李迅雷 | 立方大家谈专栏作者 中国经济已步入存量经济主导的时代。一方面，我国经济体量大，"中国已成大象，不可能再躲在树后"，国际经贸斗争对优化存量、争取增量提出了更高要 求；另一方面，多年来的经济发展也累积了一定规模的债务，增量债务可能面临边际效益递减，存量债务也可能不像"船小好调头"。"十五五"规划建议已经 擘画了五年的发展蓝图，今天落幕的中央经济工作会议又将对2026年的经济发展提出哪些具体指示要求？本文试作分析。 大国关系成为影响经济重要变量 ——以苦练内功开展"经贸斗争" 这次中央经济工作会议提出"外部环境变化的影响加深"，相比去年末的会议，没有再提"不利影响加深"，说明面对加征关税、高科技封锁等外部压力，我国 已经更有信心去应对，并有能力化不利为有利，主动运筹国际空间、塑造外部环境的诸多有利因素。 中央经济工作会议在总结经济工作规律性认识中提出，必须以苦练内功来应对外部挑战，对于明年的工作提出"坚持稳中求进工作总基调，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"要求。"坚持稳中求进工作总基调"是多年来始终坚持的经济工作重要原则，"更好统筹发展和安全"是树牢底 线思维，那么"更好统筹国 ...

Core Viewpoint - The Central Economic Work Conference held from December 10 to 11 in Beijing outlined key tasks for economic work in 2026, emphasizing the need for policy support and reform innovation to address current economic challenges [2][3]. Group 1: Economic Policy Direction - The conference highlighted five essential approaches for economic work under the new circumstances, including fully tapping economic potential and ensuring a balance between policy support and reform innovation [3]. - Emphasis was placed on maintaining a stable yet progressive approach to economic governance, integrating existing and new policies for effective outcomes [4]. Group 2: Fiscal and Monetary Policy - The conference called for increased counter-cyclical and cross-cyclical adjustments to enhance macroeconomic governance effectiveness, alongside a more proactive fiscal policy [5]. - It was noted that maintaining necessary fiscal deficits and total debt levels while optimizing fiscal expenditure structures is crucial for addressing local fiscal difficulties [5]. - A moderately loose monetary policy will continue, focusing on stabilizing economic growth and ensuring reasonable price recovery [5][6]. Group 3: Key Economic Tasks for 2026 - Eight key tasks for economic work in 2026 were identified, including: 1. Fostering a strong domestic market driven by internal demand [8]. 2. Accelerating innovation to cultivate new growth drivers [8]. 3. Enhancing quality development through reform efforts [8]. 4. Promoting multi-field cooperation and openness [8]. 5. Encouraging coordinated development for urban-rural integration and regional synergy [8]. 6. Leading with "dual carbon" initiatives for comprehensive green transformation [8]. 7. Prioritizing people's livelihoods by addressing practical issues for the public [8]. 8. Safeguarding against risks in key areas through proactive and prudent measures [8].

2026年财政货币政策力度如何？ 粤开证券首席经济学家罗志恒认为，更加积极要求财政支出强度有保障，赤字率预计不低于4%，新增 债务规模将继续提高，建议财政扩张程度要足以抵消房地产下行的收入缺口、化债占用资源和城投债净 偿还的收缩效应。 中央经济工作会议12月10日至11日在北京举行。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。 在财政政策方面，会议提出，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。 在货币政策方面，会议提出要继续实施适度宽松的货币政策。把促进经济稳定增长、物价合理回升作为 货币政策的重要考量，灵活高效运用降准降息等多种政策工具，保持流动性充裕，畅通货币政策传导机 制，引导金融机构加力支持扩大内需、科技创新、中小微企业等重点领域。保持人民币汇率在合理均衡 水平上的基本稳定。 多位专家预计2026年财政赤字率不会低于202 ...

此次中央经济工作会议释放了哪些新信号，21世纪经济报道记者进行了梳理和解读。 作者丨王峰 编辑丨周上祺 中央经济工作会议12月10日至11日在北京举行。会议对2025年做出了"我国经济顶压前行、向 新向优发展"的重要判断。 这一局面来之不易，特别是2024年9月26日中央政治局会议果断部署一揽子增量政策，使社会 信心有效提振，经济明显回升，2025年宏观政策贯彻落实了多项超常规逆周期调节举措。 对于2026年经济工作，中央经济工作会议提出"加大逆周期和跨周期调节力度"，其中对多项宏 观政策的部署，措辞则从2025年的"加大""加强""增加""扩大"等，转为更加注重"保持""优 化"。同时，会议提出了多项新举措、新任务。 信号一：继续实施更加积极的财政政策 会议指出，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。 会议还指出，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。 回顾2025年，赤字率从2024年的3%提升至2025年的4% ...

据新华社12月11日消息，中央经济工作会议12月10日至11日在北京举行。 继续实施更加积极的财政政策、适度宽松的货币政策 对于财政政策和货币政策，中央经济工作会议指出，要继续实施更加积极的财政政策、适度宽松的货币 政策。 在财政政策方面，中央经济工作会议指出，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。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。 在货币政策方面，中央经济工作会议指出，要继续实施适度宽松的货币政策。把促进经济稳定增长、物 价合理回升作为货币政策的重要考量，灵活高效运用降准降息等多种政策工具，保持流动性充裕，畅通 货币政策传导机制，引导金融机构加力支持扩大内需、科技创新、中小微企业等重点领域。保持人民币 汇率在合理均衡水平上的基本稳定。 会议强调，做好明年经济工作，要实施更加积极有为的宏观政策，增强政策前瞻性针对性协同性，持续 扩大内需、优化供给，做优增量、盘活存量，因地制宜发展新质生产力，纵深推进全国统一大 ...

Core Viewpoint - The central economic work conference held on December 10-11, 2023, emphasized the importance of utilizing fiscal and monetary policies effectively to achieve the goals set for 2026, marking the beginning of the "15th Five-Year Plan" [2][4]. Group 1: Economic Policy Direction - The conference reiterated the implementation of a more proactive fiscal policy and moderately loose monetary policy, aiming to enhance macroeconomic governance effectiveness [2][4]. - The "Eight Persistences" were highlighted as key strategies for economic work in 2026, focusing on domestic demand, innovation, reform, openness, coordinated development, carbon neutrality, people's livelihood, and risk management [3][4]. Group 2: Implementation Strategies - Fiscal and monetary policies are expected to work in tandem to support the "Eight Persistences," with fiscal funds directed towards infrastructure and innovation, while monetary policy aims to provide low-cost funding to high-tech enterprises [4][5]. - Specific measures include fiscal support for necessary reforms, maintaining a stable financial environment, and promoting regional balance and rural revitalization through targeted fiscal transfers [5][6]. Group 3: Long-term Goals - The success of China's economic development in 2026 will not solely be measured by GDP growth but also by the integration of macro policy resources with the strategic layout of the "Eight Persistences" [6]. - The proactive policies are seen as essential for navigating complex challenges and ensuring a strong start to the "15th Five-Year Plan" [6].

C 则联社 一图看懂 2025年 中央经济工作会议 · 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。 lll 当前经济形势研判 我国经济发展中老问题、新挑战仍然不少,外部环境 变化影响加深,国内供强需弱矛盾突出,重点领域风 险隐患较多。这些大多是发展中、转型中的问题，经 过努力是可以解决的，我国经济长期向好的支撑条件 和基本趋势没有改变。 ■ 明年工作要求 · 完整准确全面贯彻新发展理念,加快构建新发展格局, 着力推动高质量发展，坚持稳中求进工作总基调，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,实施更加积极有为的宏观政策,增强政策前 瞻性针对性协同性,持续扩大内需、优化供给,做优 增量、盘活存量、因地制宜发展新质生产力、纵深推 进全国统一大市场建设，持续防范化解重点领域风险, 着力稳就业、稳企业、稳市场、稳预期、推动经济实 现质的有效提升和量的合理增长，保持社会和谐稳定, 实现"十五五"良好开局。 中央经济工作会议12月10日至11日在北京举行。中共中 央总书记、国家主席、中央军委主席习近平出席会议并 发表重要 ...

Core Viewpoint - The central economic work conference emphasizes the need for a stable yet progressive economic policy approach, focusing on quality and efficiency improvements while enhancing macroeconomic governance effectiveness [1] Fiscal Policy - The government will continue to implement a more proactive fiscal policy, maintaining necessary fiscal deficits, total debt scale, and overall expenditure [1] - There will be an emphasis on optimizing the structure of fiscal expenditures and regulating tax incentives and fiscal subsidy policies [1] - Addressing local fiscal difficulties and ensuring the "three guarantees" at the grassroots level will be prioritized [1] Monetary Policy - A moderately loose monetary policy will be maintained, with a focus on promoting stable economic growth and reasonable price recovery [1] - The use of various policy tools such as reserve requirement ratio cuts and interest rate reductions will be flexible and efficient [1] - The aim is to keep liquidity ample and ensure smooth transmission of monetary policy, supporting key areas like domestic demand expansion, technological innovation, and small and micro enterprises [1] Policy Coordination - There will be an enhancement of consistency and effectiveness in macro policy orientation, integrating various economic and non-economic policies [1] - A mechanism for managing expectations will be established to boost social confidence [1]

Core Viewpoint - The Central Economic Work Conference emphasizes the need for a stable yet progressive economic policy for the upcoming year, focusing on quality and efficiency improvements while enhancing macroeconomic governance [1] Fiscal Policy - The conference advocates for a more proactive fiscal policy, maintaining necessary fiscal deficits, total debt scale, and expenditure levels while optimizing fiscal expenditure structure and regulating tax incentives and subsidies [1] - Attention is drawn to addressing local fiscal difficulties and ensuring the basic "three guarantees" at the grassroots level [1] - Strict financial discipline is emphasized, urging government agencies to adopt frugal practices [1] Monetary Policy - A moderately loose monetary policy will continue, with a focus on stabilizing economic growth and ensuring reasonable price recovery as key considerations [1] - The use of various policy tools such as reserve requirement ratio cuts and interest rate reductions will be flexible and efficient to maintain ample liquidity [1] - The aim is to guide financial institutions to support key areas like expanding domestic demand, technological innovation, and small and medium-sized enterprises [1] - Stability of the RMB exchange rate at a reasonable and balanced level is also a priority [1] Policy Coordination - There is a call for enhanced consistency and effectiveness in macroeconomic policy orientation, integrating various economic and non-economic policies into a cohesive evaluation framework [1] - The establishment of a sound expectation management mechanism is crucial to boost social confidence [1]

Core Viewpoint - The central economic work conference emphasizes the need for a stable yet progressive economic policy approach, focusing on quality and efficiency improvements while enhancing macroeconomic governance effectiveness [1] Group 1: Policy Directions - The conference advocates for a more proactive fiscal policy, maintaining necessary fiscal deficits and total debt levels, while optimizing fiscal expenditure structure and regulating tax incentives and subsidies [1] - There is a strong emphasis on addressing local fiscal difficulties and ensuring the basic financial security of grassroots levels [1] - The need for a moderately loose monetary policy is highlighted, with a focus on promoting stable economic growth and reasonable price recovery as key considerations [1] Group 2: Implementation Strategies - The use of various policy tools such as reserve requirement ratio cuts and interest rate reductions is encouraged to maintain ample liquidity and facilitate the transmission of monetary policy [1] - Financial institutions are urged to increase support for expanding domestic demand, technological innovation, and small and medium-sized enterprises [1] - The conference stresses the importance of maintaining the stability of the RMB exchange rate at a reasonable and balanced level [1] Group 3: Policy Coordination - There is a call for enhancing the consistency and effectiveness of macroeconomic policy orientations, integrating various economic and non-economic policies into a cohesive evaluation framework [1] - The establishment of a sound expectation management mechanism is deemed necessary to boost social confidence [1]