会议指出，按照中央经济工作会议部署安排，明年政策取向上，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。财政部门要准确把 握明年经济工作的总体要求和政策取向，保持必要的财政赤字、债务总规模和支出总量，提高政策精准 性和有效性。用好用足各类政府债券资金，发行超长期特别国债，持续支持"两重"建设、"两新"工作。 支持优化"两新"政策实施，用好个人消费贷款和服务业经营主体贷款"双贴息"政策，大力支持实施提振 消费专项行动。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，更好发挥政府投资带动效应，推动投资止跌回稳。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。加强财政政策与金融政策协同，更好同向发力、形成合力。重视解决地方财政 困难，兜牢基层"三保"底线。积极有序化解地方政府债务风险，督促各地主动化债，严禁违规新增隐性 债务。严肃财经纪律，党政机关要坚持过紧日子。健全预期管理机制，提振社会信心。要及早谋划、落 实落细明年各项财政工作，进一步提高财政宏观调控效能，有力推动经济社会持续健康发展。 会议强调， ...

Core Viewpoint - The Chinese government aims to maintain stable economic growth, employment, and price stability in 2024, while promoting synchronized growth in residents' income and the economy [1] Group 1: Economic Policy - The government will implement a more proactive fiscal policy and maintain a moderately loose monetary policy to enhance macroeconomic governance effectiveness [2] - There will be a focus on the consistency and effectiveness of macro policies, integrating both existing and new policies to drive economic stability [2] - Incremental policies will be introduced based on changing circumstances, leveraging the combined effects of existing and new policies to promote economic improvement [2] Group 2: Consumer and Income Growth - The government plans to implement a consumption boost initiative and a rural resident income increase plan, while continuing to raise basic pensions for urban and rural residents [3] - There is an emphasis on adapting to changes in consumption structure by expanding the supply of quality goods and services, and optimizing the implementation of new policies [3] - The potential for inbound consumption growth will be explored, with efforts to enhance the inbound consumption environment and promote the "Buy in China" brand [3] Group 3: Investment and Infrastructure - The government will increase central budget investment and optimize the management of local government special bonds to support major projects under the 14th Five-Year Plan [4] - A sustainable investment and financing model will be established to promote high-quality urban renewal and stimulate private investment [4] Group 4: Risk Management - The government will focus on stabilizing the real estate market through targeted measures, encouraging the acquisition of existing housing for reasonable uses, and reforming the housing provident fund system [5] - Efforts will be made to address local government debt risks, ensuring proactive debt management and preventing the creation of hidden debts [5] - There will be a strong emphasis on resolving corporate accounts receivable issues to prevent the recurrence of payment delays [6] Group 5: Market Regulation - Progress has been made in building a unified national market, with plans to further advance this initiative and establish regulations for market access and fair competition [7] - The government will continue to regulate local government economic promotion behaviors and address issues related to overdue payments to businesses [7]

来自中央财办、国家发展改革委和有关部门的领导，专家学者、企业家、智库代表和媒体代表300余人参加了年 会。 与会嘉宾表示，今年是很不平凡的一年。我国经济顶压前行、向新向优发展，现代化产业体系建设持续推进，改 革开放迈出新步伐，重点领域风险化解取得积极进展，民生保障更加有力。过去5年，我们有效应对各种冲击挑 战，扎实推动高质量发展取得新突破，确保"十四五"圆满收官，第二个百年奋斗目标新征程实现良好开局。 与会嘉宾指出，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。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，优化财政支出结构。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。增强宏观政策取向一致性和有效性，健全预期管理机制，提振社会信心。 与会嘉宾强调，明年要坚持内需主导，建设强大国内市场；坚持创新驱动，加紧培育壮大新动能；坚持改革攻 坚，增强高质量发展动力活力；坚持对外开放，推动多领域合作共赢；坚持协调发展，促进城乡融合和区域联 动；坚持"双碳"引领，推动全面 ...

Group 1 - The Central Economic Work Conference highlighted the importance of maintaining confidence in economic development and outlined key tasks for the upcoming year [1][2] - The conference emphasized the need to focus on domestic demand and build a strong domestic market as a priority for economic work [6][10] - The meeting set forth eight key tasks for economic work in the coming year, including boosting consumption and enhancing innovation-driven growth [6][10] Group 2 - The conference recognized the achievements of the past five years in economic development, despite facing various challenges [2][4] - The meeting called for a focus on high-quality development and the transformation of advantages into practical effectiveness [6][9] - The importance of regional coordinated development and the integration of urban and rural areas was underscored as essential for modernization [9][12] Group 3 - The conference discussed the need for macroeconomic governance to stabilize economic operations and enhance policy effectiveness [10] - Specific measures were proposed to support agriculture and rural revitalization, emphasizing the importance of food security [5][9] - The meeting highlighted the role of investment in infrastructure projects as a key measure for stabilizing growth [5][10]

Core Insights - The article emphasizes the importance of understanding and applying economic laws as a key experience for governance, highlighting five essential principles for economic work during the "14th Five-Year Plan" period [1][2]. Group 1: Economic Potential and Policy Support - The need to fully tap into economic potential by leveraging advantages such as a complete industrial system and a large market scale is crucial for maintaining control over development [2]. - The combination of policy support and reform innovation is necessary to address both old problems and new challenges, enhancing the macroeconomic governance system while promoting high-quality development [2][3]. Group 2: Reform and Innovation - The article discusses the significant achievements during the "14th Five-Year Plan" period, attributing them to effective reforms and supportive policies that have released market vitality [3]. - A series of reform measures, including the establishment of a unified national market and the implementation of laws to promote the private economy, have been effective in addressing economic challenges [3]. Group 3: Future Economic Work - For the upcoming economic work, the article outlines the need for more proactive macro policies that enhance foresight, targeting, and coordination, while also emphasizing the importance of integrating existing and new policies [4]. - The focus on innovation and reform is highlighted as essential for fostering new growth drivers and enhancing the vitality of high-quality development [4]. Group 4: Strategic Importance of the "14th Five-Year Plan" - The "14th Five-Year Plan" period is identified as a critical time for laying the foundation for achieving socialist modernization, with a strong emphasis on understanding and applying the five essential principles [4]. - The article stresses that by adhering to these principles and adapting to local conditions, significant breakthroughs can be made in strategic tasks related to modernization, enhancing the country's resilience and competitiveness [4].

Core Insights - The recent Central Economic Work Conference outlines the economic work for 2025 and 2026, emphasizing the need to maintain confidence and leverage advantages to address challenges and sustain economic growth [1][2]. Economic Performance and Goals - The economic and social development goals for 2025 are expected to be achieved, with a projected GDP growth of around 5% [2]. - The "14th Five-Year Plan" is nearing completion, with major indicators set to be met despite challenges such as the pandemic [2]. Key Challenges - The economy faces persistent issues, including supply-demand imbalances and risks in key sectors, which are seen as challenges that can be addressed through concerted efforts [2][3]. Five Imperatives for Economic Work - The conference highlighted five essential strategies for economic work: 1. Fully explore economic potential by expanding consumption and investment, and promoting regional development [3]. 2. Combine policy support with reform innovation to address intertwined economic issues [3]. 3. Balance deregulation with effective governance to enhance productivity while maintaining market order [4]. 4. Invest in both physical and human capital to promote comprehensive development [4]. 5. Strengthen internal capabilities to face external challenges and enhance self-innovation [5]. Economic Stability Measures - For 2026, the focus will be on maintaining stable economic growth, ensuring employment and price stability, and promoting income growth alongside economic growth [6]. - A proactive fiscal policy will be implemented, maintaining necessary fiscal deficits and optimizing expenditure structures [6][7]. - A moderately loose monetary policy will be adopted to support economic stability and ensure liquidity [7]. Key Tasks for 2026 - The conference identified eight key tasks for economic work in 2026, including: 1. Prioritizing domestic demand and building a strong domestic market [8]. 2. Accelerating innovation and fostering new growth drivers [8]. 3. Enhancing high-quality development through reform [8]. 4. Promoting cooperation in various fields through openness [8]. 5. Coordinating urban-rural development and regional integration [8]. 6. Leading green transformation with a focus on carbon neutrality [8]. 7. Prioritizing people's livelihoods and addressing practical issues [8]. 8. Managing risks in key areas effectively [9]. Employment and Risk Management - Employment remains a priority, with policies aimed at stabilizing job markets for key demographics [9]. - Measures will be taken to stabilize the real estate market and manage local government debt risks [9].

Core Insights - The article emphasizes the importance of understanding and applying economic principles to guide effective governance and economic work in the new context [2][3] Group 1: Economic Principles - The "Five Musts" outlined by the Central Economic Work Conference are crucial for guiding economic and social development during the 14th Five-Year Plan period, focusing on maximizing economic potential and ensuring a strong start [2][4] - The need to fully tap into economic potential involves leveraging advantages such as a complete industrial system and a large market scale to convert potential into actual growth [3][4] - The dual approach of policy support and reform innovation is essential to address both old and new challenges, enhancing macroeconomic governance while promoting high-quality development [3][4] Group 2: Policy and Reform - The article highlights the effectiveness of recent reforms and policies in responding to economic challenges, including the establishment of a unified national market and the implementation of various laws to boost market vitality [4][5] - The Central Economic Work Conference calls for a more proactive macroeconomic policy that is forward-looking, targeted, and coordinated, aiming to enhance the effectiveness of macroeconomic governance [5] - Specific reform initiatives are outlined, focusing on innovation-driven growth and enhancing the dynamism of high-quality development, which are designed to address practical issues and stimulate economic activity [5]

Core Viewpoint - The Ministry of Finance emphasizes the need for a stable yet progressive economic policy for the upcoming year, focusing on enhancing the effectiveness of fiscal measures and addressing local government debt risks [2]. Group 1: Economic Policy Direction - The meeting highlighted the importance of maintaining necessary fiscal deficits, total debt scale, and expenditure levels while improving policy precision and effectiveness [2]. - There is a commitment to utilize various government bond funds effectively, including the issuance of ultra-long special bonds to support key construction and new policy implementations [2]. Group 2: Investment and Consumption Support - The Ministry plans to increase central budget investment and optimize the management of local government special bonds to stimulate investment recovery [2]. - There will be a strong emphasis on supporting consumption through personal consumption loans and service industry loans, alongside special actions to boost consumption [2]. Group 3: Fiscal Management and Discipline - The meeting underscored the need for improved fiscal management, optimizing expenditure structures, and regulating tax incentives and subsidies [2]. - There is a focus on addressing local fiscal difficulties and ensuring the protection of basic public services, while also managing local government debt risks and preventing the creation of new hidden debts [2].

Group 1 - The year 2023 is significant for China's modernization process, with major economic and social development goals expected to be achieved, marking the successful conclusion of the "14th Five-Year Plan" [1] - International organizations like the IMF and Goldman Sachs have raised their economic growth forecasts for China for the next two years, reflecting a robust economic recovery [1] - China's economy is projected to reach approximately 140 trillion yuan this year, having crossed significant milestones of 110 trillion, 120 trillion, and 130 trillion yuan in previous years [1] Group 2 - A series of policies have been implemented since the Central Political Bureau meeting in September 2022, with plans for additional policies in response to changing circumstances in 2024 [2] - Emphasis on managing market expectations is crucial for economic stability, highlighting the need for a robust expectation management mechanism [2] - China aims to expand institutional openness and optimize the layout of free trade zones, with a focus on promoting service exports and developing digital and green trade [2] Group 3 - The year 2024 marks a transition from energy consumption control to carbon emission control, with a strong focus on green transformation and sustainable development [2] - The government plans to accelerate the construction of a new energy system and enhance the clean and efficient use of fossil energy, while expanding the application of green electricity [2] - Initiatives will include promoting carbon peak goals, improving energy efficiency in key industries, and developing new growth areas such as hydrogen and green fuels [2]

Core Viewpoint - The article emphasizes the importance of the Central Economic Work Conference in guiding fiscal policy and economic strategy for 2026, highlighting the need for the finance department to align with the directives from the central government [1]. Group 1: Fiscal Policy and Economic Strategy - The finance department is tasked with implementing the spirit of the Central Economic Work Conference, focusing on enhancing responsibility and mission in economic and fiscal work [1]. - The conference outlines a commitment to high-quality development, emphasizing the need for a proactive fiscal policy to support domestic demand and optimize supply [2]. - There is a focus on maintaining a balance between development and security, with an emphasis on stabilizing employment, businesses, and market expectations [2]. Group 2: Policy Implementation and Governance - The article discusses the need for effective macroeconomic governance, including maintaining necessary fiscal deficits and managing total debt levels [3]. - It highlights the importance of utilizing government bond funds effectively and issuing long-term special bonds to support key projects [3]. - The finance department is encouraged to improve fiscal management, optimize expenditure structures, and ensure compliance with financial regulations [3]. Group 3: Social Welfare and Support - The article stresses the importance of supporting vulnerable populations and ensuring safety and emergency response measures as the year ends [4]. - There is a call for high standards in preparing the "15th Five-Year" fiscal and accounting plans to ensure comprehensive support for social welfare [4].