Core Viewpoint - The Central Economic Work Conference emphasizes the need for a dual approach of policy support and reform innovation to enhance economic potential and achieve a good start for the 14th Five-Year Plan, with a projected economic growth target of around 5% for 2026 [1][3]. Fiscal Policy - The fiscal policy for 2026 will maintain a "more proactive" stance, with a fiscal deficit rate not lower than 4%, reflecting the need to stimulate economic growth and address local fiscal challenges [3][4]. - The fiscal deficit for this year is set at 5.66 trillion yuan, the highest in recent years, indicating a significant increase in fiscal spending to support economic stability [3][4]. - There is a clear trend towards increasing spending on healthcare, education, and social security, highlighting a focus on "investing in people" [5]. Monetary Policy - The monetary policy will continue to be "appropriately loose," with an emphasis on flexible and efficient use of tools like reserve requirement ratio (RRR) cuts and interest rate reductions [7][8]. - The expectation is for 1-2 instances of RRR cuts or interest rate reductions in 2026, with a focus on maintaining a stable liquidity environment [8]. - The conference aims to guide financial institutions to support key areas such as expanding domestic demand and technological innovation [8]. Domestic Demand Expansion - Expanding domestic demand is prioritized, with specific policies to implement a plan for increasing urban and rural residents' income and stabilizing investment [10][11]. - The focus on consumer spending and investment as key drivers for domestic demand reflects a shift towards demand-side economic strategies [10]. Real Estate Market - The conference emphasizes stabilizing the real estate market, with "de-stocking" as a key strategy, particularly in light of high inventory levels in many cities [13][14]. - Measures include encouraging the acquisition of existing properties for affordable housing, which aims to optimize market supply and meet housing needs [14]. Capital Market Reform - The conference highlights the need for continuous deepening of capital market reforms to enhance support for technological innovation and the real economy [15][17]. - There is a focus on improving the inclusivity and adaptability of capital market systems, with an emphasis on attracting long-term investment [15][17]. Innovation and Technology - The establishment of three major international technology innovation centers in Beijing, Shanghai, and the Guangdong-Hong Kong-Macau Greater Bay Area is aimed at fostering innovation and addressing global technological competition [19][20]. - The centers will focus on leveraging existing resources and enhancing collaboration to drive technological advancements and economic transformation [19][20]. Market Environment and Competition - The conference outlines plans to optimize the market environment and stimulate enterprise vitality through reforms, including the establishment of a unified national market [22][23]. - There is a commitment to addressing "involution" in competition, with targeted policies to mitigate its negative effects on the economy [23]. International Trade and Investment - The conference stresses the importance of signing more regional and bilateral trade agreements to enhance cooperation and maintain a multilateral trade system [25][26]. - The goal is to expand high-standard free trade networks and facilitate trade and investment with partners, particularly in the context of the RCEP and other agreements [25][26].

来源：上海证券报·中国证券网 上证报中国证券网讯（记者 张雪）中央经济工作会议指出，制定全国统一大市场建设条例，深入整 治"内卷式"竞争。 对此，北京海润天睿律师事务所高级合伙人赵廷凯认为，在制定全国统一大市场建设条例时有必要对政 府给予企业的财政补贴作出统一规定。 赵廷凯指出，目前我国尚未出台专门规范政府财政补贴、奖励的法律法规。为此，赵廷凯建议在全国统 一大市场建设条例中确立以下规则：一是划定补贴法定范围，限定于公共利益、产业引导等必要领域； 二是规范审批程序，要求补贴决策需经集体审议并形成书面记录；三是强化公开监督，将补贴对象、金 额、依据等信息全面公示，保障经营主体平等竞争。 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 张雪）中央经济工作会议指出，制定全国统一大市场建设条例，深入整 治"内卷式"竞争。 对此，北京海润天睿律师事务所高级合伙人赵廷凯认为，在制定全国统一大市场建设条例时有必要对政 府给予企业的财政补贴作出统一规定。 赵廷凯指出，目前我国尚未出台专门规范政府财政补贴、奖励的法律法规。为此，赵廷凯建议在全国统 一大市场建设条例中确立以下规则：一是划定补贴法定范围，限定于公共利益、产 ...

新华财经北京12月11日电（记者刘玉龙）中央经济工作会议12月10日至11日在北京举行。会议强调，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。 业内人士分析，中央经济工作会议政策取向定调稳中求进、提质增效，为资本市场平稳健康运行夯实基 础和条件。未来，纵深推进板块改革、提高上市公司质量、推动中长期资金入市、提升投资者权益保护 质效等将是"持续深化资本市场投融资综合改革"的重点。 政策取向定调稳中求进、提质增效，为资本市场平稳健康运行夯实基础和条件 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。 中金公司研究部首席宏观经济分析师张文朗表示，会议提出"提质增效"这个要求的内涵是让财政、货 币、产业等政策协同配合，把传统工具和创新工具结合起来，把周期政策和改革政 ...

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 the need for reform and enhancing high-quality development momentum. Group 1: Economic Reforms - The conference proposed to persist in reform efforts to enhance the vitality of high-quality development [1] - A nationwide unified market construction regulation will be formulated to address "involution" competition [1] - Further deepening of state-owned enterprise reforms and improving supporting regulations for promoting the private economy will be implemented [1] Group 2: Financial and Market Improvements - There will be an accelerated effort to clear overdue payments owed to enterprises [1] - The development of platform enterprises and the mutual benefits for platform operators and workers will be promoted [1] - Market-oriented reform pilot programs will be expanded [1] Group 3: Tax and Financial System Enhancements - A sound local tax system will be established [1] - Continuous improvement of small and medium-sized financial institutions will be pursued, focusing on quality over quantity [1] - Ongoing comprehensive reforms in capital market investment and financing will be deepened [1]

Group 1: Economic Policy Framework - The central economic work meeting emphasizes the principle of "seeking progress while maintaining stability," focusing on stabilizing employment, enterprises, markets, and expectations to ensure smooth economic operation[2] - The meeting suggests a combination of "mandatory options + optional options" in macroeconomic policy, indicating a relatively stable approach to mandatory macro policies while allowing for counter-cyclical adjustments as needed[3] - The integration of stock and incremental policies is highlighted, with a commitment to continue implementing a more proactive fiscal policy while maintaining necessary fiscal deficits and total debt levels[3] Group 2: Consumer and Market Dynamics - Consumption is prioritized over investment in policy discussions, with specific measures to enhance consumer capacity, including the implementation of urban and rural resident income increase plans[4] - The meeting calls for the expansion of quality goods and services supply and the removal of unreasonable restrictions in the consumption sector to unleash service consumption potential[4] - The focus on addressing "involution" competition indicates a recognition of deeper structural issues, requiring comprehensive solutions rather than superficial capacity clearing[4] Group 3: Taxation and Industry Support - The meeting proposes to improve the local tax system, addressing the decline in local tax revenue share in fiscal income and expenditure, with potential adjustments to shared tax ratios to stabilize local government finances[5] - Specific industries are identified for targeted support, including artificial intelligence, digital trade, and green trade, aiming to create a favorable policy environment for development[5] - Employment remains a top priority in social policy, with a focus on stabilizing job opportunities for key groups such as college graduates and migrant workers[5] Group 4: Risk Management - The meeting emphasizes risk prevention, particularly in the real estate sector and local government debt, encouraging the acquisition of existing residential properties for affordable housing[6] - The report highlights potential risks including policy changes, unexpected economic fluctuations, and delays in updating research information[6]

Core Viewpoint - The National Taxation Administration is intensifying efforts to address tax-related issues in local governments' irregular investment promotion practices, which distort market order and threaten the construction of a unified national market [1][6]. Group 1: Tax Issues in Local Investment Promotion - Local governments are breaching tax laws and fiscal systems by offering excessive tax rebates and incentives to attract businesses, leading to distorted business location choices and disrupted tax order [1][5]. - The phenomenon of attracting "shell companies" for "invoice economy" is prevalent, where localities prioritize quantity over genuine industry development, resulting in minimal economic activity and increased risks of tax fraud [4][6]. Group 2: Policy Responses and Recommendations - The National Taxation Administration is enhancing monitoring and verification of irregular investment practices, urging local governments to amend or abolish non-compliant tax agreements [6][7]. - Experts suggest improving the local tax system and increasing the share of local taxes to reduce reliance on easily movable tax sources, thereby refocusing on the real economy [7][8]. - Recommendations include shifting fiscal support from tax rebates to long-term competitiveness measures such as R&D subsidies and enhancing the business environment through fair competition reviews [8]. Group 3: Case Studies and Local Practices - A case from Jiangsu Province highlights the return of government subsidies due to non-compliance with relevant policies, illustrating the risks associated with irregular tax practices [5]. - The introduction of fair competition review guidelines in Taizhou, Zhejiang Province, aims to shift the focus from tax incentives to improving the overall business environment [8].

责任编辑：山上 据新华社消息，中央经济工作会议12月10日至11日在北京举行。会议确定，明年经济工作抓好以下重点 任务。坚持改革攻坚，增强高质量发展动力活力。制定全国统一大市场建设条例，深入整治"内卷式"竞 争。制定和实施进一步深化国资国企改革方案，完善民营经济促进法配套法规政策。加紧清理拖欠企业 账款。推动平台企业和平台内经营者、劳动者共赢发展。拓展要素市场化改革试点。健全地方税体系。 深入推进中小金融机构减量提质，持续深化资本市场投融资综合改革。 财经频道更多独家策划、专家专栏，免费查阅>> ...

专题：中央经济工作会议在北京举行 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。 会议确定，明年经济工作抓好以下重点任务。其中包括：坚持改革攻坚，增强高质量发展动力活力。制 定全国统一大市场建设条例，深入整治"内卷式"竞争。制定和实施进一步深化国资国企改革方案，完善 民营经济促进法配套法规政策。加紧清理拖欠企业账款。推动平台企业和平台内经营者、劳动者共赢发 展。拓展要素市场化改革试点。健全地方税体系。深入推进中小金融机构减量提质，持续深化资本市场 投融资综合改革。 责任编辑：刘万里 SF014 专题：中央经济工作会议在北京举行 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。 会议确定，明年经济工作抓好以下重点任务。其中包括：坚持改革攻坚，增强高质量发展动力活力。制 定全国统一大市场建设条例，深入整治"内卷式"竞争。制定和实施进一步深化国资国企改革方案，完善 民营经济促进法配套法规政策。加紧清理拖欠企业账款。推动平台企业和平台内经营者、劳动者共赢发 展。拓展要素市场化改革试点。健全地方税体系。深入推进中小金融机构减量提质，持续深化资本市场 投融资综合改革。 ...

Core Viewpoint - The Central Economic Work Conference held on December 10-11 in Beijing outlined key priorities for economic work in the coming year, focusing on high-quality development and reform initiatives [1] Group 1: Economic Reforms - Emphasis on reform to enhance the vitality and momentum of high-quality development [1] - Development of a national unified market construction regulation to address "involution" competition [1] - Implementation of further deepening reforms for state-owned enterprises and improvement of supporting regulations for the promotion of the private economy [1] Group 2: Financial and Market Initiatives - Acceleration of clearing overdue payments owed to enterprises [1] - Promotion of win-win development for platform enterprises, operators, and workers [1] - Expansion of pilot programs for market-oriented reforms of factors [1] - Improvement of the local tax system [1] - Continued advancement of quality improvement and reduction in small financial institutions, along with ongoing comprehensive reforms in capital market investment and financing [1]

会议研究食品安全工作，强调要深入贯彻习近平总书记关于食品安全的重要论述，坚决扛牢食品安 全政治责任，坚持"四个最严"要求，深入开展食品安全"大排查、大整治、大提升"专项整治，严肃惩治 食品安全违法行为，构建全链条全覆盖监管体系，守稳筑牢食品安全防线，全面提升食品安全治理现代 化水平。 会议还学习了《城市公共交通条例》，研究了其他事项。 会议研究政务服务优化提升工作，强调要坚持以人民为中心，聚焦群众和企业经常办理的政务服务 事项，进一步创新服务和管理方式，依托数据归集和共享，让数据多跑路、群众少跑腿，全面推进"减 证便民"，提升政务服务效率，优化营商环境，不断提高群众和企业的获得感、满意度。 会议研究岁末年初促消费工作，指出要抢抓元旦、春节消费旺季，组织开展好"跨年焕新"消费季系 列活动，聚焦大宗商品、文旅服务、餐饮住宿、数字消费等重点领域，打造特色鲜明、内涵丰富、安全 有序的消费场景，充分释放消费潜能，进一步提升市场活力和经济社会发展内生动力。 12月9日，市长庄建球主持召开市政府第72次常务会议，石秀田、陈红民、王滔、马志峰、李凤芝 等出席。 会议传达学习《习近平谈治国理政》第五卷重要文章《经济工作必须统筹 ...