Core Viewpoint - The Central Economic Work Conference emphasizes the need for a balanced approach to economic work in 2026, focusing on both policy support and reform innovation, while aiming for quality improvement and reasonable growth in the economy [1][2]. Economic Policy Direction - The conference advocates for a "more proactive fiscal policy" and "moderately loose monetary policy" to enhance economic stability and growth [1][4]. - There is an expectation for fiscal policy to strengthen, particularly in areas of "investment in people" and consumer support [2][4]. - Monetary policy is anticipated to allow for interest rate cuts of 10 to 20 basis points, with a focus on efficiency and proactivity [2][4][7]. Domestic Demand and Consumption - The conference identifies "domestic demand as the leading force" and emphasizes the importance of boosting consumption through specific actions, including a plan to increase urban and rural residents' income [2][8]. - Service consumption is highlighted as a key area for policy focus in 2026, with measures to enhance consumer spending and support for social security [2][10]. Risk Mitigation in Real Estate - The conference stresses the need to "actively and prudently resolve risks in key areas," particularly in stabilizing the real estate market [3][11]. - Measures include encouraging the acquisition of existing housing for affordable housing projects and reforming the housing provident fund system [11][12]. - The focus on real estate is seen as crucial for preventing risks from spreading to local government debt and the financial system [3][12][13]. Fiscal and Monetary Coordination - There is an emphasis on the coordination between fiscal and monetary policies, with fiscal measures expected to be more direct and monetary policies remaining moderately loose [4][5]. - The fiscal deficit is projected to maintain around 4%, with an increase in the scale of fiscal deficits to approximately 6 trillion yuan [6][7]. Long-term Economic Planning - The conference indicates that policy formulation will focus on long-term economic development rather than short-term stimulus effects, aligning with the "15th Five-Year Plan" [5][6]. - The approach will include a comprehensive evaluation of various economic policies to ensure consistency and effectiveness in macroeconomic policy direction [5][6].

Group 1 - The core viewpoint emphasizes the need to establish a market order characterized by "high quality and high price" and healthy competition as a crucial requirement for advancing the construction of a unified national market [1][2] - "High quality and high price" is essential for the effective operation of a market economy, where reasonable pricing mechanisms stimulate market vitality and development momentum [1][2] - Distorted price signals, such as "low quality and high price," disrupt normal market competition, leading to negative outcomes for producers and consumers, hindering high-quality development [1][2] Group 2 - The transition to a high-quality development stage necessitates urgent establishment of a market order that promotes "high quality and high price," addressing issues like blind capacity expansion and price wars among enterprises [2][3] - The "15th Five-Year Plan" period is critical for transforming economic development dynamics, quality, and efficiency, requiring an incentive structure that encourages enterprises to focus on value rather than price competition [2][3] - This transformation is vital for upgrading industrial development, enhancing domestic circulation, and fostering positive interactions between domestic and international markets [2][3] Group 3 - Multiple measures are proposed to promote the formation of a market order characterized by "high quality and high price," including regulating local government economic promotion behaviors and enforcing fair competition [3] - Strengthening the guiding behavior of business entities is essential, encouraging technological innovation and supporting mergers and acquisitions to increase industry concentration [3] - Enhancing market supervision and regulatory enforcement, including anti-monopoly measures and intellectual property protection, is crucial to prevent malicious competition and ensure market integrity [3]

新华社北京12月11日电（记者叶昊鸣）12月10日至11日举行的中央经济工作会议部署明年经济工作时提 出，制定全国统一大市场建设条例，深入整治"内卷式"竞争。 ...

内外贸一体化对促进经济发展、扩大内需、稳定企业具有重要作用。这不仅是应对复杂国际经贸环境的 策略，更是构建新发展格局的战略选择。着力推动内外贸一体化发展，用好国内国际两个市场，增强两 个市场的联动性，对于打通经济内外循环的堵点卡点，实现"十五五"规划建议提出的"全国统一大市场 建设纵深推进"目标具有重要意义。 新市场新挑战 推动内外贸一体化，不仅需要支持外贸企业拓展国内市场实现"出口转内销"，也需要引导内贸企业拓展 国际市场实现"蓝海扬帆"。 进入新市场，寻找新客户，对每个企业来说都是机遇和挑战并存。 例如，市场转换过程中的沟通协调成本，是企业最关心的问题。做出口，外贸企业通常只需与进口商沟 通；做内贸，则绕不开产供销一体化经营网络。部分企业"不想转""转不动"的主要理由，就是做外贸订 单的可控性相对较强，生产效率相对固定，"不去工厂看，也知道产量是多少"。而换做内贸，企业要直 接面对消费者，有企业直言"直播8小时，也不清楚消费者想不想下单、退不退货、复不复购"。换言 之，做外贸，企业大概能预估出订单数量；做内贸，"没办法告诉你，今天晚上一共卖出多少件衣服"。 中国创新跑出加速度，知识产权保护日趋完善。知识产 ...

Core Points - The Central Economic Work Conference held on December 10-11 outlines the economic work for 2025 and analyzes the current economic situation, setting specific policy arrangements and goals for 2026 [1] - The conference emphasizes the need for a "good start" to the 14th Five-Year Plan, with expectations for China's economic growth rate to be around 5% in 2026, as international organizations have raised their growth forecasts for China [1] Fiscal Policy - The fiscal policy for the 14th Five-Year Plan will continue to adopt a "more proactive" approach, maintaining necessary fiscal deficits while optimizing the structure of fiscal expenditures [2][3] - The fiscal deficit rate is expected to remain at or above 4%, with a total debt scale projected to increase from 12 trillion yuan this year [2][3] - There is a clear focus on "investing in people," with an emphasis on improving human capital and enhancing social welfare expenditures [3] Monetary Policy - The macroeconomic policy will adopt a more proactive stance, with monetary policy expected to remain "appropriately loose" and maintain ample liquidity [4][5] - The use of various policy tools, including interest rate cuts and reserve requirement ratio reductions, will be implemented flexibly and efficiently to support economic stability [4][5] - Structural monetary policy tools will be enhanced to support key areas such as expanding domestic demand and technological innovation [5] Domestic Demand Expansion - Expanding domestic demand is prioritized, with specific measures including the implementation of a plan to increase urban and rural residents' income and stabilize investment [6] - The focus on consumption and investment as key drivers for expanding domestic demand indicates a shift towards demand-side strategies [6] Innovation and Technology - The establishment of three international science and technology innovation centers in Beijing, Shanghai, and the Guangdong-Hong Kong-Macau Greater Bay Area is highlighted as a core strategy for fostering innovation [7][9] - The centers aim to leverage existing resources and address global technological competition, enhancing China's position in the global market [7][9] Market Reforms - The conference emphasizes the need for reforms to optimize the market environment, stimulate enterprise vitality, and deepen financial system support [10] - A key reform initiative includes the establishment of a unified national market, with a focus on improving the regulatory framework to support this goal [10] Capital Market Development - Continuous deepening of capital market reforms is emphasized, with a focus on enhancing the market's ability to serve technological innovation and the real economy [11][12] - The reforms will aim to improve the inclusiveness and coverage of the multi-tiered market system, facilitating the entry of long-term capital [12] Trade and Investment - The conference stresses the importance of promoting regional and bilateral trade and investment agreements to enhance cooperation and trade facilitation [14][15] - The focus on maintaining a multilateral trade system and expanding high-standard free trade agreements is seen as crucial for China's trade strategy [14][15] Real Estate Market Stability - The meeting underscores the importance of stabilizing the real estate market, with a particular emphasis on "de-stocking" as a key measure [16][17] - Encouraging the acquisition of existing housing for affordable housing purposes is identified as a significant strategy to address market challenges [17]

新华财经北京12月11日电（记者叶昊鸣）12月10日至11日举行的中央经济工作会议部署明年经济工作时 提出，制定全国统一大市场建设条例，深入整治"内卷式"竞争。 建设全国统一大市场是构建新发展格局的基础支撑和内在要求。2022年4月，《中共中央国务院关于加 快建设全国统一大市场的意见》正式发布，此后《公平竞争审查条例》《关于健全社会信用体系的意 见》《市场准入负面清单（2025年版）》等相继发布，目的是不断增强和巩固我国大市场优势，为高质 量发展带来更多动力。 "制定全国统一大市场建设条例，将法治建设更深度融入经济社会发展全局，为加快建设全国统一大市 场提供坚实的制度保障。"上海金融与法律研究院研究员刘远举说。 社会主义市场经济本质上是法治经济。新时代以来，我国市场基础制度不断完善，市场设施加快联通， 要素市场建设迈出重要步伐，商品和服务市场规模效应逐步显现，公平竞争理念深入人心。 刘远举认为，全国统一大市场建设是我国在推进经济体制改革过程中形成的一项重要抓手。制定全国统 一大市场建设条例，坚持在改革中完善法治，确保全国统一大市场建设于法有据，将推动各方面制度更 加成熟更加定型。 在南方科技大学副校长金李看来 ...

Core Viewpoint - The Central Economic Work Conference emphasizes the establishment of a national unified market as a foundational support for the new development pattern, aiming to enhance market advantages and drive high-quality development [1][2]. Group 1: National Unified Market Construction - The construction of a national unified market is essential for the new development pattern and is supported by various regulations such as the "Fair Competition Review Regulations" and the "Negative List for Market Access (2025 Edition)" [1]. - The formulation of a national unified market construction regulation aims to integrate legal frameworks into economic and social development, providing a solid institutional guarantee for the market's establishment [1]. - The socialist market economy is fundamentally a rule-of-law economy, with ongoing improvements in market infrastructure and the establishment of a fair competition concept [1]. Group 2: Challenges of "Involution" Competition - "Involution" competition is identified as a major obstacle to the construction of a unified market, leading to resource wastage in price wars and marketing battles, hindering technological and production upgrades [2]. - The establishment of a national unified market construction regulation is seen as a legal approach to address "involution" competition, which will help optimize the competitive market environment and promote high-quality economic development [2].

Core Viewpoint - The Central Economic Work Conference outlines key tasks and policy arrangements for 2026, emphasizing the need for economic potential exploration, policy support, and reform innovation to achieve quality and reasonable growth in the economy [2][3]. Fiscal Policy - The fiscal policy for 2026 will maintain a "more proactive" stance, with a fiscal deficit rate expected to be no 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, a significant increase of 1 percentage point from the previous year, indicating a strong commitment to using fiscal tools to boost demand [3][4]. - There is a clear trend towards increasing spending on healthcare, education, and social security, highlighting a focus on "investing in people" [4][5]. Monetary Policy - The monetary policy will adopt a "more proactive" approach, with an emphasis on flexible and efficient use of tools like interest rate cuts and reserve requirement ratio adjustments to maintain liquidity [6][7]. - The expectation is for 1-2 instances of interest rate cuts and reserve requirement ratio reductions in 2026, with a focus on maintaining a stable financing environment [6][7]. - Structural monetary policy tools will be enhanced to support key areas such as domestic demand expansion and technological innovation [7]. Domestic Demand Expansion - Expanding domestic demand is prioritized, with specific policies aimed at increasing residents' income and stabilizing investment [8]. - The conference emphasizes the need for a plan to boost urban and rural residents' income, aligning with the broader goal of enhancing consumption capacity [8]. - Investment strategies will focus on increasing central budget investments and optimizing project implementation to stabilize investment levels [8]. Real Estate Market - The conference stresses the importance of stabilizing the real estate market, with "de-stocking" identified as a key strategy for 2026 [10][11]. - Measures will include city-specific policies to control new supply and encourage the acquisition of existing properties for affordable housing [11][12]. Capital Market Reforms - The conference highlights the need for continuous deepening of capital market reforms, focusing on enhancing the market's ability to support technological innovation and the real economy [13][14]. - Reforms will include improving the adaptability of capital market systems and encouraging long-term investments [13][14]. 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 emphasized as a core strategy for fostering new economic momentum [15][16]. - These centers will leverage existing research and development resources to enhance China's competitiveness in global technology [15][16][17]. Market Environment and Competition - The conference outlines plans to optimize the market environment and reduce "involution" competition, aiming to enhance economic vitality and support high-quality development [18][19]. - A nationwide unified market construction regulation is proposed to address existing regulatory gaps and improve market efficiency [18]. International Trade and Investment - The conference calls for promoting more regional and bilateral trade and investment agreements, reinforcing China's commitment to multilateral trade systems [20][21]. - The focus will be on expanding high-standard free trade agreements and enhancing trade relations with partners [20][21].

Economic Outlook - The Central Economic Work Conference outlined the economic work for 2025 and analyzed the current economic situation, emphasizing the need to fully tap economic potential and combine policy support with reform and innovation [1] - The conference set a target for China's economic growth rate around 5% for the coming year, with international organizations raising their growth forecasts for China [1] Fiscal Policy - The fiscal policy for the upcoming year will maintain a "more proactive" stance, with a fiscal deficit rate not lower than 4%, reflecting a significant increase from the previous year [3][4] - The total debt scale is expected to increase, with a focus on optimizing the fiscal expenditure structure and addressing local fiscal difficulties [3][4] Monetary Policy - The monetary policy will continue to be "appropriately loose," with an emphasis on flexible and efficient use of tools such as reserve requirement ratio cuts and interest rate reductions [6][7] - The central bank aims to maintain a stable exchange rate for the RMB, with expectations of a moderate appreciation against the USD [7] Domestic Demand Expansion - The conference prioritized "expanding domestic demand," with specific policies to implement a plan for increasing urban and rural residents' income and stabilizing investment [9][10] - The focus will be on enhancing consumer capacity and stimulating consumption through targeted actions [9] Real Estate Market - The meeting highlighted the importance of stabilizing the real estate market, with "de-stocking" as a key measure to address inventory issues [12][13] - Encouragement for the acquisition of existing housing for affordable housing purposes is seen as a vital strategy [13][14] Capital Market Reform - The conference emphasized the continuous deepening of capital market reforms, aiming to enhance the market's ability to serve technological innovation and the real economy [16][17] - Future reforms will focus on improving the inclusiveness and adaptability of the capital market, with an emphasis on long-term investments [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-driven growth [19][20] - These centers will leverage existing resources and strategic needs to enhance China's competitiveness in global technology [19] Trade and Investment - The meeting called for promoting more regional and bilateral trade and investment agreements, reinforcing China's commitment to multilateral trade systems [25][26] - The focus will be on expanding high-standard free trade agreements and enhancing trade with free trade partners [26][27]

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].