党的二十届四中全会《建议》 学习辅导百问 问 33.怎样理解加快构建同高质量发展相适应的政府债务管理长效机制？ 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出："加快构建同高质量发展相适 应的政府债务管理长效机制。"这对进一步做好政府债务管理和风险防范化解工作提出了明确要求。 党的十八大以来，以习近平同志为核心的党中央高度重视政府债务管理工作，部署推动完善制度机制，形 成法定债务"闭环"管理制度体系，加强债券资金分配使用管理，有力促进经济社会发展。"十四五"时期， 我国地方政府债务管理不断加强，优化完善专项债券管理机制，实施专项债券投向领域"负面清单"管理， 扩大用作项目资本金的范围，开展"自审自发"试点，完善资金监管和债务偿还机制，更好发挥政府债券功 能，增强地方发展动能，有力推动高质量发展。同时，探索建立防范化解地方政府债务风险长效机制，有 序化解隐性债务存量、坚决遏制增量，有效减轻地方还本付息压力，债务风险有效缓释，债务管理更加规 范透明，财政空间得到更大释放，经济微观循环更加畅通。但也要看到，当前地方政府债务管理和风险防 范化解还存在一些困难和问题，有些地方超出财政承受能力上项目，脱 ...

Group 1 - The core viewpoint of the news is the announcement of the 2026 tariff adjustment plan by the State Council Tariff Commission, which will implement provisional import tariffs lower than the most-favored-nation rate on 935 items starting January 1, 2026 [1][6]. - The adjustment plan aims to lower tariffs on key components, advanced materials, and energy resources, which is expected to reduce costs for enterprises and promote technological self-reliance and modernization of the industrial system [6][10]. - The plan includes a focus on improving people's livelihoods by reducing tariffs on medical products such as artificial blood vessels and diagnostic kits, contributing to the health of the population and the construction of a healthy China [8][10]. Group 2 - The adjustment will also optimize tariff categories and annotations, increasing the total number of tariff items to 8,972, which is expected to promote the development of strategic emerging industries and enhance import-export management [10]. - China will continue to implement preferential tariff rates for certain imported goods from 34 trade partners under 24 free trade agreements, as well as maintain zero-tariff treatment for 100% of products from 43 least developed countries [10]. - The proactive approach in expanding high-standard free trade networks demonstrates China's commitment to global development amidst rising trade protectionism [10].

Core Viewpoint - The article emphasizes the importance of accelerating the process of regional and bilateral trade investment agreements in response to the changing landscape of international economic cooperation and competition, particularly in light of rising unilateralism and protectionism [1] Group 1: Current Status of Trade Agreements - China has signed 23 free trade agreements with 30 countries and regions, accounting for approximately 43% of its total foreign trade [2] - There are 111 effective bilateral investment agreements, with 92 signed with countries involved in the Belt and Road Initiative [2] - The Regional Comprehensive Economic Partnership (RCEP) has been signed and is the largest free trade area globally, significantly promoting regional trade and investment [2] Group 2: Strategic Focus Areas - The strategy focuses on expanding the coverage of trade investment agreements by increasing the network of high-standard free trade areas and negotiating with more global southern countries [2] - There is an emphasis on improving the quality of trade investment agreements by aligning with international high-standard economic and trade rules, increasing the proportion of zero-tariff products, and enhancing protections in various sectors [3] - The effectiveness of existing trade investment agreements will be strengthened through high-quality implementation, optimizing public services, and increasing the utilization rate of these agreements by enterprises [3]

Core Viewpoint - The article emphasizes the importance of accelerating the process of regional and bilateral trade investment agreements in response to the changing landscape of international economic cooperation and competition, particularly in the context of rising unilateralism and protectionism [1] Group 1: Current Agreements and Impact - China has signed 23 free trade agreements with 30 countries and regions, accounting for approximately 43% of its total foreign trade [2] - There are 111 effective bilateral investment agreements, with 92 signed with countries involved in the Belt and Road Initiative [2] - The Regional Comprehensive Economic Partnership (RCEP) has become the largest free trade area globally, significantly promoting regional trade and investment [2] Group 2: Strategic Focus Areas - The focus is on expanding the coverage of trade investment agreements by negotiating with more countries and regions, enhancing cooperation potential, and broadening China's trade investment network [3] - There is an emphasis on improving the quality of trade investment agreements by aligning with international high-standard economic and trade rules, increasing zero-tariff product ratios, and enhancing protections in various sectors [3] - The implementation of existing trade investment agreements is crucial, with efforts to optimize public services, provide timely consultations, and enhance the utilization of free trade agreements by enterprises [4]

Core Viewpoint - The article emphasizes the need to accelerate the process of regional and bilateral trade investment agreements in response to significant changes in international economic cooperation and competition, as well as challenges posed by unilateralism, protectionism, and hegemony [1] Group 1 - The proposal from the Central Committee highlights the importance of adapting to the profound changes in the global economic governance system and rules [1] - The rise of unilateralism, protectionism, and hegemony is creating severe challenges for the international economic and trade order [1] - These challenges are significantly squeezing the external development space for the country [1]

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 outlines key tasks and policy arrangements for 2026, emphasizing the need for economic potential exploration, policy support, and reform innovation to achieve quality and reasonable growth in the economy [2][3]. Fiscal Policy - The fiscal policy for 2026 will maintain a "more proactive" stance, with a fiscal deficit rate expected to be no lower than 4%, reflecting the need to stimulate economic growth and address local fiscal challenges [3][4]. - The fiscal deficit for this year is set at 5.66 trillion yuan, a significant increase of 1 percentage point from the previous year, indicating a strong commitment to using fiscal tools to boost demand [3][4]. - There is a clear trend towards increasing spending on healthcare, education, and social security, highlighting a focus on "investing in people" [4][5]. Monetary Policy - The monetary policy will adopt a "more proactive" approach, with an emphasis on flexible and efficient use of tools like interest rate cuts and reserve requirement ratio adjustments to maintain liquidity [6][7]. - The expectation is for 1-2 instances of interest rate cuts and reserve requirement ratio reductions in 2026, with a focus on maintaining a stable financing environment [6][7]. - Structural monetary policy tools will be enhanced to support key areas such as domestic demand expansion and technological innovation [7]. Domestic Demand Expansion - Expanding domestic demand is prioritized, with specific policies aimed at increasing residents' income and stabilizing investment [8]. - The conference emphasizes the need for a plan to boost urban and rural residents' income, aligning with the broader goal of enhancing consumption capacity [8]. - Investment strategies will focus on increasing central budget investments and optimizing project implementation to stabilize investment levels [8]. Real Estate Market - The conference stresses the importance of stabilizing the real estate market, with "de-stocking" identified as a key strategy for 2026 [10][11]. - Measures will include city-specific policies to control new supply and encourage the acquisition of existing properties for affordable housing [11][12]. Capital Market Reforms - The conference highlights the need for continuous deepening of capital market reforms, focusing on enhancing the market's ability to support technological innovation and the real economy [13][14]. - Reforms will include improving the adaptability of capital market systems and encouraging long-term investments [13][14]. Innovation and Technology - The establishment of three major international technology innovation centers in Beijing, Shanghai, and the Guangdong-Hong Kong-Macau Greater Bay Area is emphasized as a core strategy for fostering new economic momentum [15][16]. - These centers will leverage existing research and development resources to enhance China's competitiveness in global technology [15][16][17]. Market Environment and Competition - The conference outlines plans to optimize the market environment and reduce "involution" competition, aiming to enhance economic vitality and support high-quality development [18][19]. - A nationwide unified market construction regulation is proposed to address existing regulatory gaps and improve market efficiency [18]. International Trade and Investment - The conference calls for promoting more regional and bilateral trade and investment agreements, reinforcing China's commitment to multilateral trade systems [20][21]. - The focus will be on expanding high-standard free trade agreements and enhancing trade relations with partners [20][21].

Economic Outlook - The Central Economic Work Conference outlined the economic work for 2025 and analyzed the current economic situation, emphasizing the need to fully tap economic potential and combine policy support with reform and innovation [1] - The conference set a target for China's economic growth rate around 5% for the coming year, with international organizations raising their growth forecasts for China [1] Fiscal Policy - The fiscal policy for the upcoming year will maintain a "more proactive" stance, with a fiscal deficit rate not lower than 4%, reflecting a significant increase from the previous year [3][4] - The total debt scale is expected to increase, with a focus on optimizing the fiscal expenditure structure and addressing local fiscal difficulties [3][4] Monetary Policy - The monetary policy will continue to be "appropriately loose," with an emphasis on flexible and efficient use of tools such as reserve requirement ratio cuts and interest rate reductions [6][7] - The central bank aims to maintain a stable exchange rate for the RMB, with expectations of a moderate appreciation against the USD [7] Domestic Demand Expansion - The conference prioritized "expanding domestic demand," with specific policies to implement a plan for increasing urban and rural residents' income and stabilizing investment [9][10] - The focus will be on enhancing consumer capacity and stimulating consumption through targeted actions [9] Real Estate Market - The meeting highlighted the importance of stabilizing the real estate market, with "de-stocking" as a key measure to address inventory issues [12][13] - Encouragement for the acquisition of existing housing for affordable housing purposes is seen as a vital strategy [13][14] Capital Market Reform - The conference emphasized the continuous deepening of capital market reforms, aiming to enhance the market's ability to serve technological innovation and the real economy [16][17] - Future reforms will focus on improving the inclusiveness and adaptability of the capital market, with an emphasis on long-term investments [17] Innovation and Technology - The establishment of three major international technology innovation centers in Beijing, Shanghai, and the Guangdong-Hong Kong-Macau Greater Bay Area is aimed at fostering innovation-driven growth [19][20] - These centers will leverage existing resources and strategic needs to enhance China's competitiveness in global technology [19] Trade and Investment - The meeting called for promoting more regional and bilateral trade and investment agreements, reinforcing China's commitment to multilateral trade systems [25][26] - The focus will be on expanding high-standard free trade agreements and enhancing trade with free trade partners [26][27]

Core Viewpoint - The Central Economic Work Conference emphasizes the need for a dual approach of policy support and reform innovation to enhance economic potential and achieve a good start for the 14th Five-Year Plan, with a projected economic growth target of around 5% for 2026 [1][3]. Fiscal Policy - The fiscal policy for 2026 will maintain a "more proactive" stance, with a fiscal deficit rate not lower than 4%, reflecting the need to stimulate economic growth and address local fiscal challenges [3][4]. - The fiscal deficit for this year is set at 5.66 trillion yuan, the highest in recent years, indicating a significant increase in fiscal spending to support economic stability [3][4]. - There is a clear trend towards increasing spending on healthcare, education, and social security, highlighting a focus on "investing in people" [5]. Monetary Policy - The monetary policy will continue to be "appropriately loose," with an emphasis on flexible and efficient use of tools like reserve requirement ratio (RRR) cuts and interest rate reductions [7][8]. - The expectation is for 1-2 instances of RRR cuts or interest rate reductions in 2026, with a focus on maintaining a stable liquidity environment [8]. - The conference aims to guide financial institutions to support key areas such as expanding domestic demand and technological innovation [8]. Domestic Demand Expansion - Expanding domestic demand is prioritized, with specific policies to implement a plan for increasing urban and rural residents' income and stabilizing investment [10][11]. - The focus on consumer spending and investment as key drivers for domestic demand reflects a shift towards demand-side economic strategies [10]. Real Estate Market - The conference emphasizes stabilizing the real estate market, with "de-stocking" as a key strategy, particularly in light of high inventory levels in many cities [13][14]. - Measures include encouraging the acquisition of existing properties for affordable housing, which aims to optimize market supply and meet housing needs [14]. Capital Market Reform - The conference highlights the need for continuous deepening of capital market reforms to enhance support for technological innovation and the real economy [15][17]. - There is a focus on improving the inclusivity and adaptability of capital market systems, with an emphasis on attracting long-term investment [15][17]. Innovation and Technology - The establishment of three major international technology innovation centers in Beijing, Shanghai, and the Guangdong-Hong Kong-Macau Greater Bay Area is aimed at fostering innovation and addressing global technological competition [19][20]. - The centers will focus on leveraging existing resources and enhancing collaboration to drive technological advancements and economic transformation [19][20]. Market Environment and Competition - The conference outlines plans to optimize the market environment and stimulate enterprise vitality through reforms, including the establishment of a unified national market [22][23]. - There is a commitment to addressing "involution" in competition, with targeted policies to mitigate its negative effects on the economy [23]. International Trade and Investment - The conference stresses the importance of signing more regional and bilateral trade agreements to enhance cooperation and maintain a multilateral trade system [25][26]. - The goal is to expand high-standard free trade networks and facilitate trade and investment with partners, particularly in the context of the RCEP and other agreements [25][26].