Core Viewpoint - The Central Economic Work Conference held on December 10-11 in Beijing outlined eight key tasks for economic work in 2026, focusing on domestic demand, innovation, reform, openness, coordinated development, green transformation, public welfare, and risk management. Group 1: Domestic Demand - Emphasis on leading domestic demand and building a strong domestic market through actions to boost consumption and implement urban and rural income increase plans [1] - Expansion of quality goods and services supply, optimization of "two new" policy implementation, and removal of unreasonable restrictions in the consumption sector to unleash service consumption potential [1][2] - Encouragement of investment stabilization, with an increase in central budget investment scale and optimization of local government special bond usage [1] Group 2: Innovation - Focus on innovation-driven growth by developing a comprehensive plan for education, technology, and talent development [2] - Establishment of international technology innovation centers in key regions such as Beijing, Shanghai, and the Guangdong-Hong Kong-Macau Greater Bay Area [2] - Strengthening the role of enterprises in innovation and improving intellectual property protection in emerging fields [2] Group 3: Reform - Commitment to reform efforts to enhance high-quality development, including the establishment of a unified national market and further deepening state-owned enterprise reforms [3] - Initiatives to clear overdue payments to businesses and promote win-win scenarios for platform enterprises and their operators [3] - Expansion of market-oriented reforms and improvement of the local tax system [3] Group 4: Openness - Promotion of multi-field cooperation and gradual advancement of institutional openness, including the expansion of service sector autonomy and optimization of free trade zone layouts [4] - Encouragement of service exports and development of digital and green trade [4] - Strengthening of foreign investment promotion mechanisms and enhancing overseas service systems [4] Group 5: Coordinated Development - Coordination of urban-rural integration and regional collaboration, focusing on high-quality development in county economies [5] - Maintenance of arable land and food production stability, ensuring reasonable prices for key agricultural products [5] - Support for major economic provinces and enhancement of cooperation among key urban clusters [5] Group 6: Green Transformation - Advancement of energy-saving and carbon reduction initiatives in key industries and the establishment of a new energy system [6] - Strengthening of the national carbon emissions trading market and implementation of comprehensive waste management actions [6] - Promotion of environmental protection initiatives and improvement of disaster response infrastructure [6] Group 7: Public Welfare - Implementation of actions to stabilize employment for key groups such as college graduates and migrant workers, and support for flexible employment [7] - Adjustment of educational resource allocation to increase high school and quality university enrollment [7] - Optimization of drug procurement and deepening of medical insurance payment reforms [7] Group 8: Risk Management - Focus on stabilizing the real estate market with city-specific policies to control inventory and encourage the acquisition of existing housing for social welfare [8]

Core Viewpoint - The Central Economic Work Conference has outlined eight key tasks for economic work in 2026, focusing on domestic demand, innovation, reform, openness, coordinated development, green transformation, improving people's livelihoods, and risk management [1] Group 1: Domestic Demand and Market Development - Emphasis on maintaining domestic demand as the primary driver and building a strong domestic market [1] Group 2: Innovation and New Momentum - Focus on innovation-driven strategies to cultivate and strengthen new growth drivers [1] Group 3: Reform and High-Quality Development - Commitment to reform efforts aimed at enhancing the vitality and momentum for high-quality development [1] Group 4: Openness and Cooperation - Advocacy for sustained openness to promote win-win cooperation across multiple fields [1] Group 5: Coordinated Development - Promotion of coordinated development to facilitate urban-rural integration and regional collaboration [1] Group 6: Green Transformation - Leadership in "dual carbon" initiatives to drive comprehensive green transformation [1] Group 7: Livelihood Improvement - Prioritization of people's livelihoods with efforts to address practical issues for the populace [1] Group 8: Risk Management - Focus on maintaining bottom lines and actively managing risks in key areas [1]

Core Viewpoint - The Central Economic Work Conference held on December 10-11 in Beijing outlined key tasks for economic work in the coming year, emphasizing a focus on domestic demand, innovation, reform, openness, coordinated development, green transformation, people's livelihood, and risk management [1] Group 1: Economic Focus Areas - Emphasis on domestic demand as the main driver to build a strong domestic market [1] - Innovation-driven approach to accelerate the cultivation and growth of new economic drivers [1] - Commitment to reform efforts to enhance the vitality and momentum for high-quality development [1] Group 2: External Relations and Development - Focus on promoting cooperation and win-win outcomes in multiple fields through openness [1] - Coordination in development to promote urban-rural integration and regional linkage [1] Group 3: Sustainability and Social Welfare - Leadership in "dual carbon" initiatives to promote comprehensive green transformation [1] - Prioritization of people's livelihood with efforts to address practical issues for the populace [1] Group 4: Risk Management - Commitment to maintaining a bottom line by actively and prudently addressing risks in key areas [1]

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].

12月8日，中共中央政治局召开会议，分析研究2026年经济工作。会议总结分析今年经济工作，对明年 经济工作作出一系列重要部署。 围绕做好明年经济工作，会议指出，"要坚持稳中求进、提质增效"，并提出做好明年经济工作的"八个 坚持"，将"坚持内需主导"置于首位。 2026年，中国经济如何前行？哪些重点领域值得关注？ 八家券商先后发表观点对此作出深入解读。 政策基调："提质增效" 2026年是"十五五"规划开局之年，做好经济工作至关重要。"十五五"规划建议指出，"'十五五'时期我国 发展环境面临深刻复杂变化"，"我国发展处于战略机遇和风险挑战并存、不确定难预料因素增多的时 期"。围绕做好明年经济工作，会议指出，"要坚持稳中求进、提质增效"。 明年初财政前置发力形成一定支撑。同时5000亿元新型政策性金融工具已全部投放，但对贷款的带动作 用仍有限，或亦将在明年开门红中集中开始体现。 华泰证券认为，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"。 从政策基调的措辞看，今年政治局会议要求"稳中求进、提质增效"，而2024年12月政治局会议则强 调"坚持稳中求进、以进促稳，守正创新、先立后破， ...