Core Viewpoint - The Chinese real estate stocks experienced a general increase, driven by the outcomes of the Central Economic Work Conference held on December 10-11, which outlined key tasks for the upcoming year, particularly focusing on stabilizing the real estate market and managing local government debt risks [1][2] Group 1: Real Estate Market Stability - The conference emphasized the need to stabilize the real estate market through targeted measures, including controlling new supply, reducing inventory, and improving supply quality [1][2] - Encouragement for the acquisition of existing residential properties for use as affordable housing was highlighted as a priority [1][2] Group 2: Debt Management - The meeting called for proactive measures to address local government debt risks, urging local authorities to actively manage and reduce debt without incurring new hidden debts [1][2] - It was noted that optimizing debt restructuring and replacement methods would be essential in mitigating operational debt risks associated with local government financing platforms [1][2]

Group 1 - The central economic work conference held on December 10-11, 2025, summarized economic work and analyzed the current economic situation, deploying tasks for 2026 [1] - The conference emphasized the integration of existing and new policies to enhance macroeconomic governance and policy effectiveness [6] - The focus for 2026 includes maintaining a stable GDP growth target of around 5% to allow for quality improvement in the later years of the 14th Five-Year Plan [6] Group 2 - The conference proposed a more proactive fiscal policy, maintaining necessary fiscal deficits and optimizing fiscal expenditure structure [8] - Monetary policy will remain moderately loose, with a focus on stabilizing economic growth and ensuring reasonable price recovery [8] - The fiscal support for consumption is expected to increase from 300 billion to 500 billion yuan, with a focus on service consumption [12] Group 3 - The conference highlighted the importance of domestic demand and the construction of a strong domestic market as a priority task [10] - Measures to stimulate consumption include implementing a plan for increasing urban and rural residents' income and optimizing the supply of quality goods and services [11] - Investment support is expected to increase, with special bonds for major projects rising from 800 billion to 1 trillion yuan [12] Group 4 - The conference emphasized innovation-driven development and the establishment of international technology innovation centers in key regions [14] - The focus on "Artificial Intelligence+" aims to enhance technological financial services and support the development of new industries [14][15] - The integration of technology and finance is expected to create a comprehensive service system for technological innovation [15] Group 5 - The conference addressed the need for coordinated development, promoting urban-rural integration and regional collaboration [16] - Emphasis was placed on high-quality development of county economies and maintaining reasonable prices for important agricultural products [17] - The strategy aims to prevent large-scale poverty and ensure the sustainability of poverty alleviation efforts [17] Group 6 - The conference aims to stabilize the real estate market through targeted policies to control supply and encourage the purchase of existing homes for affordable housing [19] - There is an expectation for continued support for real estate financing and potential easing of purchase restrictions [20] - The focus on stabilizing the real estate market is seen as crucial for maintaining economic confidence [20] Group 7 - The conference called for deepening capital market reforms to enhance financing support for technological innovation and the real economy [21] - The establishment of a unified national market and the elimination of "involution" competition are key reform objectives [21] - The goal is to create a more attractive environment for long-term investments and improve the capital market ecosystem [22]

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]

Core Viewpoint - The Central Economic Work Conference held on December 10-11, 2025, affirmed the economic performance and policy effectiveness during the "14th Five-Year Plan" period, emphasizing a stable yet progressive approach for 2026 to achieve qualitative improvements and reasonable quantitative growth in the economy [1][3]. Economic Performance and Policy Effectiveness - The conference recognized the resilience of China's economy amid multiple pressures, with GDP growth of 5.2% year-on-year in the first three quarters, surpassing the annual target of around 5.0% [3]. - The meeting highlighted the importance of internal capacity building to address external challenges, reflecting a confident stance on China's economic trajectory [3]. Macroeconomic Policy Direction - The macroeconomic policy for 2026 will maintain three key orientations: more proactive fiscal policy, moderately loose monetary policy, and a consistent macro policy framework [5][6]. - The fiscal deficit rate is expected to remain stable, while the scale of special bonds and long-term special treasury bonds will increase to support infrastructure and innovation projects [5][6]. Focus on Domestic Demand - The conference emphasized the need to strengthen domestic demand as a primary task for 2026, with policies aimed at boosting consumer spending and increasing residents' income [9]. - Specific measures include implementing consumption promotion actions and enhancing policies to improve consumer capacity and willingness [9]. Technological Innovation - The meeting underscored the importance of technological innovation as a key focus, aiming to cultivate new growth drivers and enhance development advantages [11]. - Future initiatives will include developing a comprehensive plan for education and talent in technology, establishing international innovation centers, and optimizing the industrial structure [11]. Real Estate Market Stability - The conference addressed the need to stabilize the real estate market and manage local government debt risks, with a focus on promoting high-quality development in the real estate sector [12][14]. - Key strategies include reforming the housing provident fund system and implementing policies to support the market's recovery [12][14]. Foreign Trade and Investment - The meeting shifted the focus from merely stabilizing foreign trade and investment to promoting win-win cooperation across multiple fields [16]. - Future efforts will include expanding service sector openness, fostering new trade dynamics, and enhancing bilateral and regional cooperation [16][17].

Core Insights - The Central Economic Work Conference held on December 10-11, 2025, outlined key economic tasks for 2026, emphasizing the importance of domestic demand and market stability [1][2][10]. Group 1: Economic Policy Direction - The conference established a policy tone of "seeking progress while maintaining stability" and "improving quality and efficiency," highlighting a higher demand for economic quality and effectiveness [3][4]. - It was noted that macroeconomic policies will focus on both short-term and long-term adjustments, enhancing the effectiveness of governance [4]. Group 2: Fiscal Policy - A more proactive fiscal policy will be implemented, with a projected deficit rate of no less than 4% and an increase in new debt scale [5][6]. - The fiscal spending structure will shift towards supporting consumption and improving residents' welfare, including increased childcare subsidies and pension benefits [5][6]. Group 3: Monetary Policy - The conference reiterated the commitment to a moderately loose monetary policy, emphasizing the flexible use of various policy tools such as interest rate cuts and reserve requirement ratio adjustments [7][9]. - The aim is to enhance liquidity and promote economic stability through effective monetary policy coordination [7][9]. Group 4: Domestic Demand and Consumption - The primary task for 2026 is to "maintain domestic demand as the main driver and build a strong domestic market," with a focus on boosting consumption and investment [10][11]. - Specific measures to stimulate consumption include increasing fiscal support and expanding the range of supported consumer goods [11]. Group 5: Innovation and New Growth Drivers - The conference highlighted the importance of "innovation-driven development" as a key task, aiming to create a comprehensive innovation ecosystem [12][13]. - Initiatives include establishing international technology innovation centers and enhancing intellectual property protection in emerging fields [12][13]. Group 6: Capital Market Reforms - Continuous deepening of capital market reforms was emphasized, focusing on improving the investment and financing functions of the capital market [16][17]. - Future measures may include optimizing capital market infrastructure and enhancing investor protection [17]. Group 7: Real Estate Market Stability - The conference stressed the need to stabilize the real estate market through targeted policies, including inventory reduction and promoting affordable housing [25]. - Measures may involve using special bond funds to acquire existing housing for public welfare and implementing tax incentives for home purchases [25]. Group 8: Energy Strategy - The conference called for the formulation of a national energy strategy, focusing on building a new energy system and expanding green electricity applications [22][23]. - This marks a significant shift in energy development strategy, aiming to replace traditional fossil fuels with clean energy sources [22][23]. Group 9: Local Government Debt Management - The conference addressed the need to manage local government debt risks proactively, encouraging compliance and restructuring of existing debts [27][28]. - Strategies include replacing high-cost debts with lower-interest bonds and utilizing asset management techniques to mitigate risks [27][28].

此次中央经济工作会议释放了哪些新信号，21世纪经济报道记者进行了梳理和解读。 作者丨王峰 编辑丨周上祺 中央经济工作会议12月10日至11日在北京举行。会议对2025年做出了"我国经济顶压前行、向 新向优发展"的重要判断。 这一局面来之不易，特别是2024年9月26日中央政治局会议果断部署一揽子增量政策，使社会 信心有效提振，经济明显回升，2025年宏观政策贯彻落实了多项超常规逆周期调节举措。 对于2026年经济工作，中央经济工作会议提出"加大逆周期和跨周期调节力度"，其中对多项宏 观政策的部署，措辞则从2025年的"加大""加强""增加""扩大"等，转为更加注重"保持""优 化"。同时，会议提出了多项新举措、新任务。 信号一：继续实施更加积极的财政政策 会议指出，保持必要的财政赤字、债务总规模和支出总量，加强财政科学管理，优化财政支出 结构，规范税收优惠、财政补贴政策。重视解决地方财政困难，兜牢基层"三保"底线。严肃财 经纪律，坚持党政机关过紧日子。 会议还指出，适当增加中央预算内投资规模，优化实施"两重"项目，优化地方政府专项债券用 途管理。 回顾2025年，赤字率从2024年的3%提升至2025年的4% ...

Core Viewpoint - The South Korean government, led by President Lee Jae-myung, is preparing for the KOSPI index to reach 5000 points and aims to stabilize the real estate market while prioritizing economic growth for the country [1] Group 1 - The government is committed to making South Korea a growing nation [1] - There is a focus on stabilizing the real estate market as part of the broader economic strategy [1] - The KOSPI index reaching 5000 points is a significant target for the government [1]

Core Viewpoint - The South Korean President Lee Jae-myung announced intentions to implement effective measures to stabilize the real estate market [1] Group 1: Government Actions - The government is focusing on stabilizing the real estate market, indicating a proactive approach to address housing issues [1] - Measures are expected to be introduced to mitigate fluctuations in property prices and enhance market stability [1] Group 2: Market Implications - The announcement suggests potential changes in policies that could impact real estate investments and market dynamics in South Korea [1] - Stakeholders in the real estate sector may need to prepare for upcoming regulatory changes aimed at market stabilization [1]

Group 1: Real Estate Market - In Q1 2023, the balance of real estate loans increased by over 750 billion yuan, with new personal housing loans reaching the largest quarterly increase since 2022, and housing rental loans growing by 28% year-on-year [1][3] - The financial regulatory authority is implementing a series of financing systems to support the stability of the real estate market, including managing loans for real estate development, personal housing, and urban renewal [3][4] - The "white list" loans approved by commercial banks have increased to 6.7 trillion yuan, supporting the construction and delivery of over 16 million residential units, which is crucial for stabilizing the real estate market [3] Group 2: Capital Market Stability - The financial regulatory authority plans to expand the pilot scope for long-term investment of insurance funds, injecting more incremental capital into the market [1][2] - Adjustments to regulatory rules will lower the risk factors for stock investments by insurance companies by 10%, encouraging greater market participation [1][2] - Recent international investment institutions have recognized the investment value of the Chinese real estate market, indicating a positive shift in market sentiment [3] Group 3: Policy Measures and Support - The financial regulatory authority will introduce a package of policies to support financing for small and private enterprises, enhancing the financing coordination mechanism [2] - New policies will be developed to support foreign trade development, providing targeted services to businesses affected by tariffs [2][4] - The authority aims to revise and implement management measures for merger loans to facilitate industrial transformation and upgrading [2]