其中，全国鼓励外商投资产业目录共619条，增加100条、修改131条；中西部等地区外商投资优势产业目录共1060条，增加105条、修改 172条。 央视网消息：12月24日，国家发展改革委、商务部公开发布《鼓励外商投资产业目录（2025年版）》，通过进一步优化对外商投资的方向 性引导，持续提高引资质量，不断完善外商投资在国内的区域布局。新版《鼓励目录》将自2026年2月1日起施行。 新版《鼓励外商投资产业目录》包括全国鼓励外商投资产业目录和地区外商投资优势产业目录，总条目共1679条，与2022年版相比净增加 205条、修改303条。 新目录：优化对外资的方向性引导 主要变化有： 引导外商投资先进制造业，《鼓励目录》新增或扩展了终端产品、零部件、原材料等领域有关条目，提升产业链供应链发展水平。 引导外商投资现代服务业，《鼓励目录》新增或扩展了商务服务、技术服务、科学研究、服务消费等领域有关条目，促进服务业高质量发 展。 此外，鼓励引导外商投资中西部地区、东北地区和海南省。 新版《鼓励目录》将自2026年2月1日起施行。 《鼓励外商投资产业目录（2025年版）》发布：为投资者提供清晰稳定透明的投资预期 《鼓励目 ...

Group 1 - The core viewpoint of the articles emphasizes the significant return of international capital to the Chinese market, particularly in the artificial intelligence sector, reflecting a strong interest in China's economic prospects and stability [1][2][4] - The Chinese government is actively promoting policies to support the development of the artificial intelligence industry, indicating a commitment to enhancing its attractiveness to global resources [1][2] - The International Monetary Fund (IMF) and World Bank have raised their economic growth forecasts for China, highlighting the country's resilience in exports and stable domestic demand [2][3] Group 2 - China's comprehensive advantages in economic development, including a complete industrial system and strong supporting capabilities, enable rapid innovation and market application of new technologies [3][4] - The global interest in Chinese assets reflects a broader judgment on China's future growth potential amidst a fragile global economic recovery [4] - China's strategy of greater openness and deeper reforms is seen as a long-term commitment to economic growth, aiming to create win-win scenarios through cooperation [4]

随着年底临近，社会各界对下一年度经济工作的关注度日益提升。对2026年经济发展重点任务的探讨，需基于当前经济运行的阶段性特征与中长期发展 目标进行理性分析。本文尝试从经济逻辑出发，对可能的工作重点进行梳理与展望。 一、发展阶段转换下的政策考量 当前，中国经济正处在转型升级的关键时期。这意味着宏观政策需要兼顾短期稳定与长期结构优化，在多重目标中寻求动态平衡。 1. 短期需要"稳"：确保经济增长处于合理区间，保障就业市场总体稳定，维持物价水平基本平稳，是各项工作的基本前提。这要求宏观政策保持连续 性、针对性，有效应对内外部不确定因素。 2. 长期着眼"进"：推动经济实现质的有效提升，关键在于培育新的增长动能。这需要将更多政策资源引导至科技创新、产业升级、绿色发展等领域， 提升全要素生产率，构建现代化产业体系。 综合来看，2026年的经济工作预计将围绕以下几个相互支撑的方向展开： 1. 方向一：以科技创新推动产业体系升级 1. 引导资源配置：明确的政策信号将引导资本、人才、技术等要素更多流向科技创新、绿色低碳、民生改善等领域，加速经济结构优化。 2. 稳定市场主体预期：通过深化改革、扩大开放和加强风险防控，有助于构 ...

证券研究报告 | 2025年12月08日 12 月政治局会议解读 提质增效，内需主导 经济研究·宏观快评 | 证券分析师： | 李智能 | 0755-22940456 | lizn@guosen.com.cn | 执证编码：S0980516060001 | | --- | --- | --- | --- | --- | | 证券分析师： | 邵兴宇 | 010-88005483 | shaoxingyu@guosen.com.cn | 执证编码：S0980523070001 | | 证券分析师： | 王奕群 | | wangyiqun1@guosen.com.cn | 执证编码：S0980525110002 | | 证券分析师： | 田地 | 0755-81982035 | tiandi2@guosen.com.cn | 执证编码：S0980524090003 | | 证券分析师： | 董德志 | 021-60933158 | dongdz@guosen.com.cn | 执证编码：S0980513100001 | 会议： 中共中央政治局 12 月 8 日召开会议，分析研究 2026 年经济工作，审议《中国共 ...

中国日报多伦多12月1日电（记者高阳） 中加贸易与投资合作论坛12月1日在多伦多举行。中国贸促会会长任鸿斌、中国驻多伦多总领馆总领事罗伟东、加 中贸易理事会执行董事兼首席运营官安毕江、多伦多地区贸易委员会会长兼首席执行官格尔森等出席并致辞。中加政商界代表150余人参加论坛。 12月1日中加贸易与投资合作论坛活动现场（摄影：高阳/中国日报） 任鸿斌表示，今年是中加建交55周年和建立战略伙伴关系20周年。中加领导人韩国庆州会晤为改善与发展双边关系作出战略引领。中国贸促会愿与加方合作 伙伴携手为中加经济关系健康稳定发展提供有力支撑，推动深化两国工商界沟通协作。 12月1日中加贸易与投资合作论坛，中国驻多伦多总领事罗伟东致辞（摄影：高阳/中国日报） 罗伟东强调开放与合作的重要性。他说："开放带来进步，合作才能共赢。"他希望两国工商界通过此次论坛"进一步增进了解，拓展人脉，达成合作"。 他表示，中国驻多伦多总领事馆将继续积极支持两国企业开展务实合作，"与大家一道共同努力，推动中国和加拿大的战略伙伴关系取得新的发展"。 12月1日中加贸易与投资合作论坛与会人员（摄影：高阳/中国日报） 加中贸易理事会执行董事兼首席运营官安 ...

Summary of Key Points from the Conference Call Industry or Company Involved - The discussion primarily revolves around China's economic outlook and strategic planning for the "15th Five-Year Plan" (2021-2025) [1][3][4]. Core Insights and Arguments 1. **Economic Growth Target**: China aims to double its economy by 2035, requiring an average annual growth rate of approximately 4.4% from 2020 to 2035. This target is challenged by diminishing traditional growth factors such as demographic dividends and industrialization [1][3]. 2. **Impact of US-China Relations**: The intensifying US-China rivalry poses risks of decoupling, increasing uncertainties in global trade and technology sectors. China's GDP is about 70% of the US GDP, with a continuous growth rate higher than that of the US [1][3]. 3. **Focus on High-Quality Development**: The 15th Five-Year Plan emphasizes high-quality development, advocating for improvements in total factor productivity (TFP) and household consumption rates to achieve economic restructuring and rebalancing [1][3][4]. 4. **Total Factor Productivity (TFP)**: TFP enhancement is crucial, achieved through technological advancements and optimized resource allocation. This shift aims to overcome the limitations of traditional growth models and promote sustainable economic growth [4][5]. 5. **Household Consumption Rate**: The household consumption rate in China is below 40%, significantly lower than the global average. Increasing this rate is essential for boosting domestic demand and transitioning from an investment-driven to a consumption-driven economy [5][6]. 6. **National Defense and International Influence**: The plan outlines a need for stronger national defense capabilities and international influence to navigate a complex global environment, reflecting a shift in strategic assessment [7][12]. 7. **Integration of Technology and Industry**: The integration of technological and industrial innovation is vital for building a modern industrial system, focusing on enhancing traditional industries and fostering emerging sectors [8][14]. 8. **Investment Direction**: Investment strategies will prioritize efficiency, with a focus on major government-led projects in infrastructure and agriculture, while also enhancing domestic security capabilities [10][11]. 9. **Safety and Security Measures**: Safety measures encompass domestic security, global supply chain management, and military deterrence to address challenges posed by de-globalization and great power competition [11][12]. 10. **Openness to International Trade**: The strategy includes diversifying trade partners, enhancing international media presence, and strengthening military capabilities to adapt to changes in the international trade environment [13][14]. Other Important but Potentially Overlooked Content - The plan highlights the importance of service consumption, particularly in areas like healthcare and elder care, as a means to stimulate economic growth and improve living standards [9][14]. - There is a clear emphasis on policy support for life services consumption, including subsidies for childcare and tourism, to enhance consumer spending [9][10].

Core Viewpoint - The emphasis on balancing development and security in the context of expanding openness in the Hainan Free Trade Port is crucial for achieving high-level foreign trade and investment [1][2][3] Group 1: Development and Security - The need to coordinate development and security is highlighted as essential for high-level foreign openness, especially given the complex international political and economic landscape [1] - The concept of "risk exposure" increases with broader and deeper foreign openness, making it more susceptible to external shocks [1] - A systematic approach to risk prevention and control is necessary, requiring a forward-looking and holistic mindset [3] Group 2: Risk Management - Conducting comprehensive pressure tests in specific areas is vital for assessing the feasibility of innovative systems and risk management capabilities [2] - The transition from "strict access and light regulation" to "broad access and heavy regulation" is necessary for effective risk management [3] - Establishing a risk prevention system that aligns with the level of openness is essential, focusing on collaborative efforts across departments [3] Group 3: Economic and Social Security - The free flow of goods, capital, talent, technology, and data introduces both traditional and non-traditional economic security risks [2] - Continuous evaluation and adjustment of risk prevention measures are necessary to avoid the spread of risks [3] - The development of a modern industrial system and diversification of global markets are critical for enhancing resilience and vitality in supply chains [3]

Core Viewpoint - The emphasis on balancing development and security in the context of expanding openness in the Hainan Free Trade Port is crucial for achieving high-level foreign trade and investment [1][2][3] Group 1: Development and Security - The current international political and economic landscape is complex, with significant challenges in the trade environment, necessitating a careful approach to openness [1][2] - The Hainan Free Trade Port is seen as a "testing ground" for higher levels of openness, requiring innovative legal, regulatory, and management frameworks [1][2] - A systematic approach to risk identification and prevention is essential to maintain a secure environment while promoting development [2][3] Group 2: Risk Management - Conducting comprehensive pressure tests in specific areas is vital for assessing the feasibility of innovative systems and risk management capabilities [2][3] - A dual approach of technological empowerment and institutional innovation is necessary to enhance the precision of risk prevention [3] - The regulatory framework should shift from "strict access and light regulation" to "broad access and heavy regulation," focusing on process-oriented oversight [3] Group 3: Economic and Social Security - The free flow of goods, capital, talent, technology, and data introduces both traditional and non-traditional economic security risks [2][3] - Building a robust risk prevention system that aligns with the level of openness is critical for maintaining overall economic and social security [3] - The development process should integrate safety measures, enhancing the resilience and vitality of industrial and supply chains [3]

Core Viewpoint - The "15th Five-Year Plan" emphasizes the need for coordinated development between northern and southern regions of China, addressing the increasing economic disparity and aiming for high-quality growth in the long term [1][3]. Economic Disparities - The economic weight is shifting from the north to the south, with southern provinces dominating in both number and scale, as evidenced by Guangdong and Jiangsu exceeding 10 trillion yuan in GDP, while northern provinces like Shandong and Henan lag behind [2]. - The pace of economic transformation is faster in the south, particularly in innovation hubs like the Guangdong-Hong Kong-Macau Greater Bay Area and the Yangtze River Delta, while northern provinces face challenges in transitioning from traditional industries [2]. - Population trends show an increase in the south, with Guangdong gaining 740,000 residents, while the northeastern region continues to experience significant population decline [2]. Strategic Importance of Northern Development - The disparity in economic development reflects various factors, including resource endowments and industrial structures, necessitating improved regional coordination mechanisms [3]. - The northern region is crucial for national food security and energy resources, contributing significantly to the country's grain production [3]. Recommendations for Northern Development - The primary task is to promote industrial transformation in the north, focusing on advanced manufacturing, modern agriculture, and energy sectors while fostering emerging industries [4]. - Enhancing the business environment in northern regions is essential, requiring reforms to reduce institutional barriers and costs [4]. - Expanding openness and integrating regional development with international standards are vital for enhancing the north's competitive edge [4]. Conclusion - The goal of promoting coordinated development is not to achieve uniform speed but to leverage each region's comparative advantages through reforms, innovation, and openness, ultimately fostering a high-quality development synergy between the north and south [5][6].

Core Viewpoint - The article emphasizes the need for coordinated development between northern and southern regions of China, highlighting the increasing economic disparity and the importance of addressing this issue for long-term high-quality growth [1][3]. Economic Disparities - The economic weight is shifting from north to south, with southern provinces dominating in both number and scale, as evidenced by the fact that 8 out of 10 major economic provinces are in the south [2] - In the first three quarters of this year, Guangdong and Jiangsu both exceeded a GDP of 10 trillion yuan, while northern provinces like Shandong and Henan lagged behind with 7.7 trillion and 4.9 trillion yuan respectively [2] - By 2024, 27 cities in China are projected to have a GDP exceeding 1 trillion yuan, with 19 of these cities located in the south, accounting for over two-thirds of the total [2] Economic Transition and Population Movement - The south is experiencing faster economic transformation, particularly in innovation-driven areas like the Guangdong-Hong Kong-Macau Greater Bay Area and the Yangtze River Delta, while northern provinces face challenges in transitioning from traditional industries [2] - Population trends show an increase in the south, with Guangdong gaining 740,000 residents and Zhejiang 454,000, while the northeastern provinces continue to see population declines [2] Strategic Importance of Northern Development - The disparity in economic development reflects various factors, including resource endowments and industrial structures, necessitating improved regional coordination mechanisms [3] - The northern region is crucial for national food security and energy resources, contributing half of the country's total grain production [3] Recommendations for Northern Development - The primary task is to promote industrial transformation in the north, focusing on advanced manufacturing, modern agriculture, and energy sectors while also developing emerging industries [4] - Enhancing the business environment and reducing institutional transaction costs are essential for fostering a market-oriented economy in northern regions [4] - Expanding openness and integrating regional development with international standards are vital for enhancing competitiveness [4] Conclusion - Coordinated development should not aim for uniform speed but rather leverage comparative advantages through reforms, innovation, and openness, fostering a synergistic high-quality growth between the north and south [5]