聚焦中央经济工作会议|中央财办有关负责同志详解2025年中央经济工作会议精神 新华社北京12月16日电 题：中央财办有关负责同志详解2025年中央经济工作会议精神 新华社记者 在"十四五"即将收官、"十五五"新程待启的关键时点，2025年12月10日至11日召开的中央经济工作会议 备受瞩目。 当前经济形势怎么看？"十五五"新开局重点任务如何推进？聚焦舆论关注的热点问题，中央财办有关负 责同志会后第一时间接受中央主要媒体采访，深入解读中央经济工作会议精神。 问：2025年我国交出怎样的经济"成绩单"？明年经济形势如何？ 答：中央经济工作会议对今年经济工作进行全面总结，指出2025年是很不平凡的一年，我国经济顶压前 行、向新向优发展，展现强大韧性和活力。 一是运行总体平稳、稳中有进。主要经济指标符合预期，预计全年经济增长5%左右、继续位居世界主 要经济体前列，经济总量有望达到140万亿元左右。就业总体稳定，外贸较快增长、出口多元化成效明 显。 二是现代化产业体系建设持续推进。新质生产力稳步发展，科技创新成果丰硕，人工智能、生物医药、 机器人等研发应用走在全球前列。 三是改革开放迈出新步伐。全国统一大市场建设向纵深 ...

规则明则秩序顺，秩序顺则市场兴。以刚性制度打通规则壁垒，才可以激活超大规模市场潜力，让各类经营主体 公平竞争、蓬勃生长，为经济高质量发展注入持久动力。（图文 杨淼 许子杰） 【责任编辑：唐红】 破解堵点需锚定"五统一、一开放"的基本要求，以制度建设破题。要加快制定统一大市场建设条例，清理废除妨 碍公平竞争的规定做法，让市场基础制度更协同。统一监管执法尺度与要素市场规则，消除 "一地一策" 的隐性壁垒， 降低企业制度性交易成本。深化财税、统计体制改革，优化政绩考核导向，从根源上遏制地方保护冲动。 建设全国统一大市场，本质上是一场制度建设"攻坚战"，筑牢制度规则的"统一底座"，才能让市场活力充分涌 流，实现"规则清而树自茂"的发展成效。 当前，统一大市场"四梁八柱"已基本建立，市场准入负面清单持续压减，公平竞争审查不断深化。但隐性壁垒仍 未根除，地方"政策洼地"、标准不统一、监管尺度不一等问题，将全国市场切割成碎片化区域。这不仅导致资源配置 效率低下，更催生了产业低水平重复建设等乱象，成为制约经济高质量发展的"绊脚石"。这些问题的根源，在于制度 规则的衔接不畅与执行偏差，仅靠市场自发调节难以破解。 ...

l 日十十八 / / / 破解堵点需锚定"五统一、一开放"的基本要求，以制度建设破题。要加快制定统一大市场建设条例，清理废除妨碍公平竞争的规定做法，让市场基础制度更 协同。统一监管执法尺度与要素市场规则，消除 "一地一策" 的隐性壁垒，降低企业制度性交易成本。深化财税、统计体制改革，优化政绩考核导向，从根 源上遏制地方保护冲动。 规则明则秩序顺，秩序顺则市场兴。以刚性制度打通规则壁垒，才可以激活超大规模市场潜力，让各类经营主体公平竞争、蓬勃生长，为经济高质量发展注 入持久动力。（图文 杨淼 许子杰） [ 责编：杨煜 ] 建设全国统一大市场，本质上是一场制度建设"攻坚战"，筑牢制度规则的"统一底座"，才能让市场活力充分涌流，实现"规则清而树自茂"的发展成效。 当前，统一大市场"四梁八柱"已基本建立，市场准入负面清单持续压减，公平竞争审查不断深化。但隐性壁垒仍未根除，地方"政策洼地"、标准不统一、监 管尺度不一等问题，将全国市场切割成碎片化区域。这不仅导致资源配置效率低下，更催生了产业低水平重复建设等乱象，成为制约经济高质量发展的"绊 脚石"。这些问题的根源，在于制度规则的衔接不畅与执行偏差，仅靠市场自发调节难以 ...

日前举行的中央经济工作会议，对明年的经济工作做出部署和擘画。我们根据会议内容，梳理出一些关注热点，一起了 解。 中央经济工作会议热点简读 深入实施提振消费专项行动 到京守依据分星星曲听斗机 WILL LOCK IN T JULY THE LA 凯华社 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 面对复杂的外部环境,保持战略 定力，坚定必胜信心，以苦练内功 来应对外部挑战，坚定不移把自己 的事情办好。 STANDATION THE THE STORE FOR AND FOR STORE 中央经济工作会议热点简读 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 要灵活搭配、高效运用降准降 息等多种货币政策工具,保持流动 性充裕,促进社会综合融资成本低 位运行,使社会融资规模、货币供 应量增长同经济增长、物价总水平 预期目标相匹配。 中央经济工作会议热点简读 六月七十八 / 日本 TAVEY 通过供需双侧协同发力打通国内 大循环的关键堵点，既从需求端促进 居民增收、提升居民消费能力，又从 供给端扩大优质商品和服务供给,提 升供给体系对需求的适配性。 部华社 RAN 中央经济工作会议热点简读 ...

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 陆银波（15210860866） 报告摘要 景气向上 1、外贸：港口集装箱吞吐量同比维持高位 。截至12月7日，我国港口集装箱吞吐量环比-1.8%，上 周环比为-0.3%，四周同比9.5%，上周为9.6%。 2、价格：铜价、金价上涨 。COMEX黄金收于4302.7美金/盎司，上涨2.5%；LME三个月铜价收于 11795美元/吨，上涨1.5%。 景气向下 利率： 期限利差加大 。截至12月12日，1年期、5年期、10年期国债收益率分别报1.3879%、 1.6279%、1.8396%，较12月5日环比分别变化-1.37bps、-0.43bps、-0.84bps。 风险提示： 高频数据更新不及时。 报告目录 | 每周经济观察 | | --- | | (一)华创宏观 WEI 指数有所回落 | | (二)资产:股债夏普比率差仍在高位 | | (三)需求:乘用车零售增速明显回落 : | | (四)生产:基建高频仍偏弱 . | | (五)贸易:出口集装箱吞吐量维持高位 | | (六)物价:海外油价和国内地产相关价 ...

全国首个大宗商品资源配置枢纽落地浙江已满一周年。截至12月9日，浙江大宗贸易交易额超4200亿 元，贸易交易量超1亿吨。一年来，该枢纽从概念迈向实体，逐步成为浙江融入国家战略、提升大宗商 品资源配置能力的关键载体。 作为枢纽的核心运营平台，浙江国际大宗商品交易中心（以下简称"浙江大宗"）在原浙江国际油气交易 中心的基础上，整合了省内两家现货交易场所资源，实现了从单一油气交易平台向更多品类大宗商品交 易平台的跨越。 平台整合：从"物理叠加"到"化学反应" 一年来，该枢纽在项目推进、开放提升、产业链生态构建及创新能力等方面取得阶段性成效。 2025年6月，浙江国际大宗商品交易中心正式揭牌。通过对浙江天然气交易市场、浙江海港大宗商品交 易中心的股权整合，该平台实现了从单一油气品种向钢材、有色、橡胶、煤炭等多品类拓展。 "平台整合不是简单的物理叠加，而是要通过化学反应，释放出'1+1>2'的协同效应。"浙江大宗董事长 郑燕敏说，"我们致力于打造一个开放、共享的大宗商品交易生态，让更多企业能够享受到平台化服务 带来的价值。 " 整合后的浙江大宗，迅速展现出强大的资源集聚能力。一方面，成熟的油气交易服务模式复制拓展至非 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **Chinese economy** and its outlook for 2026, focusing on policy measures and economic targets set during the **Central Economic Work Conference** held on December 11. Core Insights and Arguments 1. **Policy Support and Economic Goals** - The conference established a moderate support policy and a more balanced policy tone for 2026, aiming for a GDP growth target of **4.5%-5%**. The general market expectation remains around **5%** [1][2][3]. 2. **Fiscal Policy** - The government will continue a "more proactive fiscal policy," with a forecasted fiscal deficit rate stable at **4%** of GDP. New long-term special bonds are expected to be issued at **1.6 trillion** yuan, with local government special bond limits slightly increased to **4.8 trillion** yuan [2][3]. 3. **Monetary Policy** - A continuation of "moderately loose" monetary policy is planned, with expectations of a **20 basis points** interest rate cut and a **25-50 basis points** reserve requirement ratio (RRR) reduction by the end of 2026. This aims to maintain liquidity and support key sectors like technology innovation and small enterprises [3][4]. 4. **Consumer Support Initiatives** - Supporting consumption remains a top priority, with plans to implement measures to boost consumer spending, including a potential increase in consumption subsidies from **300 billion** yuan to **400 billion** yuan in 2026 [4][5]. 5. **Investment Stability** - The government aims to stabilize investment growth, particularly in infrastructure, which has seen significant declines. There will be an increase in central budget investments and optimization of local government special bond usage [5][6]. 6. **Real Estate Market Stability** - The focus remains on stabilizing the real estate market without large-scale stimulus measures. Predictions indicate a **5-10%** decline in real estate sales and new construction in 2026, with a potential further decline in 2027 [6][7]. 7. **Innovation and Social Security Improvements** - Emphasis on innovation and improving social security systems aligns with the "14th Five-Year Plan." The government plans to enhance the protection of intellectual property in emerging sectors and promote digital and green trade [7][8]. Other Important but Potentially Overlooked Content - The conference highlighted the need for structural reforms alongside growth stabilization, indicating a shift towards a more sustainable economic model [1][2]. - The government is also addressing local government debt risks and ensuring compliance with fiscal regulations to prevent hidden debts [2][3]. - The anticipated changes in consumer subsidy policies may include adjustments to the types of goods and services eligible for support, potentially expanding to non-durable goods [4][5]. This summary encapsulates the key points discussed in the conference call regarding the Chinese economy's outlook and the government's policy direction for 2026.

顺应消费升级、人口老龄化、促进出生人口增长等需要，在养老、托育、健康、文旅等消费配套设施领 域实施一批重点项目。 国家发改委在《求是》杂志发表文章《坚定实施扩大内需战略》中指出，着力释放居民消费潜力。 一方面，大力提升居民消费意愿。深入实施提振消费专项行动。加力稳定大宗消费，实施好消费品以旧 换新政策。强化品牌引领、标准升级、新技术应用，打造一批带动面广、显示度高的消费新场景。支持 首发经济、赛事经济、电子商务等发展。顺应消费升级、人口老龄化、促进出生人口增长等需要，在养 老、托育、健康、文旅等消费配套设施领域实施一批重点项目。大力实施城市更新，抓好停车场、老旧 电梯更新等民生微项目。进一步拓展入境消费，提升便利化水平。 另一方面，切实增强居民消费能力。强化就业优先政策，多渠道稳定和扩大就业，优化创业促进就业政 策环境，支持重点群体就业。实施城乡居民增收计划，提高居民收入在国民收入分配中的比重，提高劳 动报酬在初次分配中的比重，努力实现居民收入和经济增长同步、劳动报酬提高和劳动生产率提高同 步。加大直达消费者的普惠政策力度，增加政府资金用于民生保障支出。健全社会保障体系，稳步推进 基本公共服务均等化，加大生育 ...

Market Overview - US stock market continued its downward trend with technology stocks underperforming, leading to declines in all three major indices [2] - The US dollar remains weak, with the 10-year Treasury yield falling to 4.17%, while gold prices show strong performance and oil prices are under pressure [2] - Hong Kong pre-market securities generally declined, indicating a likely lower opening for the market [2] - The mainland Chinese stock market also saw declines, with the Shanghai Composite Index closing down 0.5% and trading volume decreasing [2] - The overall market sentiment in Hong Kong is cautious, with blue-chip stocks generally declining and expectations for the index to test support at 25,200 points, while resistance is seen at 26,000 points [2] Industry Insights - The Central Economic Work Conference emphasized the need for high-quality development and a new development pattern for the upcoming year, focusing on stabilizing economic growth and enhancing policy effectiveness [3] - Key priorities include expanding domestic demand, optimizing supply, and ensuring stability in employment, enterprises, and market expectations [3] - The conference highlighted the importance of maintaining a proactive fiscal policy with a fiscal deficit rate around 4% and a focus on managing local fiscal difficulties [3] - Monetary policy will remain moderately accommodative, with an emphasis on supporting economic stability, reasonable price recovery, and enhancing liquidity [3] - The market anticipates that the economic growth target will remain around 5% for the next year, with no strong measures expected to stimulate the macro economy [3]

Core Viewpoint - The article highlights the overall stability of China's economy in November, despite some downward pressure on growth, with a focus on the resilience of exports and the recovery of service consumption [1][2][3]. Economic Data Summary - In November, the industrial added value for large-scale enterprises grew by 4.8% year-on-year, while the cumulative growth from January to November was 6.0%, showing a slight decline from the previous month [3]. - The service production index increased by 4.2% year-on-year in November, with a cumulative growth of 5.6% from January to November, indicating stable growth [3]. - Retail sales of consumer goods rose by 1.3% year-on-year in November, with a cumulative increase of 4.0% from January to November, surpassing last year's growth rate [5]. Sector Performance - Emerging industries and modern services are experiencing rapid growth, with specific sectors like electronic materials and integrated circuits seeing increases of 22.9% and 24.6% respectively from January to November [5]. - The production index for information transmission, software, and IT services grew by 12.9% year-on-year in November, reflecting a strong momentum in modern service development [5]. - Fixed asset investment (excluding rural households) decreased by 2.6% year-on-year from January to November, but manufacturing investment grew by 1.9%, indicating a shift towards new productive forces [6]. Export and Trade - In November, the total value of goods imports and exports increased by 4.1% year-on-year, with exports growing by 5.7% and imports by 1.7% [6]. - From January to November, the total value of goods imports and exports rose by 3.6%, with exports increasing by 6.2% and imports by 0.2%, demonstrating resilience in trade [6]. Policy Outlook - The Central Economic Work Conference signaled a commitment to implement policies aimed at boosting consumption and stabilizing investment, with a focus on achieving a growth target of around 5% for the year [1][8]. - Plans for 2026 include a special action to boost consumption and measures to enhance investment, particularly in infrastructure and emerging industries [9][10]. - The government aims to optimize the investment environment and stimulate private investment, recognizing significant potential in urbanization, technological innovation, and infrastructure [10][11].