Core Viewpoint - The Chinese economy is expected to perform better than anticipated, with a projected GDP of approximately 140 trillion yuan for 2025, and policies will be implemented in 2026 to further stimulate economic growth [1][3]. Economic Performance - Major economic indicators in China are showing better-than-expected results, with a projected annual growth rate of around 5%, making China the largest engine of global economic growth [2]. - The economy has demonstrated resilience and vitality, with stable employment, rapid growth in foreign trade, and significant advancements in modern industrial systems [2]. Economic Projections - The GDP is expected to reach around 140 trillion yuan this year, marking a significant milestone in the "14th Five-Year Plan" [3]. - International institutions, including the IMF and Goldman Sachs, have raised their economic growth forecasts for China for the next two years [3]. Policy Implementation - In 2024, new incremental policies will be introduced based on changing circumstances, aiming to synergize existing and new policies to promote stable economic growth [4]. Risk Mitigation - Positive progress has been made in mitigating risks in key areas, including the orderly replacement of local government hidden debts and the completion of housing delivery tasks [5]. Economic Work Guidelines - The central economic work meeting outlined five essential principles for economic work under new circumstances, emphasizing the need to explore economic potential, combine policy support with reform, and ensure effective management [6][7][8]. Income and Economic Growth - In 2026, efforts will focus on synchronizing income growth with economic growth, maintaining stability in employment and prices, and implementing proactive fiscal policies [9]. Trade and Openness - China aims to expand both exports and imports, promoting sustainable foreign trade and enhancing service sector openness [10]. Innovation and Technology - The focus will be on innovation-driven growth, with plans to expand international science and technology innovation centers to foster original innovation [11]. Consumer Market Development - Policies will be optimized to stimulate consumption, including enhancing the supply of quality goods and services and improving the inbound consumption environment [12]. Corporate Debt Management - Measures will be taken to address corporate debt issues and ensure a healthy market order through regulatory actions [13]. Education and Employment - There will be an increase in high school enrollment and quality university admissions to adapt to demographic changes and improve employment quality [14]. Green Energy Initiatives - The construction of a new energy system will be accelerated, with a focus on expanding green electricity applications and promoting carbon emission control [15][16].

Core Viewpoint - The speech by Han Wenxiu emphasizes the need for a comprehensive approach to economic work in China, focusing on five essential strategies to harness economic potential and drive sustainable growth [2][3][4]. Group 1: Economic Strategies - The first strategy is to fully tap into economic potential by expanding consumption and investment, developing technology and industries, and promoting urban-rural integration and regional coordination [2]. - The second strategy involves a dual approach of policy support and reform innovation to address cyclical, structural, and institutional issues in the economy [3]. - The third strategy is to ensure a balance between deregulation and effective governance, aiming to eliminate barriers to productivity while maintaining market order [3]. Group 2: Investment and Innovation - The fourth strategy focuses on combining investments in physical assets and human capital to enhance overall development and improve people's well-being [3]. - The fifth strategy stresses the importance of strengthening internal capabilities to face external challenges, enhancing self-innovation, and building a robust real economy [3]. Group 3: Economic Growth and Income - For 2026, the goal is to synchronize growth in residents' income with overall economic growth, maintaining stability in employment and prices while enhancing macroeconomic governance [4]. - The emphasis is on innovation-driven development, particularly in expanding the three major international science and technology innovation centers [4]. Group 4: Trade and Openness - The commitment to openness includes promoting multi-field cooperation, expanding both exports and imports, and enhancing sustainable foreign trade development [5]. - The focus is on optimizing the implementation of new policies and providing local governments with more autonomy to stimulate consumption and economic activity [6]. Group 5: Market Regulation and Employment - There is a strong push to address issues related to overdue payments to enterprises and to create a fair market environment through regulatory measures [7]. - The plan includes increasing the supply of high school and university placements to adapt to demographic changes and improve employment quality [8]. Group 6: Green Development - The strategy for 2026 includes expanding the application of green electricity and fostering new growth points in hydrogen energy and green fuels, aligning with carbon emission control goals [9].

Core Insights - The central economic work meeting emphasizes the need for a comprehensive understanding of economic work under new circumstances, highlighting the "five musts" for future economic development [1][2] Group 1: Economic Potential and Growth - It is essential to fully tap into economic potential, leveraging the characteristics of a large economy to foster independent and self-reliant growth [1] - The focus should be on expanding consumption and investment, developing technology and industries, and promoting urban-rural integration and regional coordinated development to create new growth points [1] Group 2: Policy Support and Reform - A dual approach of policy support and reform innovation is necessary to address the intertwined cyclical, structural, and institutional issues in the economy [1] - Strengthening macroeconomic regulation while deepening reforms is crucial to enhance internal growth dynamics [1] Group 3: Market Regulation and Government Role - The goal of deregulation is to eliminate institutional barriers to productivity, not to allow unchecked market behavior [1] - It is important to establish a socialist legal economy and credit economy, ensuring proper market order while maximizing the market's role in resource allocation [1] Group 4: Investment in People and Resources - Investment in both physical assets and human resources should be closely integrated to promote comprehensive human development and enhance public welfare [2] - Effective investment in the real economy and technological innovation must be balanced with human capital development to achieve mutual empowerment [2] Group 5: Internal Strength and External Challenges - To face external challenges, it is vital to focus on strengthening and optimizing the real economy and enhancing independent innovation capabilities [2] - Building internal strength is essential for maintaining a competitive edge in international cooperation and competition [2]

Group 1 - The core message emphasizes the need to address overdue corporate payments and prevent future occurrences, while promoting a unified national market and fair competition [1] - The government aims to optimize the implementation of the "two new" policies, granting local authorities more autonomy [1][2] - The focus is on enhancing consumer spending through initiatives like the "old-for-new" policy and increasing the supply of quality goods and services [2] Group 2 - The government plans to synchronize income growth with economic growth, maintaining stability in employment and prices [3] - There is a commitment to expand both exports and imports, fostering sustainable foreign trade development [4] - A proactive fiscal policy will be maintained, ensuring necessary fiscal deficits and debt levels while supporting domestic demand [5] Group 3 - The government has made progress in risk mitigation in key areas, including the orderly replacement of local government hidden debts and the completion of housing delivery tasks [7] - China's GDP is projected to reach approximately 140 trillion yuan this year, with major economic indicators performing better than expected [7][8] - The government emphasizes the importance of innovation and technology in driving industrial upgrades and creating new growth points [2][8] Group 4 - The government outlines five essential principles for economic work under new circumstances, focusing on maximizing economic potential, combining policy support with reform, and ensuring effective management [6][8] - There is a strong emphasis on investing in both physical and human capital to enhance overall development and well-being [8] - The government aims to strengthen its own economy to better respond to external challenges and enhance its competitive position globally [8]

Core Viewpoint - The central economic work meeting emphasizes the need for a comprehensive approach to economic development, highlighting five essential principles for navigating the current economic landscape in China [1][2]. Group 1: Economic Potential and Policy Support - It is essential to fully explore economic potential by expanding consumption and investment, developing technology and industries, and promoting urban-rural integration and regional coordinated development [1]. - The approach must combine policy support with reform and innovation to address the intertwined cyclical, structural, and institutional issues in the economy [1]. Group 2: Market Regulation and Investment - There is a need to balance deregulation with effective management to eliminate barriers to productivity while ensuring a regulated market environment [1]. - Investment should focus on both physical assets and human resources, promoting a dual empowerment strategy that enhances both material and human capital [2]. Group 3: Internal Strength and External Challenges - To face external challenges, it is crucial to strengthen and optimize the real economy and enhance independent innovation capabilities, ensuring that the country can maintain a competitive edge in international cooperation and competition [2].

Core Viewpoint - The Central Economic Work Conference emphasized the "Five Musts" for economic work in 2026, focusing on leveraging economic potential, integrating policy support with reform innovation, balancing market and government roles, combining investments in physical and human capital, and strengthening internal capabilities to face external challenges [4][6][9]. Group 1: Economic Potential - The conference highlighted the importance of fully tapping into economic potential, leveraging China's large-scale market and strong production capacity to foster new growth opportunities [4][5]. - It was noted that China's economic foundation remains stable, with strong advantages and resilience, indicating a long-term positive trend [4]. Group 2: Policy Support and Reform - The meeting called for a dual approach of policy support and reform innovation to address existing structural, systemic, and cyclical issues [6]. - A more proactive fiscal policy and moderately loose monetary policy were emphasized, alongside the need for comprehensive reforms in key areas such as state-owned enterprises and market regulations [6][7]. Group 3: Market and Government Balance - The relationship between government and market roles was underscored, advocating for a balance where both can effectively contribute to economic development [7]. - The need for a refined approach to governance was highlighted, focusing on enhancing the quality of regulation while allowing market vitality [7]. Group 4: Investment Focus - The conference stressed the importance of combining investments in physical infrastructure with investments in human capital, aiming to enhance resource allocation in education, healthcare, and social security [8]. - This approach is intended to drive high-quality economic development by transforming human resources into sustainable human capital [8]. Group 5: Internal Strengthening - The need to strengthen internal capabilities to respond to external challenges was emphasized, with a focus on building a robust domestic market and fostering new growth drivers [9][10]. - The conference recognized the resilience of the Chinese economy despite external pressures, advocating for a concentrated effort on domestic development [9].

Core Viewpoint - The recent Central Economic Work Conference emphasizes the importance of addressing specific issues and market participants' sentiments alongside economic growth, indicating a shift in policy focus towards improving overall economic conditions [1][20]. Summary by Sections Economic Policy Adjustments - The 2024 Central Economic Work Conference introduced a new policy framework that integrates growth, employment, and price stability as key objectives, reflecting a significant shift in economic policy thinking since the implementation of the "924" new policy [3][6]. - The 2025 conference further deepened this understanding, highlighting the need to balance effective markets with proactive government intervention, supply and demand, and the cultivation of new and old economic drivers [7][8]. Economic Challenges and Insights - The conference acknowledged persistent challenges in China's economic development, including a mismatch between strong supply and weak demand, and emphasized the need for adjustments in both supply and demand sides to enhance economic performance [8][10]. - Experts noted that the government's recognition of these issues indicates a clear understanding of the current economic landscape and the difficulties faced [9]. Economic Growth Targets - The 2026 economic growth target is set to be "positive and pragmatic," focusing on quality and effectiveness rather than solely on growth quantity, with a potential GDP growth rate of 4.5% to 5% [12][13]. - The conference reiterated the importance of maintaining a balance between reform and policy support, indicating that economic policies will not pursue aggressive stimulus measures but will instead focus on sustainable growth [14][16]. Reform Initiatives - Key reform initiatives for 2026 include the construction of a unified market, state-owned enterprise reform, and improvements in the fiscal and taxation systems, aimed at enhancing economic efficiency and addressing local government financial challenges [15][17]. - The conference highlighted the need for a coordinated approach between macroeconomic policies and reforms, suggesting that optimizing existing fiscal and financial structures could unlock significant economic potential [17][18]. Societal Impact - The conference stressed the importance of enhancing the sense of gain for residents and businesses, with policies aimed at improving income distribution, employment, and education resources [19][20]. - Specific measures include the development of urban and rural income increase plans and adjustments to educational resource allocation to alleviate societal pressures [19].

首次在中央文件提出"五个必须"，这既是对去年经济工作规律性认识的总结和升华，又对明年经济工作具有重要指导意义 文｜《财经》记者 孙颖妮 编辑 | 王延春 12月10日至11日，中央经济工作会议在北京举行。会议分析当前经济形势，部署2026年经济工作。 回顾即将过去的2025年，会议指出，今年是"很不平凡的一年"。中国社科院美国研究所研究员、副所长徐奇渊向《财经》表示，今年的确很不平 凡，2024年末，在中美贸易摩擦背景下，国内外诸多经济学家对今年的经济增长呈悲观态度，各类国际经济机构对今年中国经济增速的预测只是 略高于4%，但是后来我们都看到，中国经济扛住了关税战的冲击，外部环境还实现了阶段性缓和。今年外贸表现大超预期，总体经济增速也较平 稳，近期国际经济机构普遍上调中国增速预期，这表明中国经济具有较大韧性。 对于全年的经济增速，中国金融四十人研究院预计，在上一轮增量政策的支持下，全年5%的增长目标能如期实现，四季度经济仍能保持平稳运 行。 《财经》注意到，12月以来，多家国际机构也上调中国经济增速预期，如IMF预计2025年中国经济增速为5%，较10月预测上调0.2个百分点。世界 银行预测为4.9%，较6月 ...

Core Viewpoint - The Central Economic Work Conference held on December 10-11 in Beijing outlined the economic work for 2025 and analyzed the current economic situation, setting the agenda for 2026 [1][3]. Summary by Relevant Sections Economic Potential and Policy Direction - The conference emphasized the need to fully tap into economic potential, combining policy support with reform and innovation, ensuring both flexibility and effective management [3]. - It highlighted the importance of investing in both physical assets and human capital, and strengthening internal capabilities to face external challenges [3]. Goals and Tasks for 2026 - The meeting confirmed that the main goals for economic and social development this year will be successfully achieved, and outlined the approach for next year's economic work [3]. - The policy direction for 2026 focuses on stability and progress, quality improvement, and efficiency enhancement, with a commitment to a more proactive fiscal policy and moderately loose monetary policy [3]. Key Tasks - The conference introduced "Eight Persistences" as key tasks, which include: - Prioritizing domestic demand and innovation-driven growth - Committing to reform and opening up - Ensuring coordinated development and leading with "dual carbon" goals - Prioritizing people's livelihoods and maintaining bottom-line stability [3]. Implementation - The conference stressed the importance of practical implementation of the outlined strategies, urging unity in thought and action to ensure a strong start for the 14th Five-Year Plan [6].

工业和信息化部部长 李乐成：总书记强调的"五个必须"是对大国经济发展规律认识的新高度，是习近 平经济思想最新的成果，为我们做好明年乃至"十五五"时期的经济工作提供了根本遵循和行动指南。我 们将锚定实现新型工业化这个关键任务，促进科技创新和产业创新深度融合，提升产业链自主可控水 平，推动产业结构持续优化升级。 ...