Core Insights - The economic data for January 2026 indicates a moderate recovery, but structural differentiation issues remain a concern, necessitating more policy efforts to maintain year-on-year price increases [1] Economic Indicators - January CPI growth rate decreased from 0.8% to 0.2%, while core CPI increased by 0.3% month-on-month [1] - PPI year-on-year narrowed from -1.9% to -1.4% [1] - Manufacturing PMI fell from 50.1% to 49.3% [1] - New RMB loans amounted to 4.71 trillion yuan, with a year-on-year decrease of 420 billion yuan [1] Monetary Supply - M2 year-on-year growth rate rose to 9.0%, with a balance of 347.19 trillion yuan at the end of January, an increase of 0.5 percentage points from the previous period [1] - The M1 - M2 spread narrowed by 0.6 percentage points, indicating a faster recovery in M1 growth, which reflects an acceleration in the activation of demand deposits [1] Financial Sector Dynamics - Increased deposits in non-bank financial institutions and accelerated "deposit migration" contributed to the generation of deposits, supported by government bond financing converting into corporate and household deposits [1] - The positive market conditions in the capital market also supported the expansion of broad money supply [1] Policy Implications - There is a need to remain vigilant regarding inflation expectations and asset bubbles, ensuring that M2 growth aligns with nominal GDP [1] - Policy coordination is required to boost domestic demand [1]

资料图。本文来源：新浪金融研究院 "2025年度十大宏观经济学家"名单揭晓 2025年，中国经济承压前行、向新向优，财政更加积极、货币适度宽松，宏观政策协同提效、精准发力，推动经济运行稳中有进、高质量发展取得新成 效。立足变局交织与转型攻坚的关键阶段，宏观经济学家们紧扣时代脉搏，以全局视野、专业研判与扎实立论洞察发展大势；他们聚焦新质生产力、内需 提振、风险化解与长期增长建言献策，在变局中厘清发展逻辑，于前行中领航宏观方向。 新浪财经携手首席经济学家论坛、新经济学家智库，评选出"2025年度十大宏观经济学家"。 来源：经济学家圈 黄益平，北京大学国家发展研究院院长 李迅雷，中泰国际首席经济学家 连平，广开首席产业研究院院长兼首席经济学家、中国首席经济学家论坛理事长 陆挺，野村中国首席经济学家 彭文生，中金公司首席经济学家、研究部负责人、中金研究院院长 伍戈，长江证券首席经济学家、总裁助理 邢自强，摩根士丹利中国首席经济学家 本次评选由评委会综合"专业性、影响力、创新性、前瞻性、活跃度"五大维度，经评审团投票，并参考作品前瞻性、出产率等数据，综合评选出最终获奖 结果。 "2025年度十大宏观经济学家"名单（按照 ...

Core Viewpoint - The selection of the "Top Ten Macroeconomists of 2025" highlights the importance of macroeconomic policies in navigating China's economic challenges, emphasizing proactive fiscal measures and moderate monetary easing to achieve stable and high-quality development [1][2]. Group 1: Selection Process - The evaluation was conducted by a committee that considered five dimensions: professionalism, influence, innovation, foresight, and activity level, culminating in a voting process by the review panel [2]. - The final results were based on the foresight and output rates of the economists' works [2]. Group 2: Key Insights from Zhang Bin - Zhang Bin, the Deputy Director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences, was awarded the title of "Top Macroeconomist of 2025" [2]. - He proposed that the most effective way to boost consumption is through rapid investment expansion in the short term [2]. - Zhang emphasized the need to comprehensively address local government debt and develop strategies to mitigate hidden debts [2]. - He also discussed the importance of prioritizing actions to stimulate consumption, suggesting a need to clarify the urgency of various measures [2].

重磅！"2025年度十大宏观经济学家"名单揭晓 2025年，中国经济承压前行、向新向优，财政更加积极、货币适度宽松，宏观政策协同提效、精准发 力，推动经济运行稳中有进、高质量发展取得新成效。立足变局交织与转型攻坚的关键阶段，宏观经济 学家们紧扣时代脉搏，以全局视野、专业研判与扎实立论洞察发展大势；他们聚焦新质生产力、内需提 振、风险化解与长期增长建言献策，在变局中厘清发展逻辑，于前行中领航宏观方向。 新浪财经携手首席经济学家论坛、新经济学家智库，评选出"2025年度十大宏观经济学家"。 本次评选由评委会综合"专业性、影响力、创新性、前瞻性、活跃度"五大维度，经评审团投票，并参考 作品前瞻性、出产率等数据，综合评选出最终获奖结果。 责任编辑：张文 重磅！"2025年度十大宏观经济学家"名单揭晓 2025年，中国经济承压前行、向新向优，财政更加积极、货币适度宽松，宏观政策协同提效、精准发 力，推动经济运行稳中有进、高质量发展取得新成效。立足变局交织与转型攻坚的关键阶段，宏观经济 学家们紧扣时代脉搏，以全局视野、专业研判与扎实立论洞察发展大势；他们聚焦新质生产力、内需提 振、风险化解与长期增长建言献策，在变局中厘清 ...

Group 1 - The core viewpoint of the article highlights the announcement of the "Top Ten Macroeconomists of 2025," emphasizing the challenges and transformations in the Chinese economy, with a focus on proactive fiscal policies and moderately loose monetary policies to achieve high-quality development [1][2][3] - The evaluation of the economists was based on five dimensions: professionalism, influence, innovation, foresight, and activity level, with results determined through a voting process by a review panel [3] - The macroeconomists are expected to provide insights on new productive forces, boosting domestic demand, risk mitigation, and long-term growth strategies, clarifying development logic amid changing circumstances [1][2] Group 2 - Wu Ge, Chief Economist and Assistant President of Changjiang Securities, was awarded the title of "Top Ten Macroeconomists of 2025," with notable viewpoints on economic expectations and macroeconomic understanding [4] - Wu Ge's perspectives include analyzing the economic outlook for the new year, discussing the economic closure, and addressing the concept of "anti-involution" from multiple dimensions [4]

Core Viewpoint - The "Top Ten Macroeconomists of 2025" list has been announced, highlighting the need for proactive fiscal policies and moderate monetary easing to support China's economy amid challenges, aiming for high-quality development and effective macroeconomic coordination [1][2]. Group 1: Economic Context - China's economy is under pressure but is moving towards improvement and quality enhancement, with a more proactive fiscal stance and moderately loose monetary policy [1][2]. - Macroeconomic policies are being coordinated to enhance efficiency and precision, contributing to stable economic performance and new achievements in high-quality development [1][2]. Group 2: Focus Areas of Macroeconomists - Macroeconomists are focusing on new productive forces, boosting domestic demand, risk mitigation, and long-term growth strategies [1][2]. - They aim to clarify development logic amid changing circumstances and guide macroeconomic direction [1][2]. Group 3: Selection Process - The selection of the "Top Ten Macroeconomists" was conducted by a panel that evaluated candidates based on five dimensions: professionalism, influence, innovation, foresight, and activity level, with results determined through voting and consideration of the candidates' output and foresight [3]. Group 4: Notable Economist Insights - Lu Ting, Chief Economist at Nomura China, emphasizes that high-quality development requires boosting consumption and cleaning up existing debt [4]. - He advocates for a multi-faceted approach to enhance China's asset securitization rate, highlighting the importance of RMB internationalization and corporate globalization [4]. - Lu also discusses the need for long-term enhancement of consumer spending power and addresses China's pricing challenges and potential policy solutions [4].

重磅！"2025年度十大宏观经济学家"名单揭晓 2025年，中国经济承压前行、向新向优，财政更加积极、货币适度宽松，宏观政策协同提效、精准发 力，推动经济运行稳中有进、高质量发展取得新成效。立足变局交织与转型攻坚的关键阶段，宏观经济 学家们紧扣时代脉搏，以全局视野、专业研判与扎实立论洞察发展大势；他们聚焦新质生产力、内需提 振、风险化解与长期增长建言献策，在变局中厘清发展逻辑，于前行中领航宏观方向。 新浪财经携手首席经济学家论坛、新经济学家智库，评选出"2025年度十大宏观经济学家"。 本次评选由评委会综合"专业性、影响力、创新性、前瞻性、活跃度"五大维度，经评审团投票，并参考 作品前瞻性、出产率等数据，综合评选出最终获奖结果。 广开首席产业研究院院长兼首席经济学家、中国首席经济学家论坛理事长连平荣膺"2025年度十大宏观 经济学家"！ 精彩观点回顾： 连平："十五五"时期应实施人民币升值战略 连平："十五五"中国房地产市场将怎么走？ 连平："十五五"财政政策将怎样积极有为 连平：明年加力刺激内需至关重要 连平：民营经济高质量发展将带来哪些机遇？如何加快推动？ 连平：下半年宏观经济运行八大展望 连平：扩大内需 ...

重磅！"2025年度十大宏观经济学家"名单揭晓 2025年，中国经济承压前行、向新向优，财政更加积极、货币适度宽松，宏观政策协同提效、精准发 力，推动经济运行稳中有进、高质量发展取得新成效。立足变局交织与转型攻坚的关键阶段，宏观经济 学家们紧扣时代脉搏，以全局视野、专业研判与扎实立论洞察发展大势；他们聚焦新质生产力、内需提 振、风险化解与长期增长建言献策，在变局中厘清发展逻辑，于前行中领航宏观方向。 新浪财经携手首席经济学家论坛、新经济学家智库，评选出"2025年度十大宏观经济学家"。 本次评选由评委会综合"专业性、影响力、创新性、前瞻性、活跃度"五大维度，经评审团投票，并参考 作品前瞻性、出产率等数据，综合评选出最终获奖结果。 中泰国际首席经济学家李迅雷荣膺"2025年度十大宏观经济学家"！ 李迅雷：如何让物价合理回升——难点在哪里 李迅雷：中央经济工作会议将如何优化"存量"与"增量" 李迅雷：对当前经济热点的一点思考 李迅雷：失温时为何会感受到"热" 李迅雷：以旧换新换什么乘数效应更大 李迅雷：如何确定促投资和促消费的政策定位 责任编辑：张文 重磅！"2025年度十大宏观经济学家"名单揭晓 精彩观点回顾： ...

黄益平：如何破解新旧动能转换的结构性难题？ 黄益平：未来十年，中国经济的挑战不在于增速，而在于效率 重磅！"2025年度十大宏观经济学家"名单揭晓 2025年，中国经济承压前行、向新向优，财政更加积极、货币适度宽松，宏观政策协同提效、精准发 力，推动经济运行稳中有进、高质量发展取得新成效。立足变局交织与转型攻坚的关键阶段，宏观经济 学家们紧扣时代脉搏，以全局视野、专业研判与扎实立论洞察发展大势；他们聚焦新质生产力、内需提 振、风险化解与长期增长建言献策，在变局中厘清发展逻辑，于前行中领航宏观方向。 新浪财经携手首席经济学家论坛、新经济学家智库，评选出"2025年度十大宏观经济学家"。 本次评选由评委会综合"专业性、影响力、创新性、前瞻性、活跃度"五大维度，经评审团投票，并参考 作品前瞻性、出产率等数据，综合评选出最终获奖结果。 北京大学国家发展研究院院长黄益平荣膺"2025年度十大宏观经济学家"！ 精彩观点回顾： 北京大学国家发展研究院院长黄益平荣膺"2025年度十大宏观经济学家"！ 精彩观点回顾： 黄益平：如何破解新旧动能转换的结构性难题？ 黄益平：如何以品质竞争打破低价内卷 黄益平：AI正在重新定义金融市 ...

Group 1 - The core viewpoint of the article highlights the announcement of the "Top Ten Macroeconomists of 2025," emphasizing the need for proactive fiscal policies and moderately loose monetary policies to support China's economic development amidst challenges [1][3] - The evaluation of the economists was conducted by a committee considering five dimensions: professionalism, influence, innovation, foresight, and activity level, with results based on voting and reference to the foresight and output rates of their works [2][4] Group 2 - Economist Fan Gang was awarded the title of "Top Ten Macroeconomists of 2025," with notable insights including the importance of addressing the impact of AI on employment while promoting new industries and jobs created by AI [5] - Fan Gang raised questions about whether China can avoid the "Thucydides Trap" and find a new direction for economic development [5] - He pointed out that "involution" and vicious competition partly stem from an imperfect merger and acquisition mechanism [5] - In discussions about building a maritime power, he emphasized leveraging latecomer advantages through higher levels of openness [5] - Fan Gang also discussed the transformation of the perception of "Made in China" from misunderstanding to recognition [5]