Economic Policy Direction - The Central Political Bureau emphasizes a more proactive fiscal policy and moderately loose monetary policy for 2026 to ensure a good start for the "14th Five-Year Plan" [2][4] - The focus has shifted from "stability while seeking progress" to "stability while seeking progress and improving quality and efficiency," indicating a stronger emphasis on the quality and effectiveness of long-term growth [2][4] Economic Performance and Challenges - China's GDP growth for the first three quarters of 2025 is 5.2%, with a probability of meeting the annual target of around 5.0%, but the growth rate fell to 4.8% in the third quarter, highlighting weakening growth momentum and structural issues [4] - Key economic challenges include limited consumer spending power, insufficient innovation capacity, and pressures on the real economy from rising costs and financing constraints [4][6] Policy Implementation - The meeting calls for a combination of fiscal and monetary policies to stimulate economic growth, with an emphasis on enhancing the effectiveness of macroeconomic governance [5][6] - Experts suggest maintaining a fiscal deficit rate of no less than 4% to signal continued fiscal expansion and stabilize social expectations [6] Monetary Policy Adjustments - The monetary policy will focus on structural tools, with recent adjustments including rate cuts and the introduction of new monetary policy frameworks [8][9] - The emphasis on "cross-cycle adjustment" indicates a shift towards addressing medium- to long-term structural issues rather than solely relying on traditional counter-cyclical measures [9] Domestic Demand and Risk Management - The meeting stresses the importance of domestic demand in driving economic growth and the need for innovative and high-quality development [11] - There is a focus on addressing key risks in the economy, particularly in the real estate sector and local government debt, with proposals for systemic policy measures to stabilize the housing market [14]

最近，越来越多地区开始探索这项招商引资的新工具 ——"先投后股"。 我们关注到， "先投后股"作为财政资金创新支持方式的代表性举措，正成为各地推动科技成 果转化的重要手段与招商引资的新工具 。 "先投后股"是一种通过调整财政资金支持方式、分阶段持续助力科技成果转化与初创型科技企 业成长的创新机制。从支持对象看，该模式聚焦"有技术、缺资金"的初创企业，推动其将科研 成果转化为现实生产力；从支持阶段看，分为"先投"和"后股"两个环节。 在 "先投"阶段，财政资金以科技项目资助形式支持企业进行研发及成果转化，并预先约定未来 转股条件和比例；进入"后股"阶段后，若企业实现市场化融资或发展趋于稳定，财政资金按照 既定机制转为股权，并在企业进一步成长后，依据"适当收益"原则有序退出，实现财政资金的 回笼与再利用。 从支持方式看， "先投后股"既区别于传统无偿补贴，提升了财政资金的使用效率，又强化了管 理机构对企业全生命周期的跟踪与赋能，构建了财政资金可持续"循环使用"的长效机制；与政 府引导基金、种子基金、天使基金等早期股权投资工具相比，"先投后股"更像是一种"科技期 权"式支持工具。它不将年度经营业绩作为试点企业的刚性 ...

Core Viewpoint - The overall macro policy framework is expected to remain stable, with a focus on the rhythm and direction of economic work for the upcoming year [2]. Group 1: Economic Policy Direction - The Politburo meeting emphasizes the need to better coordinate domestic economic work and international trade struggles, indicating that domestic economic stability will be prioritized during intensified international trade conflicts [2]. - The meeting introduces the concept of developing new productive forces tailored to local conditions and advancing the construction of a unified national market, highlighting the importance of optimizing local government behavior and addressing market competition [2]. - The goal for economic growth is likely to remain around 5%, necessitating the use of existing policies and the introduction of new policies, with a recent announcement of 500 billion yuan in new financial tools aimed at project investment to kickstart economic activity [2][3]. Group 2: Fiscal and Monetary Policy - The meeting reiterates the implementation of a more proactive macro policy, continuing with an active fiscal policy and moderately loose monetary policy, while suggesting a slight increase in fiscal policy space [3]. - The emphasis on cross-cycle regulation and the integration of existing and new policies indicates that the policy rhythm will be crucial to monitor, with a focus on utilizing existing policy space unless external conditions change [3]. Group 3: Domestic Demand and Consumption - Domestic demand is prioritized as the primary focus of economic work, with a strong emphasis on improving people's livelihoods and promoting consumption, aligning with the spirit of the Fourth Plenary Session [3]. - The meeting highlights the construction of a strong domestic market as a foundation for responding to complex external environments, requiring macro policies to invest more in improving livelihoods and enhancing consumer capacity and willingness [3]. Group 4: Key Work Priorities - The meeting outlines eight key priorities for the upcoming year, maintaining the same order for the top four: domestic demand, technology/industry, reform, and openness, while risk prevention has dropped to the eighth position, indicating a reduction in systemic risk challenges [4]. - The real estate sector, which previously faced significant risks, is notably absent from the meeting's discussions, reflecting a structural adjustment that has reduced its contribution to GDP from 17.7% in 2017 to an estimated 9.0% by next year [4].

图① 中豫具身智能实验室机器人。本报记者 王铮 摄 从全省实有民营经济主体超过1100万户，到在A股上市的豫企中民营企业占比超64%，再到今年1—10月全省 民间投资增长7.3%……推动高质量发展的快车道上，我省民营经济正展现出蓬勃的生机活力。 而这背后是河南将"营商"环境持续优化为"赢商"沃土的必然结果。 法治护航 让营商环境更有确定性 图② 第十八届中国—拉美企业家高峰会全方位展示了中拉合作的深度与广度。 本报记者 王铮 摄 郑州机场"多式联运"，做大做强货运航线"空中丝路"，融入服务全国统一大市场建设。 本报记者 聂冬晗 摄 本报财经全媒体中心 出品 图③ 我省高规格开展经贸交流活动，多维度彰显中原地区扩大开放、融通全球的蓬勃活力。本报记者 王铮 摄 □本报记者 石可欣 胡舒彤 陈小平 市场经济犹如"候鸟经济"，哪里的营商环境优、服务质量好、办事效率高、投资成本低，企业就会到哪里聚 集，资金就会往哪里涌动。 河南对营商环境建设始终常抓不懈。前不久闭幕的省委十一届十次全会还将营造"便利高效的营商环境"列为 推动高效能治理、营造"六个环境"的重要内容之一，足见我省对营商环境建设的重视程度。 "通过！" 12 ...

Group 1: Domestic Market Updates - The People's Bank of China (PBOC) conducted a small-scale net injection of funds, with the overall liquidity remaining stable, and the main repo rates slightly increased [1][8] - Wanda Commercial Management is seeking a two-year extension on its $400 million bond [1] - Country Garden's overseas debt restructuring plan has been officially recognized by the court [1] - New World Development has completed the final settlement of its exchange offer, resulting in the cancellation of $2.5 billion of existing bonds [1] Group 2: Economic Policy and Trade - The Central Committee of the Communist Party of China held a meeting to analyze and study the economic work for 2026, emphasizing the need for high-quality development and a proactive macro policy [2] - China's goods trade import and export value for the first 11 months of 2025 reached 41.21 trillion yuan, a year-on-year increase of 3.6%, with exports growing by 6.2% and imports by 0.2% [3] Group 3: International Market Updates - Japan's GDP for the third quarter shrank by 2.3%, exceeding initial estimates, marking the first contraction in six quarters [5] - Major European economies saw a rise in 10-year government bond yields, with Germany's yield increasing by 7 basis points to 2.87% [21] Group 4: Bond Market Dynamics - The yield on the 10-year Chinese government bond rose by 0.40 basis points to 1.8325% [11] - In the secondary market, several bonds experienced significant price deviations, with some bonds from Vanke showing increases of over 20% [14] - The convertible bond market saw a collective rise, with the total trading volume reaching 652.92 billion yuan, an increase of 51.39 billion yuan from the previous trading day [17]

会议强调，做好明年经济工作，要以习近平新时代中国特色社会主义思想为指导，深入贯彻党的二十大 和二十届历次全会精神，完整准确全面贯彻新发展理念，加快构建新发展格局，着力推动高质量发展， 坚持稳中求进工作总基调，更好统筹国内经济工作和国际经贸斗争，更好统筹发展和安全，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。 会议指出，明年经济工作要坚持稳中求进、提质增效，继续实施更加积极的财政政策和适度宽松的货币 政策，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，切实提升宏观经济治理效 能。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，推动全面绿色转型；坚持民生为大，努力为人民群众多办实事；坚持守牢底线 ...

Core Insights - The article emphasizes the importance of indices as tools for understanding trends and unlocking opportunities in the context of China's economic development and modernization efforts [2][3]. Economic Growth and Development - China's manufacturing investment continues to grow, contributing to the establishment of a modern industrial system, with equipment manufacturing playing a crucial role [2][3]. - The "China Innovation Index" shows consistent improvement, reflecting the country's commitment to high-quality development [2][3]. Emerging Industries and Green Economy - The green economy is increasingly prominent, with one-third of electricity in China now sourced from renewable energy, supporting emerging industries like artificial intelligence [5]. - Inner Mongolia's modern energy economy development index is projected to grow by 24.21% year-on-year in 2024, while the new energy high-quality development index is expected to rise by 11.37% [5]. New Consumption Trends - The report identifies five key opportunity sectors focused on human-centered economic trends: cultural consumption, health consumption, silver economy, beauty economy, and pet economy [6][9]. - The cultural industry, particularly digital culture, is projected to contribute nearly 5% to GDP by 2024, highlighting its role as a significant economic growth engine [8]. Silver Economy and Health Consumption - The silver economy is expanding rapidly, with an annual growth rate of 15.27% since 2022, driven by the aging population and new business models [9]. - Health consumption trends are transforming traditional products into popular items, with innovations in functional foods and traditional remedies gaining traction [9]. Market Dynamics and Data Utilization - The establishment of a unified national market is crucial for high-quality development, with data elements playing a key role in addressing existing market inefficiencies [11]. - Price indices are acting as vital indicators for market operations, helping to stabilize and guide various agricultural sectors [13]. Cultural and Brand Development - Indices serve as digital representations of regional brand value, linking cultural heritage with modern economic opportunities [16]. - Cities are leveraging unique cultural identities to enhance their market competitiveness and global presence, exemplified by initiatives in places like Yan'an and Shaanxi [16][17].

Group 1 - The core viewpoint of the article highlights the resilience and vitality of China's economic development as reflected in the tax revenue data released by the State Taxation Administration [1] Group 2 - The effects of policies are becoming evident, with the economy showing stability and improvement [2] - A series of incremental and stock policies have been implemented this year, leading to a 10.7% year-on-year increase in the amount spent by enterprises on machinery and equipment purchases [3] - Consumer promotion policies are yielding results, with sales revenue in the telecommunications and home appliance retail sectors increasing by 20.3% and 26.5% year-on-year, respectively [3] Group 3 - The resilience of enterprise exports is notable, with a 6.8% year-on-year increase in export tax refunds processed by tax authorities [4] - In the first 11 months, tax revenue exceeded 29 trillion yuan, with tax income surpassing 16 trillion yuan, reflecting a 3.1% year-on-year growth [4] Group 4 - Support for technological innovation remains a key focus of tax and fee reduction policies, with 23.725 billion yuan in tax reductions and refunds for innovation and manufacturing in the first 10 months [5] - High-tech industry sales revenue grew by 14.7% year-on-year, while digital technology procurement by enterprises increased by 10.2% [5] Group 5 - The energy structure is undergoing continuous optimization, with sales revenue in clean energy sectors like wind, solar, and hydropower increasing by 14.9% year-on-year, now accounting for 38% of total electricity sales [6] - Wind power and solar power sales revenue grew by 16.8% and 35.7% year-on-year, respectively, while thermal power sales revenue decreased by 7.2% [6] Group 6 - The construction of a unified national market is accelerating, with tax authorities playing a significant role [7] - There has been a nearly fourfold increase in cross-regional tax-related business handled by tax authorities this year [8] - Inter-provincial trade sales accounted for 41.1% of national sales revenue, with over 50% of tax-related business entities involved in cross-province sales, reflecting a 1.2 percentage point increase from the previous year [8][9]

河南日报社记者 石可欣 胡舒彤 陈小平 市场经济犹如"候鸟经济"，哪里的营商环境优、服务质量好、办事效率高、投资成本低，企业就会到哪里聚集，资金就会往哪里涌动。 河南对营商环境建设始终常抓不懈。前不久闭幕的省委十一届十次全会还将营造"便利高效的营商环境"列为推动高效能治理、营造"六个环境"的重要内容 之一，足见我省对营商环境建设的重视程度。 从全省实有民营经济主体超过1100万户，到在A股上市的豫企中民营企业占比超64%，再到今年1—10月全省民间投资增长7.3%……推动高质量发展的快 车道上，我省民营经济正展现出蓬勃的生机活力。 而这背后是河南将"营商"环境持续优化为"赢商"沃土的必然结果。 法治护航 让营商环境更有确定性 "通过！" 12月4日，省十四届人大常委会第二十一次会议表决通过了修订后的《河南省优化营商环境条例》（以下简称《条例》），将于2026年3月1日起施行。 "作为此前出台条例的升级版，新修订的《条例》聚焦加快建设市场化、法治化、国际化一流营商环境，以经营主体需求为导向，以政府职能转变为核 心，创新体制机制，对标先进水平，为激发市场活力，融入服务全国统一大市场，推动经济社会高质量发展提供了有 ...

Core Viewpoint - The article emphasizes the continuous improvement of the business environment in Henan Province, highlighting the recent legislative changes aimed at creating a market-oriented, law-based, and international business environment to stimulate economic growth and attract investment [8][19]. Group 1: Business Environment Optimization - Henan has over 11 million private economic entities, with private enterprises accounting for over 64% of listed companies in A-shares, and private investment growth of 7.3% from January to October this year [6]. - The newly revised "Henan Province Optimizing Business Environment Regulations" will take effect on March 1, 2026, focusing on creating a first-class business environment that meets market demands and government function transformation [8][9]. - The regulations aim to eliminate barriers to market access, break local protectionism, and ensure fair competition, thereby facilitating the free flow of production factors [9][10]. Group 2: Government and Enterprise Interaction - The government is transitioning from a management role to a service-oriented approach, enhancing communication with enterprises to address their needs effectively [10][13]. - The regulations mandate that government agencies strengthen their responsibilities in business environment construction and improve service capabilities through training [10][11]. - A rapid response mechanism for enterprise issues is being established to ensure timely assistance and support for businesses [10][12]. Group 3: Legal Framework and Internationalization - The regulations emphasize the importance of law in creating a stable business environment, which is seen as essential for fostering confidence and promoting development [11][19]. - Henan is committed to expanding high-level openness, with a focus on integrating into global markets and enhancing international trade channels [16][18]. - The province's private enterprises achieved an import and export value of 508.34 billion yuan from January to October, reflecting a growth rate of 14.7%, which is 7.5 percentage points higher than the national average [18].