Core Insights - The article emphasizes the importance of understanding the economic landscape and challenges for the upcoming year, as well as the need for strategic planning and execution to achieve economic goals [1] Group 1: Economic Strategy - The central economic work conference outlines the overall requirements and policy directions for next year's economic work, emphasizing a balanced approach to domestic economic management and international trade [1] - The focus is on implementing proactive macroeconomic policies that enhance foresight, relevance, and coordination, while also expanding domestic demand and optimizing supply [2] Group 2: Implementation of Key Policies - The "Five Musts" articulated by the central economic work conference serve as a guiding principle for economic work, highlighting the need for policy support and reform innovation to drive growth [2] - There is a strong emphasis on balancing development and security, particularly in the context of external challenges faced by Jiangsu as an open frontier [2] Group 3: Policy Orientation - The policy direction for next year is to maintain stability while seeking progress, focusing on quality and efficiency, and continuing with proactive fiscal and moderately loose monetary policies [3] - The article stresses the importance of a unified approach to macroeconomic policies to enhance their effectiveness and ensure they work in concert to stabilize the economy [3]

Core Viewpoint - The Central Economic Work Conference has outlined a comprehensive plan for economic work in 2026, emphasizing the implementation of more proactive macro policies and detailing eight key areas of focus, including building a strong domestic market and fostering new growth drivers [2][22]. Group 1: Methodology and Policy Direction - The conference introduced the "Five Musts" methodology, which includes fully tapping economic potential, integrating policy support with reform innovation, balancing market freedom with effective governance, combining investments in physical and human capital, and honing internal capabilities to face external challenges [3][24][26]. - The policy tone for 2026 is set to be "more proactive and effective," with a focus on maintaining continuity in fiscal and monetary policies, which is crucial for stabilizing market expectations and enhancing confidence [7][27]. Group 2: Key Focus Areas - The conference highlighted the importance of expanding domestic demand as a primary economic task, addressing the challenges posed by external uncertainties and the imbalance between supply and demand [9][29]. - Specific measures to boost consumption include implementing special actions to stimulate consumption, developing urban and rural income increase plans, and enhancing the supply of quality goods and services [10][30][31]. Group 3: Investment Strategies - The conference aims to stabilize investment by increasing central budget investments, optimizing local government bond management, and leveraging new policy financial tools to invigorate private investment [12][33][34]. - Emphasis is placed on high-quality urban renewal as a dual approach to stabilize investment and improve living conditions [15][34]. Group 4: Innovation and New Growth Drivers - The conference stresses the need for innovation-driven growth, focusing on establishing international technology innovation centers in key regions and enhancing the role of enterprises in innovation [16][35]. - It also calls for the development of key manufacturing industry chains and the expansion of "Artificial Intelligence +" initiatives, indicating a shift towards a more supportive environment for technological advancements [17][36]. Group 5: Market Outlook and Capital Allocation - The market is expected to experience a structural shift, with a focus on technology, consumer sectors, and financial services as key areas for investment [18][39]. - Analysts suggest that the upcoming year may see a resurgence in growth-oriented stocks, particularly in sectors like AI applications, semiconductors, and renewable energy [19][38].

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]

Core Viewpoint - The central economic work conference emphasized the importance of "five musts" as a new understanding and approach to economic work under the current circumstances [2] Group 1 - The "five musts" were elaborated upon in a series of five significant commentaries published by Xinhua News Agency from December 15 to 19 [2]

Core Viewpoint - The recent Central Economic Work Conference emphasized the "Five Musts" articulated by General Secretary Xi Jinping, which encapsulate new understandings and insights for economic work under the current circumstances [2] Group 1 - The "Five Musts" are intended to guide economic policy and strategy moving forward, reflecting a comprehensive approach to addressing current economic challenges [2] - A series of five significant commentaries were published by Xinhua News Agency from December 15 to 19, elaborating on the rich implications of the "Five Musts" [2]

Core Viewpoint - The article discusses the key insights from the Central Economic Work Conference, emphasizing the "Five Musts" for economic work in the new context, focusing on high-quality development for the 14th Five-Year Plan period [2]. Group 1: Economic Potential - It is essential to fully tap into economic potential, characterized by a large margin for maneuvering, internal circulation, and self-reliance [3]. - There is a need to broaden perspectives and innovate strategies to expand consumption and investment, develop technology and industries, and promote urban-rural integration and regional coordinated development [4]. Group 2: Policy Support and Reform - The current economic development faces intertwined cyclical, structural, and institutional issues, requiring comprehensive measures that combine macroeconomic regulation to mitigate short-term fluctuations with timely and deep reforms to drive internal growth [4]. - The approach must balance "letting go" to eliminate institutional barriers to productivity while ensuring effective governance to maintain market order and enhance the role of the government in resource allocation [5]. Group 3: Investment Focus - Economic development aims for comprehensive human development and improved well-being, necessitating effective investment in both the real economy and human resources, fostering a synergy between material and human capital [6]. Group 4: Internal Strengthening - To address external challenges, there is a call for strengthening internal capabilities and resilience [6].

Core Viewpoint - The recent Central Economic Work Conference outlines the economic work for 2025 and 2026, emphasizing the need to maintain confidence and address challenges to ensure stable economic growth [1][2]. Group 1: Economic Performance and Goals - The major expected goals for economic and social development in 2025 are set to be achieved, with a projected GDP growth of around 5% [2]. - The "14th Five-Year Plan" is nearing completion, with significant achievements in overcoming challenges such as the pandemic [2]. - The conference acknowledges ongoing issues in economic development, including external environmental changes and domestic supply-demand imbalances [2]. Group 2: Key Principles for Economic Work - The conference introduces "Five Musts" for economic work: 1. Fully explore economic potential through innovation and investment [3]. 2. Combine policy support with reform to address intertwined economic issues [3]. 3. Balance deregulation with effective governance to enhance productivity [4]. 4. Integrate investments in physical and human capital for comprehensive development [4]. 5. Strengthen internal capabilities to face external challenges [5]. Group 3: Economic Policy Directions for 2026 - The focus for 2026 includes maintaining stable economic growth, ensuring employment and price stability, and promoting income growth alongside economic growth [6]. - A proactive fiscal policy will be implemented, maintaining necessary fiscal deficits and optimizing expenditure structures [6][7]. - A moderately loose monetary policy will be adopted to support stable economic growth and reasonable price recovery [7]. - Emphasis on policy consistency and coordination among various economic measures to enhance effectiveness [7]. Group 4: Key Tasks for Economic Development - The conference identifies eight key tasks for 2026, including: 1. Prioritizing domestic demand and building a strong domestic market [8]. 2. Accelerating innovation and fostering new growth drivers [8]. 3. Enhancing high-quality development through reform [8]. 4. Promoting open cooperation in various fields [8]. 5. Coordinating urban-rural integration and regional development [8]. 6. Leading green transformation through "dual carbon" initiatives [8]. 7. Focusing on improving people's livelihoods [8]. 8. Managing risks in key areas effectively [10]. Group 5: Employment and Risk Management - Employment remains a priority, with policies aimed at stabilizing job opportunities for key groups such as graduates and migrant workers [9]. - The conference stresses the importance of stabilizing the real estate market and managing local government debt risks [10].

Group 1 - The provincial government held a meeting to implement the spirit of Xi Jinping's important speech and the Central Economic Work Conference, emphasizing the significance of these discussions for achieving a good start in the "14th Five-Year Plan" [1] - The meeting highlighted the need to understand the decisive significance of the "two establishments" and to align thoughts and actions with the directives from Xi Jinping and the Central Committee [1][2] - The meeting called for a focus on the "eight persistent" key tasks set by the Central Committee, aiming to stabilize employment, enterprises, markets, and expectations while promoting high-quality and sustainable development [2] Group 2 - The meeting reviewed implementation opinions on strengthening county-level characteristic advantageous industries and supporting enterprises in increasing investment and improving quality and efficiency [3] - It emphasized the importance of tailored approaches for developing local industries and providing comprehensive services to enterprises to enhance their competitive edge [3] - The meeting also discussed safety management in rental factories, advocating for enhanced safety measures and the establishment of a culture of safety awareness among all employees [3]

实践发展每前进一步，理论创新就前进一步。党的十八大以来，面对严峻复杂的国际环境和艰巨繁重的 国内改革发展稳定任务，以习近平同志为核心的党中央坚持和加强党对经济工作的全面领导，不断深化 对经济工作的规律性认识，提出一系列新理念新思想新战略，引领我国经济发展取得历史性成就、发生 历史性变革。实践充分证明，以习近平经济思想为科学指引，持续深化对经济发展规律的认识和把握， 是做好经济工作、推动中国经济航船行稳致远的制胜关键。中央经济工作会议提出的"五个必须"紧密联 系、相互贯通，是认识与实践的有机统一，既与此前关于经济工作的经验总结一脉相承，又与时俱进、 创新发展，是习近平经济思想的进一步丰富和发展，为做好当前和今后一个时期的经济工作提供了思想 指引和行动指南。 做好新形势下经济工作，必须充分挖掘经济潜能。我国是一个超大规模经济体，拥有14亿多人口，稳居 全球制造业第一大国、全球第二大消费市场。中国特色社会主义制度优势、超大规模市场优势、完整产 业体系优势、丰富人才资源优势等多重优势长期积累、持续叠加，构筑起进一步推动经济高质量发展的 坚实底盘。要坚持扩大内需这个战略基点，大力提振消费，扩大有效投资，坚决破除阻碍全国 ...

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].