新华社北京12月30日电（记者张晓洁、申铖）中国财政科学研究院院长杨志勇在新华社12月30日推出 的"中国经济圆桌会"大型全媒体访谈节目中表示，进一步强化企业创新主体地位，把科技进步成果转化 为经济增长内生动力，让老百姓更好享受到经济社会发展的红利。 中央经济工作会议提出，"坚持创新驱动，加紧培育壮大新动能""围绕发展新质生产力，推动科技创新 和产业创新深度融合"。 "企业是科技和经济紧密结合的重要力量，要充分发挥企业创新主力军作用，进一步激发科技创新的内 生动力。"杨志勇说。 他表示，科技创新最终要服务于经济主战场，要看到社会需求和市场需求。强化企业创新主体地位，是 更好发挥市场在资源配置中的决定性作用的应有之义，有利于以优质的商品和服务适应市场需求、满足 社会期待，通过技术、商业模式等多方面创新，促进供给与需求的良性互动，以消费提振畅通经济循 环。 （文章来源：新华社） ...

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Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - In 2026, a more proactive fiscal policy will continue to be implemented, with an emphasis on improving precision and effectiveness, optimizing increments, and revitalizing stocks [3][8]. - Policies focus on supporting the construction of a strong domestic market, emphasizing boosting consumption, expanding effective investment, and promoting the construction of a unified national market [9]. - There is a stronger emphasis on supporting the in - depth integration of scientific and technological innovation and industrial innovation, using fiscal funds to guide social capital into key areas and stimulating enterprise innovation [3][9][10]. - Fiscal policy is the key measure, and there is a greater emphasis on the "integration effect". Fiscal policy will intensify efforts in two main directions: expanding the central fiscal deficit ratio and issuing ultra - long - term special treasury bonds, and increasing transfer payments and consumption subsidies for the resident sector [4][11]. 3. Summary by Related Content 3.1 Fiscal Policy Direction - The National Fiscal Work Conference proposed five key work guidelines: expanding the fiscal expenditure scale, optimizing the government bond tool combination, improving the efficiency of transfer payment funds, continuously optimizing the expenditure structure, and strengthening fiscal - financial coordination [3][8]. - It is estimated that in 2026, the deficit ratio will remain at around 4.0%, and the budget deficit scale will reach about 5.9 trillion. The net financing scale of new treasury bonds is expected to reach about 6.7 trillion, and the new local bond quota will be approximately 7.6 - 7.8 trillion [8]. 3.2 Support for the Domestic Market - In 2026, the focus is on six aspects of work, with the first being to adhere to domestic demand - led and support the construction of a strong domestic market. This involves boosting consumption, expanding investment, and promoting the construction of a unified national market to achieve coordinated supply and demand [9]. 3.3 Support for Innovation - Through "increasing investment" and "improving fund management", fiscal funds will guide social capital into basic research and key core technologies. By strengthening the main position of enterprises, it promotes the in - depth integration of innovation chains, industrial chains, capital chains, and talent chains [3][9][10]. 3.4 Fiscal Policy Intensification - Fiscal policy will intensify efforts in two directions: expanding the central fiscal deficit ratio and issuing ultra - long - term special treasury bonds, with funds invested in major "14th Five - Year Plan" projects and "15th Five - Year Plan" new infrastructure; increasing transfer payments and consumption subsidies for residents to expand total demand from both public investment and private consumption [11].

Core Viewpoint - The central economic work conference emphasizes the continuation of a more proactive fiscal policy, focusing on both the scale of funding and the efficiency of fund utilization [1] Group 1: Fiscal Policy Focus - The fiscal work for 2026 will focus on five key areas: expanding the fiscal expenditure base, optimizing the government bond tool mix, enhancing the effectiveness of transfer payments, continuously optimizing expenditure structure, and strengthening fiscal-financial collaboration [1] - The six key tasks for next year's fiscal work include supporting domestic demand, promoting technological and industrial innovation, advancing urban-rural integration, reinforcing basic social security, facilitating green transformation, and enhancing international financial cooperation [2] Group 2: Social Welfare Initiatives - Initiatives to promote employment and income growth will involve coordinating various funds to support enterprises in maintaining and expanding jobs, as well as increasing residents' income through tax and social security adjustments [3] - Efforts to boost consumption will include implementing special actions to stimulate consumer spending, with funding allocated for programs like trade-in incentives for consumer goods [4] - Increased fiscal investment in education aims to establish a new funding distribution mechanism that adapts to changes in school-age population, support free preschool education, and enhance the quality of compulsory education [5] - Support for a people-centered new urbanization will involve improving the distribution mechanism of fiscal transfer payments to ensure public services are portable, addressing issues related to education and social insurance for migrant workers' children [6]

Core Insights - The National Financial Work Conference emphasized the continuation of a more proactive fiscal policy in 2026, focusing on expanding fiscal expenditure and ensuring necessary spending levels [1][3] Group 1: Fiscal Policy and Expenditure - The conference highlighted the need to expand the fiscal expenditure envelope to ensure necessary spending levels [3] - A proactive fiscal policy will be implemented, characterized by increased spending, expanded deficits, and enhanced transfer payments to stimulate overall demand and promote economic recovery [3] - In the first 11 months of 2025, the total fiscal expenditure reached 3.40662 trillion yuan, reflecting a year-on-year growth of approximately 4.5% [3] Group 2: Key Tasks for 2026 - The conference outlined six key tasks for 2026, with a primary focus on supporting domestic demand and enhancing consumer spending through targeted actions [4] - There will be an emphasis on increasing effective investment, particularly in new productive forces and comprehensive human development [4] - The second key task involves supporting the deep integration of technological and industrial innovation, with increased fiscal investment in technology and improved management of technology funding [5] Group 3: Social and Regional Development - The conference stressed the importance of promoting urban-rural integration and regional coordination to expand development space [5] - In the realm of social welfare, there will be a focus on strengthening basic social security and improving employment, education, and healthcare services [6] - The conference also highlighted the need for increased investment in human capital, including the establishment of childcare subsidies and the gradual promotion of free preschool education [6] Group 4: Green Development and International Cooperation - A significant focus will be placed on promoting comprehensive green transformation in economic and social development, including pollution prevention and ecosystem protection [7] - The conference called for strengthening international financial cooperation and expanding high-level openness, particularly through initiatives like the Hainan Free Trade Port [6][7]

Group 1 - The Chinese National Financial Work Conference outlined six key priorities for fiscal policy by 2026, focusing on domestic demand and market development [1] - Emphasis on boosting consumption through special actions, including financial support for consumer goods replacement and optimizing personal consumption loan policies [1] - Increased investment in new productive forces and comprehensive human development, alongside the promotion of a unified national market and regulation of tax incentives and subsidies [1] Group 2 - Support for the deep integration of technological and industrial innovation, with plans to enhance fiscal investment in technology and improve management of technology funds [1] - Implementation of high-quality development actions for key manufacturing industry chains and pilot programs for new technological transformations in cities [1] - Promotion of rural revitalization and new urbanization focused on human-centered development, as well as regional coordinated development [1] Group 3 - Strengthening basic social safety nets and enhancing livelihood security, including support for employment, education, healthcare, and social security systems [1] - Commitment to a comprehensive green transformation of economic and social development, with initiatives for pollution prevention and ecosystem protection [2] - Enhancement of international financial cooperation and support for high-level openness, including reforms in global economic governance and trade partnerships [2]

Core Viewpoint - The report emphasizes the achievements and future goals of China's economic development during the "14th Five-Year Plan" period, highlighting the importance of high-quality development and innovation [1] Group 1: Economic Development - The "14th Five-Year Plan" period has seen the Chinese government lead the nation in overcoming challenges and achieving steady economic progress [1] - Historical achievements in high-quality development have been made, indicating a shift towards sustainable economic practices [1] Group 2: Future Goals - The "15th Five-Year Plan" period is identified as a critical time for solidifying the foundation of socialist modernization and enhancing overall efforts [1] - There is a call to leverage national development planning for strategic guidance, improve macroeconomic governance, and strengthen foundational research and core technology breakthroughs [1] - The integration of technological and industrial innovation is emphasized to better convert innovative potential into developmental momentum [1]

Group 1 - The core viewpoint emphasizes the deep integration of technological innovation and industrial innovation as a continuous journey filled with opportunities, which is crucial for high-quality development [2] - Technological innovation serves as the core driving force for industrial upgrading, while industrial innovation provides extensive application scenarios and market space for technological advancements [2] - The forum highlighted the importance of strengthening the role of enterprises in innovation, focusing on cultivating new productive forces through enhanced cooperation between schools and enterprises, technology incubation, and achievement transformation [2] Group 2 - The event featured high-level dialogues discussing the historical opportunities presented by the new round of technological revolution and industrial transformation, as well as the new momentum for high-quality development stimulated by the construction of a digital China [2] - A new media column titled "Great Power Manufacturing in Progress" was launched, aiming to showcase breakthroughs and achievements in China's manufacturing sector, including core technology breakthroughs, digital transformation, green low-carbon development, and global brand expansion [3] - The integration of technological and industrial innovation is seen as a powerful driving force for sustainable development and economic growth [4]

Core Viewpoint - Xi Jinping emphasized the importance of central enterprises in serving the Party and national work, contributing to high-quality economic development and modernizing China [2][3] Group 1: Responsibilities and Missions - Central enterprises must recognize their responsibilities and better serve the national agenda, focusing on high-quality development and social responsibility [2][3] - There is a need to optimize the layout of state-owned enterprises and enhance core functions and competitiveness [2][3] Group 2: Innovation and Reform - Emphasis on strengthening key core technology research and promoting the integration of technological and industrial innovation [2][3] - Further reforms are necessary to improve the modern enterprise system with Chinese characteristics and enhance corporate governance [2][3] Group 3: Development and Safety - Central enterprises should balance development and safety, effectively preventing and mitigating risks to ensure safe operations [2][3] - The importance of integrating Party leadership into corporate governance and promoting a clean political environment was highlighted [2][3] Group 4: Strategic Directions - Central enterprises are expected to support major infrastructure projects and accelerate the modernization of traditional infrastructure [3][4] - They should also focus on ensuring the resilience of supply chains and enhancing energy resource supply [3][4]

Core Insights - The important directives from General Secretary Xi Jinping provide clear guidance for central enterprises to enhance their contributions to national development and modernization efforts [1][2][3] Group 1: Central Enterprises' Role and Responsibilities - Central enterprises have reached a total asset value of 90 trillion yuan, significantly supporting the national economy through high-quality development [1] - The emphasis on technological innovation and emergency response capabilities highlights the commitment of central enterprises to national interests and public welfare [1][2] - Central enterprises are expected to better serve the national agenda, focusing on high-quality economic development and social responsibility [2][3] Group 2: Industry-Specific Developments - The aerospace sector, represented by the China Academy of Launch Vehicle Technology, aims to deepen research in cutting-edge technologies to achieve the goal of becoming a space power [2] - The mechanical industry, as a backbone of the real economy, is tasked with ensuring industrial safety and promoting technological advancements [2] - The automotive industry, particularly China Changan Automobile Group, is focused on reforming its mechanisms to enhance competitiveness and develop core technologies [4] Group 3: Energy Sector Initiatives - China National Petroleum Corporation has achieved significant oil production milestones, emphasizing energy security and the need for a balanced approach to development and safety [4] - The company is committed to enhancing domestic oil and gas supply capabilities while expanding into renewable energy and international cooperation [4] Group 4: Governance and Leadership - Strengthening the leadership of the Communist Party is deemed essential for the success of central enterprises, ensuring that political and operational responsibilities are aligned [5]