周期调节成为主要着力方向。今年会议在"继续实施更加积极 的财政政策和适度宽松的货币政策"的基础上，着重提出"加大逆周期和跨周 期调节力度，切实提升宏观经济治理效能"。会议重提跨周期调节，意味着追 求短期经济增速目标的迫切性有所淡化，兼顾中长期结构优化和改革深化的 必要性有所上升。 2. 更加重视"协同"和"集成" 证券分析师 程强 资格编号：S0120524010005 邮箱：chengqiang＠tebon.com.cn 研究助理 何明洋 邮箱：hemy＠tebon.com.cn 相关研究 关键词从"以进促稳"到"提质增效" ——12.8 政 ...

Group 1: Economic Focus and Policy Direction - The recent Central Political Bureau meeting emphasized the importance of unifying thoughts and focusing on policy priorities to promote high-quality development and strengthen technology innovation leadership in the market[2] - The fifth and sixth rounds of inspections will primarily focus on local government work, addressing common issues identified in previous inspections, such as implementing central decisions and enhancing talent and organizational development[12] - The integration of inspection rectification with economic work is crucial for ensuring effective implementation of the "14th Five-Year Plan" and promoting high-quality development[13] Group 2: Local Development Strategies - Local governments are encouraged to adopt tailored development strategies rather than a one-size-fits-all approach, aligning with the central government's strategic positioning for each region[17] - Emphasis on developing characteristic and leading industries based on local resources is expected to be a core principle for the "14th Five-Year Plan" development[17] - The need for local governments to enhance their understanding of technological innovation and improve political awareness is highlighted as essential for optimizing industrial structures and achieving breakthroughs in high-tech research[17] Group 3: Risk Management and Economic Growth - The meeting underscored the importance of risk prevention and the need to enhance the social governance system to mitigate various risks, particularly in the real estate sector[18] - There is a shift towards a new development model in the real estate market, with plans to accelerate the use of special bond funds for acquiring existing properties and addressing idle land issues[18] - The focus on maintaining systemic financial risk prevention and improving financial regulatory effectiveness remains a top priority[18] Group 4: Encouraging Local Leadership - The meeting called for a correct personnel orientation to motivate local officials to take responsibility and actively engage in economic work, especially in major economic provinces[22] - Fujian, as one of the top ten economic provinces, is expected to leverage the meeting's guidance to unlock greater economic growth potential and technological innovation[22]

Group 1 - The core viewpoint emphasizes the importance of maintaining a strong spirit and commitment among party members to achieve socialist modernization and national rejuvenation [1][2][3][4] - The concept of "performance view" is highlighted as a crucial measure for evaluating the responsibilities and actions of party members, stressing the need for a correct perspective that prioritizes the welfare of the people [2][3] - The necessity of a strong sense of responsibility and dedication among party members is underscored, with a focus on transforming this commitment into practical actions that address the needs of the public [3][4] Group 2 - Execution capability is identified as a key factor in governance, with a call for party members to demonstrate loyalty and commitment through effective implementation of policies [4] - The importance of a proactive and resilient approach to challenges is emphasized, encouraging party members to adopt a mindset of urgency and persistence in their efforts [4] - The overall message advocates for a collective effort among party members to foster a spirit of hard work and dedication, aiming to achieve significant accomplishments for the nation [4]