Core Viewpoint - The Central Economic Work Conference held on December 10-11 in Beijing maintains a positive tone regarding fiscal and monetary policies for 2024, emphasizing the need for a proactive fiscal policy and a moderately loose monetary policy [1][2] Fiscal Policy - The conference reiterates the need to maintain necessary fiscal deficits, total debt scale, and overall expenditure, while also calling for optimization of fiscal structure and long-term reforms [1] - New requirements include strengthening fiscal management, optimizing expenditure structure, and standardizing tax incentives [1] Monetary Policy - The monetary policy is directed towards promoting stable economic growth and reasonable price recovery, indicating a shift in focus from quantity-based indicators like social financing and credit to price-based indicators such as price levels [1] Eight Key Tasks - The conference outlines eight key tasks, including: 1. **Domestic Demand**: Emphasizing the expansion of quality goods and services supply to lead domestic demand [2] 2. **Innovation**: Highlighting the need to deepen and expand the development of "artificial intelligence+" to leverage China's large-scale market advantages [2] 3. **Reform**: Focusing on establishing a unified market as a key reform breakthrough [2] 4. **Opening Up**: Demonstrating China's commitment against unilateralism and protectionism [2] 5. **Coordinated Development**: Emphasizing policy coordination between urban and rural areas, as well as regional balance [2] 6. **Dual Carbon Goals**: Aligning economic development with ecological and environmental considerations [2] 7. **People's Livelihood**: Prioritizing employment, healthcare, and support for vulnerable groups, reflecting a people-centered development approach [2] 8. **Risk Management**: Highlighting potential risks in the real estate market and local government hidden debts, with a focus on stabilizing the real estate market and managing risks in key areas [2]

Core Viewpoint - The Central Economic Work Conference held on December 10-11 in Beijing outlines the economic work for 2026, emphasizing high-quality development to address uncertainties in the current economic landscape [1][8]. Group 1: Macroeconomic Policy - The conference signals a continuation of a more proactive fiscal policy and moderately loose monetary policy, enhancing the synergy of macroeconomic policies [1][2][3]. - Emphasis on "optimizing expenditure structure" and scientific management within fiscal policy aims to stabilize total demand while directing funds towards key areas such as technology innovation and public welfare [3][10]. - Monetary policy is set to remain "moderately loose," with flexibility in using various tools like reserve requirement ratio cuts and interest rate reductions to ensure adequate liquidity [3][10]. Group 2: Domestic Demand and Economic Structure - The conference prioritizes "expanding domestic demand" as a key task, reflecting a strategic decision to strengthen the internal economic drive amid rising external uncertainties [3][4][11]. - Key strategies for expanding domestic demand include stabilizing income, enhancing consumer confidence, optimizing supply, and promoting investment to create a virtuous cycle [4][11]. Group 3: Innovation and New Growth Drivers - Future growth drivers will focus on the integration of cutting-edge technology with industries, particularly in areas like artificial intelligence, new energy, and high-end manufacturing [5][11]. - The capital market is identified as a crucial element in nurturing new growth drivers, with a call for reforms to better support national innovation strategies [5][11]. Group 4: Reform and High-Quality Development - The conference highlights the need for reforms to eliminate "involutionary" competition and establish a unified national market, which is essential for enhancing economic vitality [6][12]. - Recommendations include setting high standards for market access and fair competition rules to guide enterprises in phasing out outdated capacities [12]. Group 5: International Cooperation and Investment Opportunities - China's opening up is shifting towards institutional openness, with future cooperation expected to focus on service trade, digital trade, and green low-carbon sectors [6][13]. - Investment opportunities are anticipated in domestic leading service enterprises, technology companies in digital trade, and firms in the renewable energy sector that can engage in international standard-setting [13].

Group 1: Macroeconomic Policy and Domestic Market - The core macroeconomic policy emphasizes a more proactive approach, focusing on quality and efficiency as key development themes, with the "Eight Persistences" as critical directives for economic work in the first year of the 14th Five-Year Plan [1] - Domestic demand has become the main driver of economic growth, contributing an average of 93.1% to economic growth from 2013 to 2024, highlighting the importance of a strong domestic market as a long-term strategy [2][3] Group 2: Innovation and New Growth Drivers - The necessity of innovation-driven growth is underscored, as new momentum is essential for future development and competitive positioning, requiring a systemic reshaping of production factors and business models [4][5] - The development of new momentum must support both high-end industries and traditional industry upgrades, creating high-quality employment and meeting the needs of the populace [5] Group 3: Reform and High-Quality Development - Continuous reform is essential to inject vitality into high-quality development, addressing deep-seated issues that have emerged due to changing development stages [6][7] - Emphasis on technological innovation as a key driver for high-quality development, necessitating a deep integration of innovation systems and breaking down institutional barriers [7] Group 4: Open Economy and International Cooperation - China aims for a higher level of openness, promoting multi-faceted cooperation to adapt to global economic changes and challenges, emphasizing the importance of collaborative networks in various fields [8][9] - The need for innovative cooperation mechanisms to address challenges posed by protectionism and geopolitical tensions is highlighted, focusing on quality and resilience in partnerships [9] Group 5: Coordinated Development and Urban-Rural Integration - The strategy of promoting coordinated development aims to address the growing disparities between urban and rural areas, emphasizing the need for a balanced and inclusive development approach [10][11] - Regional integration strategies like the Beijing-Tianjin-Hebei collaboration and the Yangtze River Economic Belt are examples of efforts to optimize resource allocation and promote high-quality regional economic layouts [11] Group 6: Green Transformation and Carbon Neutrality - The commitment to achieving carbon peak by 2030 and carbon neutrality by 2060 reflects China's responsibility in global climate governance and the need for a comprehensive green transformation [12][13] - Innovation is identified as the core engine for achieving carbon goals, requiring advancements in renewable energy, energy efficiency, and the establishment of supportive institutional frameworks [14] Group 7: Focus on People's Livelihood - The emphasis on prioritizing people's livelihoods reflects the increasing complexity of public demands, necessitating a responsive governance approach that addresses specific community needs [15][16] - Establishing long-term mechanisms to ensure sustainable improvements in public welfare is crucial, with a focus on resource allocation and social governance [16] Group 8: Risk Management - The need to manage risks in key areas such as real estate and local debt is highlighted, with a focus on maintaining stability while actively addressing potential threats [17][18] - A balanced approach to risk management is essential, combining immediate responses with long-term structural improvements to foster sustainable development [18]

登录新浪财经APP 搜索【信披】查看更多考评等级 中央经济工作会议12月10日至11日在北京举行。如何看待当前中国经济形势？明年"继续实施更加积极 的财政政策和适度宽松的货币政策"，释放出怎样的信号？八项重点任务蕴含怎样的发展新机遇？ 创金合信基金首席经济学家魏凤春表示，此次中央经济工作会议释放"政策延续扩张、存量增量并重"的 积极信号。他比较关注物价回升与居民增收，因为这会为经济常态化运行奠定基础。 1、会议强调明年经济工作要坚持稳中求进工作总基调，您如何理解和评价此次会议提出的总基调？ 创金合信基金首席经济学家魏凤春：稳中求进是经济仍处于恢复进程中、外部环境不确定加大背景下的 理性选择，强调以"稳"定预期、托底风险，以"进"提信心、增动能，在财力约束下统筹发展与安全，兼 顾短期稳增长与中长期高质量发展。 2、会议指出明年继续实施更加积极的财政政策和适度宽松的货币政策。您对明年宏观政策有怎样的期 待？ 创金合信基金首席经济学家魏凤春：在2026年的宏观政策安排上，总体判断是：在债务约束强化和经济 修复尚不牢固的背景下，政策仍将保持扩张取向，但更加注重"稳节奏、提效率、控风险"。 财政政策方面，更可能在维持支 ...

原标题：新起点、新动能、新机遇——国际人士瞩目中央经济工作会议为世界注入确定性 岁暮天寒，暖意东来。 中央经济工作会议日前在北京闭幕，世界再次聚焦中国经济巨轮的前行方向。海外人士认为，此次会议不仅着眼"十五五"开局为中国经济把脉 定向，也为世界经济提供稳定预期、创新动能和机遇清单。在充满不确定的世界，国际社会瞩望中国继续担当全球经济增长的重要引擎，为世 界注入强大确定性。 新起点：为新的征程布局谋篇 从年初深度求索（DeepSeek）横空出世引发全球人工智能热潮，到年末国际机构密集上调中国经济增速预期，中国经济经历了充满挑战又顽 强奋进的2025年。站在新的起点上，中国经济即将开启新篇章。 "2025年是中国'十四五'规划收官之年，2026年是'十五五'规划开局之年，这次中央经济工作会议承担着承前启后、锚定航向的重任。"马来西 亚智库区域策略研究所署理主席陈家兴说。 这次中央经济工作会议总结了2025年经济工作，指出"经济社会发展主要目标将顺利完成""'十四五'即将圆满收官，第二个百年奋斗目标新征程 实现良好开局"。 这次会议指出，中国经济顶压前行、向新向优发展，现代化产业体系建设持续推进，改革开放迈出新步伐 ...

Core Viewpoint - The recent Central Economic Work Conference in Beijing has set the direction for China's economy, aiming to provide stability and opportunities for the global economy amidst uncertainties [1][2]. Economic Outlook - The conference highlighted that the main economic and social development goals for 2025 will be successfully completed, marking a strong start for the new "15th Five-Year Plan" [2]. - International organizations have raised China's economic growth forecasts for 2025 by 0.4, 0.2, 0.1, and 0.1 percentage points respectively, reflecting growing confidence in China's economic resilience [3]. Policy Focus - The conference emphasized the need to fully tap into economic potential, combining policy support with reform and innovation, and focusing on both material and human investment [3]. - Key tasks for the upcoming year include innovation-driven development, expanding domestic demand, and enhancing the quality of life for citizens [4][9]. New Growth Drivers - The conference underscored the importance of innovation and the establishment of international technology innovation centers in major regions like Beijing, Shanghai, and the Guangdong-Hong Kong-Macau Greater Bay Area [7]. - A strong domestic market is identified as a strategic foundation for modernization, with specific actions to boost consumption and stabilize investment [9]. Global Cooperation - The launch of the Hainan Free Trade Port is a significant step towards high-level opening up and promoting an open world economy [10]. - The conference outlined eight key tasks for the next year, with a strong emphasis on expanding international cooperation and optimizing free trade zones [10][11]. Market Potential - China's expanding market access in various sectors, including finance, automotive, and digital services, is creating a more predictable and transparent environment for foreign investment [11]. - The growth of e-commerce and logistics in China is facilitating easier access for international products, enhancing opportunities for global businesses [11][12].

Group 1: Economic Development Goals - Major provinces such as Guangdong, Jiangsu, Shandong, Zhejiang, Shanghai, Hunan, and Beijing are expected to "shoulder the responsibility" for economic growth in 2024 and 2025[2] - Jiangsu's phrasing for next year's economic goals shifted from "higher positioning" to "scientifically and reasonably setting development goals," indicating a more cautious approach[3] - Hunan and Liaoning emphasize "adapting to local conditions" in their economic strategies, reflecting a tailored approach to development[3] Group 2: Unified Market Initiatives - The central economic work meetings for 2024 and 2025 outline plans for a unified national market, with 2024 focusing on "developing guidelines" and 2025 on "establishing regulations" for this market[4] - More provinces are highlighting their integration into the unified market, with Shandong and Jiangxi actively promoting their roles in this initiative[4] - The language around "in-depth rectification" of "involutionary competition" has become more specific, indicating a shift from general guidelines to actionable regulations[4] Group 3: Differentiated Provincial Strategies - Beijing and Shanghai are expanding their international technology innovation centers to enhance original innovation capabilities, aiming to become strategic hubs for technological advancement[4] - Guangdong and Henan are initiating pilot reforms for market-oriented allocation of resources, indicating a push towards more efficient economic structures[4] - The focus on high-quality development of the marine economy is highlighted by Shandong's commitment to becoming a modern marine economic hub[4]

Group 1 - The Central Economic Work Conference emphasized the need for China to strengthen its internal capabilities to address external challenges while maintaining openness and promoting multi-field cooperation [1][4] - The conference highlighted the construction of three major international science and technology innovation centers, expanding from Beijing, Shanghai, and the Guangdong-Hong Kong-Macao Greater Bay Area to include the Beijing-Tianjin-Hebei region and the Yangtze River Delta [1][6] - The ongoing US-China trade friction remains a significant "old problem," with tariffs on Chinese goods reaching as high as 145% from the US, while China imposed tariffs of 125% on US goods [2][3] Group 2 - New challenges include the increasing pressure of global supply chain restructuring and the impact of geopolitical risks, such as the Russia-Ukraine conflict, which has led to greater volatility in supply chains [2][3] - The conference proposed a dual circulation strategy, focusing on domestic demand while promoting international trade, to counter external pressures [3][4] - The expected fiscal deficit rate for next year is projected to be no less than 4%, with a focus on supporting infrastructure, technological innovation, and social welfare investments [5][6] Group 3 - The emphasis on high-quality economic development prioritizes "qualitative effective improvement" over "quantitative reasonable growth," focusing on technological innovation, environmental sustainability, and improving people's living standards [7][8] - The conference outlined specific measures to enhance foreign investment participation and promote trade and investment integration, including the development of cross-border e-commerce and digital trade [8][9] - The signing of more regional and bilateral trade agreements is expected to expand market opportunities and reduce tariff costs for businesses [8][9]

新华社北京12月14日电 题：新起点、新动能、新机遇——国际人士瞩目中央经济工作会议为世界 注入确定性 新华社记者杜静 邓茜 岁暮天寒，暖意东来。 新起点：为新的征程布局谋篇 从年初深度求索（DeepSeek）横空出世引发全球人工智能热潮，到年末国际机构密集上调中国经 济增速预期，中国经济经历了充满挑战又顽强奋进的2025年。站在新的起点上，中国经济即将开启新篇 章。 "2025年是中国'十四五'规划收官之年，2026年是'十五五'规划开局之年，这次中央经济工作会议承 担着承前启后、锚定航向的重任。"马来西亚智库区域策略研究所署理主席陈家兴说。 这次中央经济工作会议总结了2025年经济工作，指出"经济社会发展主要目标将顺利完成""'十四 五'即将圆满收官，第二个百年奋斗目标新征程实现良好开局"。 这次会议指出，中国经济顶压前行、向新向优发展，现代化产业体系建设持续推进，改革开放迈出 新步伐，重点领域风险化解取得积极进展，民生保障更加有力。 国际社会对于中国经济的强大韧性和巨大潜能，有了越来越清晰的认知。 近日，世界银行、国际货币基金组织、经合组织、亚洲开发银行分别将2025年中国经济增速预期上 调0.4、0. ...

Group 1 - The central economic work conference emphasizes the need to stabilize the real estate market and new birth population scale, prioritizing domestic demand and reiterating policies like interest rate cuts [1][5] - The focus on stabilizing the real estate market is highlighted by the term "efforts" indicating a strong policy commitment, with strategies including controlling new supply, reducing inventory, and encouraging the acquisition of existing homes for affordable housing [4][2] - The long-term goal for real estate is to shift towards a "new model" that includes quality housing construction, urban renewal, and a dual rental and purchase system [5] Group 2 - The conference advocates for a positive marriage and childbirth outlook to stabilize the birth population, with recent data showing a slight increase in marriage rates [6][7] - A dual approach of fiscal and monetary easing is proposed, with a focus on maintaining necessary deficits and ensuring liquidity, while also considering price stability as a key factor [8][9] - The emphasis on stimulating consumption is elevated to a primary task, with a clear shift towards "domestic demand-led" growth, indicating that consumption will be the main driver of economic growth [9][10] Group 3 - Major city clusters like Beijing, Shanghai, and the Guangdong-Hong Kong-Macau Greater Bay Area are designated for specific roles in innovation and economic development, highlighting their importance as economic and technological hubs [10][11] - The future competition among cities will focus on innovation and emerging industries rather than traditional infrastructure investments, with a call for coordinated development and regional collaboration [11]