Group 1 - The core policy direction of "seeking progress while maintaining stability, improving quality and efficiency" reflects a dialectical unity between stability and progress, as well as quality and efficiency [2][4] - The relationship between stability and progress indicates that China's economic growth remains among the top in the world, emphasizing the need for both qualitative improvement and reasonable quantitative growth [4] - The relationship between quality and efficiency highlights the importance of developing new productive forces and achieving successful industrial transformation and green low-carbon transitions [6] Group 2 - The "Eight Persistences" signal the key tasks for 2026, emphasizing a systematic perspective in economic work, which requires viewing various development tasks from a holistic standpoint [8][10] - The focus on a clear goal orientation in the proposed tasks aims to align short-term objectives with the medium- and long-term plans of the 14th Five-Year Plan [10] - The commitment to prioritizing people's livelihoods reflects a strong emphasis on addressing issues that directly impact the public, ensuring that investments in both physical and human capital are closely integrated [12][14]

Group 1 - The core viewpoint of the Central Economic Work Conference emphasizes the need for a balanced approach to economic growth, focusing on both quality and reasonable growth rates for the upcoming year [2][9] - The conference outlines eight specific tasks, with a primary focus on strengthening domestic demand and building a robust domestic market [2] - New proposals include the integration of policy support and reform innovation, highlighting that reliance solely on policy support is insufficient [2][3] Group 2 - The concept of "quality" is defined at three levels: micro (product and service quality), meso (industrial value chain), and macro (total factor productivity) [3][4][5] - "Efficiency" is described in terms of profit for enterprises, fiscal revenue for local governments, and income growth for residents [7][8] - The emphasis on improving both "quality" and "efficiency" is identified as a key focus for economic work in the coming year [9] Group 3 - The conference stresses the importance of leveraging both existing and new policies to enhance their effectiveness, particularly in fiscal policy where local special bonds reached 4.4 trillion yuan [10] - In monetary policy, a moderately loose approach is advocated, with a significant existing credit scale of approximately 270 trillion yuan that can be utilized effectively [11] Group 4 - To boost consumption, a comprehensive plan is necessary, with the fundamental element being income growth, as consumption is a function of income [12] - Increasing income involves direct measures, such as raising labor compensation, and indirect measures, like expanding public services in areas such as healthcare and education [13] - The conference highlights the importance of combining investments in physical assets and human capital to indirectly enhance residents' income [13]

红星资本局12月12日消息 12月10日至11日，中央经济工作会议在北京举行，分析当前经济形势，部署 2026年经济工作。 会议明确了2026年经济工作中的八大重点任务，包括坚持内需主导，建设强大国内市场；坚持创新驱 动，加紧培育壮大新动能等。 明年经济工作都有哪些关键词？红星资本局对会议的多项要点进行了梳理。 图据 图虫创意 政策基调新表述： 稳中求进、提质增效 会议提出，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。 民生银行首席经济学家温彬称，政策总基调通常将"稳中求进、以进促稳"作为固定搭配，今年提出"稳 中求进、提质增效"，或预示着政策将更加注重质量和效果。 另一方面，政策基调延续了"更加积极有为"。 会议提出，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，发挥存量政策和增量政策集成效应，继续实施更加积极的财政政策，继续 实施适度宽松的货币政策。 粤开证券首席经济学家、研究院院长罗志恒认为，在政策基调上，会议延续了宏观政策"更加积极有 为"、财政政策 ...

Core Viewpoint - The Central Economic Work Conference held in Beijing from December 10 to 11 outlines the economic work for 2026, emphasizing a shift in policy focus from merely increasing efforts to enhancing collaboration and effectiveness in economic measures [1] Policy Framework - The policy tone has shifted from "promoting stability through progress" to "seeking progress while maintaining stability and improving quality and efficiency" [2][3] - The conference continues to advocate for a moderately loose monetary policy, with potential adjustments in reserve requirement ratios and interest rates to stimulate economic growth [2] - Fiscal policy is expected to maintain necessary levels of deficit and debt, with a focus on optimizing expenditure structure rather than aggressive expansion [3] Domestic Demand Strategy - The strategy to "build a strong domestic market" is prioritized, addressing the imbalance between strong supply and weak demand [4] - Key initiatives include optimizing the implementation of "two new" policies (equipment updates and trade-ins), establishing a plan for urban and rural income growth, and addressing the decline in fixed asset investment [4][5] Innovation and Competition Regulation - The conference emphasizes "innovation-driven development" and the need to cultivate new growth drivers while addressing "involution" in competition [6] - Specific focus areas for innovation include advancements in artificial intelligence, semiconductor research, and the application of digital technologies in manufacturing [6] - The regulation of competition is set to become a key reform task, with a focus on establishing a unified national market and addressing issues like price wars and local investment incentives [7] Real Estate and Capital Market - The policy approach to the real estate market has shifted to a long-term model focusing on controlling increments, reducing inventory, and optimizing supply [7] - The capital market is expected to see deeper reforms, with a shift in focus from stability to enhancing market mechanisms and supporting new quality productivity [7]

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。会议全面总结了2025年及"十四五"时期 我国经济社会发展取得的重大成就，并对2026年经济工作作出系统部署，明确要在坚持稳中求进、提质 增效，更好统筹国内经济运行和国际经贸斗争的基础上，通过实施更加积极有为的宏观政策，推动经济 实现质的有效提升和量的合理增长，实现"十五五"良好开局。此次会议传递出党中央对经济工作的战略 远见与科学谋划，为我们准确把握发展大势、坚定发展信心提供了根本遵循。 最后，加强党的全面领导，树立正确政绩观，强调因地制宜抓落实。办好中国的事情，关键在党。会议 强调"要加强党的领导特别是党中央集中统一领导"，这是做好经济工作的根本政治保证。会议要求树立 和践行正确政绩观，因地制宜做好经济工作，实现高质量、可持续的发展。这意味着发展的质量效益和 可持续性被摆在了更加突出的位置，旨在引导各地区各部门结合自身实际和比较优势谋划经济发展，避 免盲目追求短期增速、防止产业同质化布局。会议还对编制好各层级"十五五"规划、做好岁末年初民生 保障、抓好安全生产等工作作出具体部署，体现了党中央对经济社会发展全局的周密统筹和深厚的人民 情怀。特别是 ...

2025年12月10日至11日，中央经济工作会议在北京举行。会议在全面分析当前经济形势时既直面挑战， 也彰显信心。会议指出，"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。"但同时强调，"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。"这一基本判断，为明年经济工 作定下了"坚定信心、用好优势、应对挑战"的总基调。 中信证券首席经济学家明明表示，面对复杂的外部环境，会议体现了"必须以苦练内功来应对外部挑 战"的"实事求是"态度与"以我为主"的大国自信。他认为，这预示着在"十五五"期间，中国将着力应对 各类"老问题"与"新挑战"，其背后是对中国经济长期向好基本面的坚定信念。 这一"苦练内功"的思路，具体投射到明年政策取向上，集中体现为"稳中求进、提质增效"。明明分析 称，明年政策制定可能不会过度关注短期内的刺激效果，更多着眼于"十五五"整体经济的长远发展规 划，强调存量与增量政策的集成效应。实际上，这也成为了未来财政政策、货币政策等宏观政策发力的 重要思路。 东方金诚首席宏观分析师王青也认为，做优增 ...

央视网消息：2025年12月11日，一年一度的中央经济工作会议在北京闭幕，会议明确了2026年经济 工作发展方向。坚持稳中求进、提质增效，中央经济工作会议明确2026年经济工作政策取向；内需主 导、创新驱动、改革攻坚、民生为大，会议明确2026年八大重点任务。 ...

中金公司研报认为，中央经济工作会议客观分析了中国经济面临的发展形势，不回避困难挑战，我们认 为会议突出问题导向、目标非常清晰，直接回应了市场和社会对消费、投资、房地产、企业账款、市场 竞争秩序等一系列热点问题的广泛关切。在政策工具的选择上，本次会议体现出更加注重质效的导向、 工具的选择范围也更丰富。明年的政策取向是"稳中求进、提质增效"。其中"提质增效"是今年的新要 求，或意味着明年宏观政策会更加注重落地的效果，而不是仅强调总量扩张。 （文章来源：第一财经） ...

Core Viewpoint - The Central Economic Work Conference held on December 10-11 in Beijing objectively analyzed the development situation of the Chinese economy, addressing various concerns regarding consumption, investment, real estate, corporate accounts, and market competition order. The policy direction for next year is "stability while seeking progress, improving quality and efficiency" [2][14]. Macro: Responding to Concerns, Improving Quality and Efficiency - The conference highlighted the importance of domestic demand as a primary task, emphasizing the implementation of special actions to boost consumption and the expansion of quality goods and services supply. It also aims to eliminate unreasonable restrictions in the consumption sector to unleash service consumption potential [5][6]. - On the demand side, the conference proposed a plan to increase urban and rural residents' income and optimize the implementation of "two new" policies, which may involve increasing social security spending to enhance disposable income and promote consumption growth [6][9]. - Government investment is expected to lead the way in stabilizing investment, with a focus on increasing central budget investment and optimizing the use of local government special bonds to alleviate financial pressures [6][9]. - The conference emphasized the need to actively and prudently resolve risks in key areas, particularly in the real estate sector, where it aims to stabilize the market and improve residents' purchasing power [7][9]. Strategies: Balancing Growth and Reform - The conference reiterated the need for a proactive fiscal policy while maintaining necessary fiscal deficits and total debt levels. It aims to optimize fiscal spending and strengthen fiscal management [10][23]. - Monetary policy is expected to remain moderately loose, with a focus on promoting stable economic growth and reasonable price recovery. The use of various policy tools, including interest rate cuts, is anticipated to be more flexible and efficient [11][24]. - The conference stressed the importance of innovation-driven development, with measures to enhance the role of enterprises in innovation and promote high-quality development of key industrial chains [12][16]. Real Estate: Focus on Supply Issues - The conference underscored the need to stabilize the real estate market, advocating for measures to control new supply, reduce inventory, and improve supply quality. It encourages the acquisition of existing homes for affordable housing [29][30]. - The emphasis on resolving inventory issues reflects a heightened focus on the real estate sector's challenges, particularly in light of the ongoing supply-demand imbalance [29][30]. Consumption: Continuous Policy Support - The conference prioritized domestic demand, reiterating the importance of consumption in driving economic growth. It plans to implement measures to enhance residents' income and stabilize employment for key groups [38]. - Policies aimed at boosting consumer confidence and spending are expected to continue, with a focus on increasing the quality and availability of goods and services [38].

对于明年经济工作的政策取向，一位资深基金经理认为，"稳中求进、提质增效"将更突出"质的有效提 升和量的合理增长"的平衡。其中，"稳"是底线，旨在运用宏观政策托底经济基本盘，防范化解房地 产、地方债务等重点领域风险，避免经济大起大落；"进"是以创新驱动培育新质生产力，以绿色转型推 动产业升级，以扩大内需激活内生增长动能，同时通过"做优增量、盘活存量"提升资源配置效率，实现 经济结构的优化升级。对于资本市场而言，他表示，宏观经济基本盘的稳定有利于保持良好的经济增长 预期，进而保持稳定的盈利水平和估值水平，对于稳定资本市场具有重要意义。 会议指出，要继续实施更加积极的财政政策和适度宽松的货币政策。北京一位基金经理认为，更加积极 的财政政策或聚焦新基建、民生工程、城镇更新等领域，直接拉动相关产业链需求。同时，要继续实施 适度宽松的货币政策，2026年或有降息操作。这将带来两方面关键影响：一方面，低利率环境下，债 市、理财资金会加速向权益市场转移，为A股带来增量资金，推动市场估值修复；另一方面，企业尤其 是中小微企业和制造业企业的融资成本将进一步降低，盈利预期改善将支撑股市基本面。 内需与科技双轮驱动 会议强调，持续扩 ...