PART 1 划重点 写在前面 大家好啊，我是"宣宣"，"宣宣"超有料的学习笔记来了！中央经济工作会议总结2025年经济工作，分析当前经济形势，对2026年经济工作作出全面部署， 为实现"十五五"良好开局指明方向，提供根本遵循。中央财办分管日常工作的副主任、中央农办主任韩文秀表示，我国经济长期向好的支撑条件和基本趋 势没有改变。本期，"宣宣"将分享新华社发表的文章《聚焦中央经济工作会议丨坚定信心用好优势 不断巩固拓展经济稳中向好势头——韩文秀解读中央 经济工作会议精神》，希望大家能有所收获。 学习笔记第120期 01 面对国内外形势的深刻复杂变化，以习近平同志为核心的党中央团结带领全党全国各族人民迎难而上、奋力拼搏，坚定不移贯彻新发展理念、推动高质量 发展，统筹国内国际两个大局，实施更加积极有为的宏观政策，办成了许多大事、要事。一年来，我国经济顶压前行、向新向优发展，展现强大韧性和活 力。多家机构预测2025年中国经济同比增长5%左右，中国仍是全球经济增长最大引擎。 02 中央经济工作会议总结近年工作实践，提出做好新形势下经济工作的规律性认识，概括为"五个必须"。一是必须充分挖掘经济潜能。二是必须坚持政策支 ...

Core Viewpoint - The article emphasizes the significance of the "Five Musts" proposed at the Central Economic Work Conference, which serves as a fundamental guideline for current economic work and aims to enhance China's economic stability and strategic positioning in international competition [1][2]. Summary by Relevant Sections Economic Potential and Policy Framework - The "Five Musts" include fully tapping economic potential, balancing policy support with reform and innovation, ensuring effective regulation, combining investments in physical and human capital, and strengthening internal capabilities to face external challenges [1][2]. - The framework is designed as a closed-loop logic system, with "fully tapping economic potential" as the core goal supported by policy reform, market governance, resource allocation, and risk management [2]. Action Guidelines for Economic Development - The "Five Musts" provide a comprehensive action guide for the beginning of the 14th Five-Year Plan, focusing on solidifying the material foundation for Chinese-style modernization and leveraging the advantages of a vast and internally cyclical economy [3]. - The article highlights the importance of multi-dimensional collaboration to convert economic potential into actual high-quality development outcomes [3]. Key Development Directions - The article identifies three main development directions: boosting consumption and effective investment, integrating technological and industrial innovation, and promoting urban-rural integration and regional coordinated development [4]. - Among these, boosting consumption and effective investment is seen as a critical focus for immediate results, while integrating technological and industrial innovation is expected to provide both short-term breakthroughs and long-term empowerment [4]. Emerging Pillar Industries - The article emphasizes the need to expand new technologies and products in sectors such as intelligent economy, green economy, biological economy, and aerospace economy, which are positioned as emerging pillar industries [5][6]. - This strategic focus aims to cultivate new growth engines that support high-quality development and establish a modern industrial system with global competitiveness [7]. Shift in Industrial Development Strategy - The shift from "cultivating and expanding" to "pillar leading" in the context of emerging industries highlights the importance of scale effects and the ability to drive upgrades across the supply chain [7][8]. - The new approach emphasizes a system-wide perspective on industrial development, integrating technology across various sectors and focusing on high quality and high added value [8].

Core Viewpoint - The article emphasizes the "Five Musts" proposed at the Central Economic Work Conference, which serve as fundamental guidelines for economic work under the new circumstances, aiming to consolidate and expand the positive momentum of the economy and gain strategic advantages in international competition [1][2]. Summary by Sections Five Musts - The "Five Musts" include: fully tapping economic potential, balancing policy support with reform and innovation, ensuring both flexibility and regulation, integrating investment in physical and human capital, and honing internal capabilities to face external challenges [1][2]. Systematic Framework - The "Five Musts" form a closed-loop logical system centered on the goal of fully tapping economic potential, supported by policy reform, market governance, resource investment, and risk response, creating a complete action framework [2]. Action Guidelines for Economic Work - The article serves as a specific action guide for economic work at the beginning of the 14th Five-Year Plan, emphasizing a systematic thinking framework that balances domestic and international factors while addressing both short-term and long-term goals [3]. Key Development Directions - The article highlights three key development directions: boosting consumption and effective investment, promoting deep integration of technological and industrial innovation, and facilitating urban-rural integration and regional coordinated development [4]. Emerging Pillar Industries - The article identifies intelligent economy, green economy, biological economy, and aerospace economy as new emerging pillar industries, signaling a strategic focus on cultivating new growth engines that support high-quality development [5][6]. Shift in Industrial Development - The shift from "following and catching up" to "leading and layout" in industrial development is marked by focusing on four high-potential areas, aiming to create globally competitive industrial clusters that inject strong momentum into high-quality economic development during the 14th Five-Year Plan [7].

Core Viewpoint - The article emphasizes the importance of understanding the "Five Musts" proposed by Xi Jinping to ensure a good start for the "14th Five-Year Plan" period, which is crucial for China's economic high-quality development and strategic positioning in international competition [3][4]. Group 1: Must Fully Tap Economic Potential - Tapping into economic potential is essential for solidifying the material foundation of Chinese-style modernization, leveraging China's advantages as a large economy and population [5][6]. - China, as the world's second-largest economy, has a vast market that ensures internal circulation and can effectively respond to various risks and challenges [6][7]. - The country has a strong innovation ecosystem that supports self-reliance in technology and can lead global economic trends [6][7]. - The article highlights the need to boost consumption and investment, particularly in high-quality goods and services, to create new growth points [8]. Group 2: Must Combine Policy Support and Reform Innovation - Policy support and reform innovation are interdependent and essential for driving high-quality economic development [9][10]. - The article discusses the need for macroeconomic governance that balances policy support with comprehensive reform to address cyclical, structural, and institutional issues [11][12]. - It emphasizes the importance of integrating short-term macroeconomic adjustments with long-term institutional reforms to enhance economic resilience [12][13]. Group 3: Must Achieve Both "Let Go" and "Manage Well" - The relationship between government and market is central to economic reform, requiring a balance between market freedom and government regulation [14][15]. - The article stresses the need for effective market mechanisms while ensuring government plays a role in correcting market failures and maintaining fair competition [14][15]. - It highlights the importance of creating a legal economy to support market order and consumer rights [16]. Group 4: Must Combine Investment in Material and Human Capital - The article argues for a dual focus on investing in physical assets and human capital to enhance development momentum and domestic demand [18][19]. - It points out that while investment in physical assets remains important, there is a growing need to invest in human resources, particularly in education and healthcare [20][21]. - The synergy between investments in material and human capital is crucial for achieving comprehensive development and economic growth [21][22]. Group 5: Must Strengthen Internal Capabilities to Face External Challenges - The article emphasizes the need for China to maintain strategic focus and enhance internal capabilities in response to external uncertainties and challenges [23][24]. - It discusses the importance of leveraging China's vast economic scale to achieve a good start for the "14th Five-Year Plan" and strengthen the real economy [25][26]. - The article concludes that China has the confidence and capability to address external challenges while focusing on its own development goals [26].

Group 1 - The core viewpoint emphasizes the necessity of fully tapping into economic potential, combining policy support with reform innovation, ensuring effective governance while allowing market flexibility, integrating investments in both physical and human capital, and honing internal capabilities to face external challenges [1][6][20]. Group 2 - Fully tapping into economic potential is crucial for solidifying the material foundation of Chinese-style modernization, leveraging the country's multiple advantages to foster new growth points and high-quality development [2][3]. - China, as the world's second-largest economy, benefits from a vast market that ensures internal circulation, a robust innovation ecosystem, and a strong industrial supply chain, positioning it as a key player in the global economic landscape [3][4]. - The Chinese economy has shown resilience against external shocks, maintaining its status as a major contributor to global economic growth, supported by a large consumer market and a complete industrial system [4][21]. Group 3 - The approach of combining policy support with reform innovation is essential for addressing the intertwined cyclical, structural, and institutional issues in the economy, ensuring effective macroeconomic governance [7][9]. - This dual approach has been proven effective in navigating complex domestic and international environments, enhancing macroeconomic stability while promoting structural reforms [8][10]. Group 4 - Achieving a balance between market freedom and government regulation is vital for enhancing economic governance and ensuring high-quality development [12][13]. - The focus should be on creating a fair competitive environment while allowing market forces to allocate resources efficiently, thus fostering a dynamic economic order [14][15]. Group 5 - Investments should be closely integrated between physical assets and human capital, with a shift towards enhancing human development as the economy matures [16][18]. - There is significant room for improvement in both physical and human capital investments, with current levels lagging behind developed countries, indicating potential growth areas [17][19]. Group 6 - The emphasis on internal capabilities is crucial for responding to external challenges, with a focus on maintaining strategic determination and leveraging the advantages of a large economy [20][22]. - Historical resilience against external shocks has been demonstrated, with strategies to shift towards domestic demand and innovation driving economic stability and growth [21][23].

作为习近平新时代中国特色社会主义思想的重要组成部分，习近平经济思想为推动我国经济高质量发 展、科学应对重大风险挑战、全面建设社会主义现代化国家提供了锐利思想武器。去年底举行的中央经 济工作会议以"五个必须"总结了做好新形势下经济工作新的认识和体会，是习近平经济思想的最新成 果，对于不断巩固拓展经济稳中向好势头、在激烈国际竞争中赢得战略主动具有重大指导作用。今天的 理论版刊发钟才文署名文章，权威准确解读"五个必须"的深刻内涵，为推动"十五五"良好开局凝心聚 力。 和人类知识的重要贡献者，具有把握本轮科技革命和产业变革战略机遇的多重优势。要着力拓展智能经 济、绿色经济、生物经济、空天经济等新技术新产品新场景，打造若干附加值高、引领性强的新兴支柱 产业。促进城乡融合和区域协调发展，深挖空间潜力。中国的城镇化质量和水平将持续提升，农业将逐 步发展为现代化大产业，农村将逐步具备现代生活条件，区域间发展差距将持续缩小。要在解决发展不 平衡不充分问题中挖掘发展潜力，在保障和改善民生中拓展发展空间。 二必须坚持政策支持和改革创新并举 ——编者 在去年底举行的中央经济工作会议上，习近平总书记总结近年来的实践，提出了做好新形势下 ...

Core Viewpoint - The Central Economic Work Conference emphasizes the importance of economic work in 2026, focusing on the "Five Musts" to navigate the current economic landscape and enhance growth potential [1]. Group 1: Economic Potential - The conference highlights the need to fully tap into economic potential, leveraging China's complete industrial system, vast market scale, and rich talent resources to foster new growth points through consumption, investment, technology, and regional development [3][5]. Group 2: Policy Support and Reform - It is essential to combine policy support with reform and innovation, as demonstrated during the "14th Five-Year Plan" period, which effectively addressed various challenges and achieved significant accomplishments [7]. - The construction of a unified national market will be advanced, with the release of the "Negative List for Market Access (2025 Edition)" and the implementation of laws to promote the private economy and revise unfair competition regulations [8][9]. Group 3: Market Regulation - The conference stresses the importance of balancing market vitality and regulation, with measures to eliminate barriers to free flow of resources and enhance fair competition, particularly in the digital economy [10][12]. Group 4: Investment in People and Infrastructure - Investment strategies will focus on both physical assets and human resources, with increased fiscal spending in education, social security, and healthcare, aiming for a budget of nearly 4.5 trillion yuan for education, reflecting a 6.1% year-on-year increase [14][15]. - Infrastructure investment is also prioritized, with a reported 12.2% increase in equipment purchases and a 3.5% rise in private investment in infrastructure, indicating a strong commitment to economic support [16]. Group 5: Internal Resilience - The conference underscores the necessity of strengthening internal capabilities to face external challenges, with projections indicating a resilient economic growth rate of 5.0% for 2025 and 4.5% for 2026, despite various pressures [19][20].

Core Viewpoint - The discussion focuses on understanding the specific requirements and profound implications of the "Five Musts" as explained by Liu Rihong, Director of the Social Affairs Department of the State Council Research Office [1]. Group 1 - Liu Rihong emphasizes the importance of the "Five Musts" in guiding China's economic policies and strategies [1]. - The "Five Musts" are presented as essential principles for achieving sustainable economic development in China [1]. - The program aims to clarify the deeper meanings behind these principles to enhance public understanding and implementation [1].

Group 1 - The central economic work conference has successfully set the direction and boosted confidence for the implementation of the "14th Five-Year Plan" and the work in 2026, providing a clear roadmap for future efforts [2] - The meeting emphasized the importance of avoiding impatience and adhering to the guiding principles, recognizing the unique potential and challenges faced by the Chinese economy at this stage [2][3] - The complexity of China's economy as a super-large economy means that high-speed growth is no longer feasible, and the focus should shift to innovation-driven, quality improvement, and structural optimization [3] Group 2 - Maintaining strategic determination involves avoiding reckless competition in emerging industries, which require substantial capital, talent, and a robust industrial foundation [4] - Addressing existing risks, such as those in the real estate sector and local government debt, requires a long-term, systematic approach rather than quick fixes [4][5] - The resolution of China's issues relies on development, with existing risks needing to be addressed through new growth, and confidence in market and technological reforms is essential [5]

Core Points - The National People's Congress (NPC) Standing Committee held its 19th meeting, where 14 legal drafts were reviewed, 6 were passed, and various reports were discussed, including those from the State Council and enforcement inspections [1] - Key legislative changes include the establishment of a hazardous chemicals safety law, amendments to the fisheries law, civil aviation law, and foreign trade law, aimed at enhancing safety, promoting green development, and supporting high-level opening-up [2] - The meeting emphasized the importance of studying and implementing the spirit of Xi Jinping's important speeches and the Central Economic Work Conference, recognizing significant achievements in the economy over the past year and setting goals for the upcoming year [3] Legislative Developments - The hazardous chemicals safety law aims to strengthen safety management across the entire supply chain to protect public safety and the environment [2] - Amendments to the fisheries law are intended to enhance quality and efficiency in the fishing industry while promoting sustainable practices [2] - Changes to the civil aviation law focus on improving safety measures and protecting passenger rights, alongside supporting the aviation manufacturing and transportation sectors [2] - The foreign trade law amendments are designed to provide legal support for advancing high-level openness and building a strong trading nation [2] Future Planning - The NPC Standing Committee plans to submit the ecological environment code, national development planning law, and the ethnic unity promotion law for review at the next NPC session, highlighting their importance in implementing central government decisions [2] - The meeting concluded with a decision to prepare for the upcoming NPC session, emphasizing the need for meticulous organization and adherence to meeting protocols to ensure a successful and orderly event [2][3]