中央经济工作会议12月10日至11日在北京举行。会议总结2025年经济工作，分析当前经济形势，部署2026年经济 工作。 会议这些提法意涵深刻。 and ARB 2025 年 中 央 经 济 工 作 会 议 "五个必须" 会议认为，通过实践，我们对做 好新形势下经济工作又有了新的认识 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 必须做到既"放得活"又"管得好" 必须坚持投资于物和投资于人紧密结合 必须以苦练内功来应对外部挑战 部指示 AX 2025 年 中 央 经 济 工 作 会 议 "两个更好统筹" 会议强调,更好统筹国内 经济工作和国际经贸斗争,更 好统筹发展和安全。 知非常 AR 2025 年 中 央 经 济 工 作 会 议 球 进 上半度 或中 提增数 会议指出, 明年经济工作 在政策取向上，要坚持稳中求 进、提质增效，发挥存量政策 和增量政策集成效应,加大逆 周期和跨周期调节力度,提升 宏观经济治理效能。 凯华 ask 2025 年 中 央 经 济 工 作 会 议 会议在部署明年经济工作重点任 务时,提出"八个坚持":坚持内需 主导,坚持创新驱动,坚持改革攻坚, 坚持对外开放,坚 ...

Economic Outlook - The 2025 Central Economic Work Conference emphasized the need to "explore economic potential" and integrate policy effects, shifting focus from external uncertainties to overall changes in the environment[2] - The assessment of risks has cooled, with a shift from "guarding against systemic risks" to "orderly resolution of local government debt risks" for 2026[2] - The focus for 2026 will be on "developing new productive forces" and "unifying the national market," indicating a structural shift in economic strategy[4] Demand-Side Strategies - The conference highlighted the need to "stabilize investment" and "support the real estate market," indicating a structural optimization towards real economy stability[5] - A new emphasis on "urban and rural residents' income increase plans" was introduced, expanding the scope of income growth initiatives[5] - The approach to real estate has become more proactive, with policies encouraging the acquisition of existing homes for affordable housing[5] Supply-Side Initiatives - The focus on "deepening the rectification of 'involutionary' competition" and reinforcing the role of enterprises in innovation was emphasized[6] - The "dual carbon" strategy will lead to significant energy efficiency improvements and the establishment of a new energy system[7] Policy Framework - The monetary policy remains "appropriately loose," with a focus on maintaining liquidity and promoting economic stability and reasonable price recovery[8] - Fiscal policy will maintain necessary deficits and optimize expenditure structures, rather than expanding beyond 2025 levels[8] - The goal of monetary policy will include combating deflation, indicating a shift towards stabilizing prices and supporting economic growth[8] Asset Class Outlook - The report suggests that the risks associated with external and internal factors have decreased compared to 2025, with a focus on balancing asset prices and expanding domestic demand[10] - Investors are advised to consider a structural rebalancing in 2026, increasing allocations towards stock market profitability and commodity market inflation trends[10] - The stability of the US dollar and its impact on domestic liquidity will be crucial for the macroeconomic outlook[11]

Core Viewpoint - The Central Economic Work Conference held on December 10-11, 2025, outlines the economic work for 2026, emphasizing a balanced approach to domestic economic work and international trade, with a focus on expanding domestic demand and optimizing supply to achieve effective qualitative improvement and reasonable quantitative growth [1] Group 1: Work Tone - The conference adopts a pragmatic and positive tone, affirming that the main economic goals for 2025 will be met, with an expected GDP growth rate of 5% [2] - It acknowledges persistent challenges in economic development, including external environmental changes, domestic supply-demand imbalances, and risks in key areas [3] Group 2: Macroeconomic Policy - The macroeconomic policy will maintain strength and enhance effectiveness, with a focus on both existing and new policies [5] - Fiscal policy will be more proactive, with a projected fiscal deficit rate of 4% for 2026, corresponding to a deficit scale of 5.85 trillion, an increase of 190 billion from 2025 [7] - Monetary policy will remain moderately loose, prioritizing economic stability over inflation, with expectations for a 50 basis point reduction in reserve requirement ratios [9] Group 3: Key Work Areas - The conference identifies eight key work areas, with "expanding domestic demand" as the top priority, focusing on increasing residents' income and optimizing supply [10] - Innovation-driven policies will see significant changes, including the establishment of a comprehensive education and technology talent development plan [12] - Emphasis on green transformation and addressing risks in key areas, particularly in real estate and local government debt [14][15]

任志强称，本次会议传递的核心信号是：宏观政策将保持连续性与协同性，确保经济平稳开局；而"因地制宜发展新质生 产力"被置于前所未有的战略高度，将成为驱动经济结构优化与产业升级的核心引擎。 （编辑 郭之宸） 本报讯 （记者袁传玺）12月10日至11日，中央经济工作会议在北京举行。对此，华福证券总裁助理兼研究所所长任志强在 其研究报告中表示，此次会议首次系统性地提出涵盖内需、创新、改革、开放等八个方面的"坚持"，为"十五五"规划开局之年 勾勒出清晰的发展蓝图。会议在肯定2025年经济"顶压前行、向新向优"发展成果的同时，直面"供强需弱"等现实挑战，并以罕 见的清晰度和力度部署了政策框架与八大重点任务。 任志强认为，会议部署的八大重点任务构成了2026年经济工作的施工图。其中，"内需主导"与"创新驱动"位居前两位，清 晰地指明了短期稳增长与中长期动能转换的路径。这些任务并非孤立，而是相互关联、协同推进的系统工程。任务一"坚持内 需主导"直接回应国内供强需弱矛盾，任务二"坚持创新驱动"是构筑长期竞争优势的核心，任务三"改革攻坚"与任务八"守牢底 线"体现了在发展中化解风险的思路。其他重要任务同样蕴含机会：任务四"对外开 ...

11日闭幕的中央经济工作会议明确了2026年中国经济工作的八项重点任务。受访学者认为，从方向性部 署到操作性纲领的精准落地，八项任务将为明年经济工作提供具体实施路径与工作抓手。 "坚持内需主导，建设强大国内市场"居八大任务之首，凸显其在经济发展全局中的重要性。此前公布 的"十五五"规划建议中，同样提出"建设强大国内市场，加快构建新发展格局"。 根据中央经济工作会议部署，明年中国将深入实施提振消费专项行动，优化"两新"政策实施，优化实 施"两重"项目。北京大学国民经济研究中心主任苏剑分析，这表明扩大内需仍是当前经济工作的主要任 务，也将是接下来政策的核心发力点。 二是"坚持创新驱动，加紧培育壮大新动能"。在专家看来，创新驱动不仅是未来构建新发展格局的关 键，也将有利于进一步扩大内需。苏剑提到，技术创新可以开发新产品，产生新消费需求；还能够降低 成本从而使供给增加，正是以新需求引领新供给。 三是坚持改革攻坚，增强高质量发展动力活力。中国人民大学重阳金融研究院研究员刘英认为，坚持深 化改革、激发内生动力、推动标志性改革的举措落地，包括完善全国统一大市场、优化营商环境，有利 于打通制约经济循环的制度性堵点。 六是坚持 ...

能源是经济社会高质量发展的关键支撑。刚落幕的2025中央经济工作会议为2026年能源和绿电领域定调 了"双碳引领下的全面绿色转型"的核心方向。 在能源电力领域，2025中央经济工作会议提出，坚持"双碳"引领，推动全面绿色转型。深入推进重点行 业节能降碳改造。制定能源强国建设规划纲要，加快新型能源体系建设，扩大绿电应用。加强全国碳排 放权交易市场建设。 加快新型能源体系建设 2025中央经济工作会议涉及能源的表述强调"全面绿色转型"，并提出"加快新型能源体系建设，扩大绿 电应用"。 加快新型能源体系建设的表述与近期提出的"十五五"建议基本一致。10月24日，国家发展改革委主任郑 栅洁在新闻发布会公开表示，加快新型能源体系建设重点有三项工作。 具体看，一是以更大力度发展非化石能源，加快西北风电光伏、西南水电、海上风电、沿海核电等清洁 能源基地建设，因地制宜开发生物质能、地热能、海洋能等新能源；二是推进化石能源清洁高效利用， 推动煤电由基础保障性电源转为支撑调节性电源；三是加快建设新型电力系统，确保绿电发得出、电网 接得住、终端用得好。 以普遍依赖燃煤自备电厂供电的钢铁行业为例。第一财经记者从业内人士获悉，目前众多 ...

Core Viewpoint - The article discusses the outcomes of the Central Economic Work Conference held on December 11-12, 2025, emphasizing a moderate policy tone, a focus on internal demand, and long-term structural improvements while addressing external risks [3][4][9]. Group 1: Policy Tone and Direction - The policy tone is generally moderate, shifting from "seeking progress while maintaining stability" to "maintaining stability while seeking progress and improving quality and efficiency" [4][10]. - Fiscal policy will maintain necessary levels of deficit, debt, and expenditure, with a projected deficit rate around 4% [4][11]. - Monetary policy will continue to be moderately loose, with an emphasis on promoting reasonable price recovery [11][12]. Group 2: Internal Demand and Investment - The focus is on internal demand, with clear strategies to stabilize investment and enhance service consumption [4][11]. - Investment is expected to stop declining, with new policy financial tools being utilized to support this [4][11]. - Service consumption will be promoted through reforms aimed at increasing supply to stimulate demand [11][12]. Group 3: Risk Management and Real Estate - The emphasis on risk prevention has decreased, with ongoing policies for real estate and debt management [5][12]. - Reforms in the housing provident fund system are anticipated, including potential reductions in loan rates and adjustments in withdrawal ratios [5][12]. - The fiscal environment for 2026 is expected to remain similar to 2025, with a focus on managing debt and social spending [5][12]. Group 4: Social Stability and Employment - Maintaining social stability remains a priority, with measures in healthcare, education, and employment being highlighted [6][13]. - The economic growth target for 2026 is expected to remain stable, balancing growth with social needs [6][13]. - The article notes the importance of transitioning from traditional labor-intensive industries to ensure employment stability [6][13]. Group 5: Long-term Structural Reforms - The conference highlighted the need for long-term structural reforms to address "involution" in competition, with a focus on establishing a unified national market [5][12]. - Measures to improve the supply side are expected to contribute to a moderate recovery in the Producer Price Index (PPI) [5][12]. - The commitment to a dual carbon strategy includes accelerating the construction of a new energy system and improving disaster prevention infrastructure [6][13].

中央经济工作会议会议确定，明年经济工作抓好以下重点任务。 一是坚持内需主导，建设强大国内市场。深入实施提振消费专项行动，制定实施城乡居民增收计划。扩 大优质商品和服务供给。优化"两新"政策实施。清理消费领域不合理限制措施，释放服务消费潜力。推 动投资止跌回稳，适当增加中央预算内投资规模，优化实施"两重"项目，优化地方政府专项债券用途管 理，继续发挥新型政策性金融工具作用，有效激发民间投资活力。高质量推进城市更新。 二是坚持创新驱动，加紧培育壮大新动能。制定一体推进教育科技人才发展方案。建设北京(京津冀)、 上海(长三角)、粤港澳大湾区国际科技创新中心。强化企业创新主体地位，完善新兴领域知识产权保护 制度。制定服务业扩能提质行动方案。实施新一轮重点产业链高质量发展行动。深化拓展"人工智能 +"，完善人工智能治理。创新科技金融服务。 六是坚持"双碳"引领，推动全面绿色转型。深入推进重点行业节能降碳改造。制定能源强国建设规划纲 要，加快新型能源体系建设，扩大绿电应用。加强全国碳排放权交易市场建设。实施固体废物综合治理 行动，深入打好蓝天、碧水、净土保卫战，强化新污染物治理。扎实推进"三北"工程攻坚战，实施自然 保护 ...

Core Viewpoint - The Central Economic Work Conference held on December 10-11 in Beijing objectively analyzed the development situation of the Chinese economy, addressing various concerns regarding consumption, investment, real estate, corporate accounts, and market competition order. The policy direction for next year is "stability while seeking progress, improving quality and efficiency" [2][14]. Macro: Responding to Concerns, Improving Quality and Efficiency - The conference highlighted the importance of domestic demand as a primary task, emphasizing the implementation of special actions to boost consumption and the expansion of quality goods and services supply. It also aims to eliminate unreasonable restrictions in the consumption sector to unleash service consumption potential [5][6]. - On the demand side, the conference proposed a plan to increase urban and rural residents' income and optimize the implementation of "two new" policies, which may involve increasing social security spending to enhance disposable income and promote consumption growth [6][9]. - Government investment is expected to lead the way in stabilizing investment, with a focus on increasing central budget investment and optimizing the use of local government special bonds to alleviate financial pressures [6][9]. - The conference emphasized the need to actively and prudently resolve risks in key areas, particularly in the real estate sector, where it aims to stabilize the market and improve residents' purchasing power [7][9]. Strategies: Balancing Growth and Reform - The conference reiterated the need for a proactive fiscal policy while maintaining necessary fiscal deficits and total debt levels. It aims to optimize fiscal spending and strengthen fiscal management [10][23]. - Monetary policy is expected to remain moderately loose, with a focus on promoting stable economic growth and reasonable price recovery. The use of various policy tools, including interest rate cuts, is anticipated to be more flexible and efficient [11][24]. - The conference stressed the importance of innovation-driven development, with measures to enhance the role of enterprises in innovation and promote high-quality development of key industrial chains [12][16]. Real Estate: Focus on Supply Issues - The conference underscored the need to stabilize the real estate market, advocating for measures to control new supply, reduce inventory, and improve supply quality. It encourages the acquisition of existing homes for affordable housing [29][30]. - The emphasis on resolving inventory issues reflects a heightened focus on the real estate sector's challenges, particularly in light of the ongoing supply-demand imbalance [29][30]. Consumption: Continuous Policy Support - The conference prioritized domestic demand, reiterating the importance of consumption in driving economic growth. It plans to implement measures to enhance residents' income and stabilize employment for key groups [38]. - Policies aimed at boosting consumer confidence and spending are expected to continue, with a focus on increasing the quality and availability of goods and services [38].

中新社北京12月11日电 (记者尹倩芸)11日闭幕的中央经济工作会议明确了2026年中国经济工作的八项重 点任务。受访学者认为，从方向性部署到操作性纲领的精准落地，八项任务将为明年经济工作提供具体 实施路径与工作抓手。 二是"坚持创新驱动，加紧培育壮大新动能"。在专家看来，创新驱动不仅是未来构建新发展格局的关 键，也将有利于进一步扩大内需。苏剑提到，技术创新可以开发新产品，产生新消费需求；还能够降低 成本从而使供给增加，正是以新需求引领新供给。 围绕做好明年经济工作，会议提出"要坚持稳中求进、提质增效"。专家分析，从"以进促稳"到"提质增 效"，经济政策基调从"进"和"立"到重"质"和"效"，将更加强调政策协同发力，注重发挥存量和增量政策 的集成效应。 三是坚持改革攻坚，增强高质量发展动力活力。中国人民大学重阳金融研究院研究员刘英认为，坚持深 化改革、激发内生动力、推动标志性改革的举措落地，包括完善全国统一大市场、优化营商环境，有利 于打通制约经济循环的制度性堵点。 四是坚持对外开放，推动多领域合作共赢。明年是"十五五"开局之年，商务部部长王文涛日前撰文指 出，"十五五"时期，中国发展环境面临深刻复杂变化，战 ...