1月9 日，人民日报头版重要位置刊发第三篇署名"钟才平"的文章，题目是《发挥政策集成效应，提升宏观经济治理效能》。以下为全文： 发挥政策集成效应，提升宏观经济治理效能 钟才平 宏观政策是我国经济保持平稳运行、迈向高 质量发展的重要保障。2025年我国首次实施更加积极的财政政策，时隔14年再次实施适度宽松的货币政 策，为推动经济持续回升向好发挥了重要作用。根据中央经济工作会议部署，2026年宏观政策取向上要坚持稳中求进、提质增效，继续实施更加积 极有为的宏观政策，发挥存量政策和增量政策集成效应，加大逆周期和跨周期调节力度，切实提升宏观经济治理效能。 更加积极的财政政策要精准增效。 同时，面对日益复杂严峻的外部形势，要继续平衡好内外部关系，坚持市场在汇率形成中的决定性作用，强化预期引导，保持人民币汇率在 合理均衡水平上的基本稳定。 增强宏观政策取向一致性和有效性，打好宏观调控"组合拳"。当前，我国经济运行面临的环境日趋复杂，经济工作中两难甚至多难问题越来 越多，对政策的需求也越来越多。政策越多，越怕相互打架。在过往的经济工作实践中，也产生过政策取向不一致导致的"合成谬误"等问 题，不仅使政策效果相互抵消，也影响市 ...

更大力度支持"两重"项目，加力扩围实施"两新"政策，大幅增加基础研究投入，充实稳就业政策工 具……2025年，财政政策提高赤字率、安排更大规模政府债券，增加对地方转移支付，推动地方落实隐 性债务置换政策，为稳增长、调结构、防风险提供了有力支撑。2026年，要保持必要的财政赤字、债务 总规模和支出总量，既着眼当前，用好用足财政政策空间，也为应对未来风险留有余地，确保财政可持 续。 必须看到，近年来，外部冲击加大、内部困难增多等因素交织，对一些地方财政收支造成很大影 响，可用财力下降叠加刚性支出持续增长。要重视解决地方财政困难，建立健全增收节支机制，增强地 方自主财力，兜牢基层"三保"底线。 公帑不可靡费。现在财政支出规模很大，从2025年年初预算看，全国一般公共预算支出达到29.7万 亿元，中央对地方转移支付10.3万亿元，但各方面需求也很大，财政资金很紧张、很宝贵。要加强财政 科学管理，提高资金使用效益。优化财政支出结构，强化国家重大战略财力保障，推动更多资金资源投 资于人，更加注重惠民生、促消费、增后劲。统筹用好政府债券等资金，主动靠前发力，合理加快资金 下达拨付，推动尽快形成实际支出和实物工作量。同时，严 ...

宏观政策是我国经济保持平稳运行、迈向高质量发展的重要保障。2025年我国首次实施更加积极的财政 政策，时隔14年再次实施适度宽松的货币政策，为推动经济持续回升向好发挥了重要作用。根据中央经 济工作会议部署，2026年宏观政策取向上要坚持稳中求进、提质增效，继续实施更加积极有为的宏观政 策，发挥存量政策和增量政策集成效应，加大逆周期和跨周期调节力度，切实提升宏观经济治理效能。 更加积极的财政政策要精准增效。 更大力度支持"两重"项目，加力扩围实施"两新"政策，大幅增加基础研究投入，充实稳就业政策工 具……2025年，财政政策提高赤字率、安排更大规模政府债券，增加对地方转移支付，推动地方落实隐 性债务置换政策，为稳增长、调结构、防风险提供了有力支撑。2026年，要保持必要的财政赤字、债务 总规模和支出总量，既着眼当前，用好用足财政政策空间，也为应对未来风险留有余地，确保财政可持 续。 必须看到，近年来，外部冲击加大、内部困难增多等因素交织，对一些地方财政收支造成很大影响，可 用财力下降叠加刚性支出持续增长。要重视解决地方财政困难，建立健全增收节支机制，增强地方自主 财力，兜牢基层"三保"底线。 近年来，针对经济运 ...

你家存款达标了吗？全国人均存款刚刚迈过10万大关，一个三口之家得有30万存款才算"不拖后腿"。 北京家庭的存款平均数，正朝着100万逼近，上海家庭也达到了75万。这不仅仅是一个数字游戏，央行数据显示，2024年我们往银行里多存了14万多亿，但 同期挣的钱增速却没跟上。 这笔多出来的巨款，不是挣出来的，是大家"省"出来的，是"能不花绝不花"硬生生挤出来的储蓄。 当刷到人均存款10万的消息时，很多人的第一反应是查看自己的账户余额，然后发出一声叹息。这背后是一种普遍的"被平均"感受。全国人均10.7万元，这 个数字摊到每个家庭是超过30万的槛。然而，地图一放大，差异便触目惊心。 在北京，住户人均存款高达32.5万元，一个典型的三口之家，家庭存款均值接近百万。在上海，这个数字是人均25万，家庭均值75万。这些一线城市的数 字，如同高耸的山峰，极大地拉升了全国的平均线。 地域间的经济发展水平与收入结构，在这份存款榜单上刻下了深深的沟壑。当北京上海的家庭在讨论百万存款是否足够时，许多其他地区的家庭还在为达到 全国平均线而努力。这种差距并非一日之寒，它源于长期累积的资源分配、就业机会与薪酬水平。 因此，对于大量并未进入高收 ...

Group 1: Industry Overview - High-tech industries in China face overcapacity issues, particularly in solar energy, lithium batteries, and new energy vehicles, due to intense competition among numerous players [1][13][19] - Local government incentives drive the rapid establishment of large projects to boost GDP, leading to a proliferation of companies in these sectors [1][22] Group 2: Competitive Landscape - In the solar industry, leading companies like Longi and Tongwei face competition from many second-tier players, indicating a crowded market [1] - In the lithium battery sector, CATL is a leader, but other companies like Zhongchuang and Guoxuan are also emerging, raising questions about the effectiveness of patent barriers [1][17] - The new energy vehicle market includes a mix of new entrants and established brands, with BYD investing heavily in R&D, yet still facing fierce competition [1][19] Group 3: Government and Economic Factors - Local governments prioritize GDP growth, leading to aggressive competition and support for large projects, which can result in overcapacity and financial strain on municipalities [1][22][24] - The structure of local government incentives encourages the establishment of numerous companies, which may not align with overall economic efficiency [22][24] Group 4: Technology and Innovation - The rapid diffusion of technology in China is attributed to a highly competitive environment where companies quickly replicate successful innovations [3][14][19] - The concept of "barriers" in technology is more about cost, efficiency, and scale rather than unique innovations that cannot be replicated [17][19] Group 5: Market Dynamics - The Chinese market's size allows multiple giants to coexist, unlike in smaller markets where monopolies can form [10] - The competitive nature of the Chinese market leads to a "super competitive ecosystem," where companies continuously strive to improve cost and efficiency [19][21]

Core Points - Shanghai's "15th Five-Year Plan" is in the final stages of public opinion collection, with significant participation from various sectors, including 147 entrepreneurs and strategic scientists, yielding over 34,000 suggestions [1][3] - The plan aims to enhance Shanghai's global influence and competitiveness, with the city's GDP reaching 5.39 trillion RMB, ranking it fifth among global cities [1][2] Group 1: Expert Opinions and Recommendations - The establishment of the "15th Five-Year Plan" Expert Advisory Committee, consisting of 26 experts from various fields, aims to enhance the plan's professionalism and strategic thinking [3][4] - Key recommendations include building a large research system, enhancing supply chain capabilities, and improving financial infrastructure to integrate AI with financial services [3][4] - Experts emphasize the need for innovation in the semiconductor industry and the development of a modern urban transportation system [4] Group 2: Public Participation and Suggestions - The public engagement process included 77 roundtable discussions with over 1,900 citizens, resulting in more than 10,000 suggestions, highlighting the importance of citizen input in the planning process [5][7] - Suggestions from citizens range from improving accessibility features to developing customizable skill training packages for new employment groups [5][6] Group 3: Legislative Framework - The introduction of the "Shanghai Development Planning Regulations" provides a legal basis for the "15th Five-Year Plan," marking the first time a development plan has been legislated in Shanghai [9][10] - The regulations aim to ensure coordinated planning across various sectors and enhance the efficient allocation of resources, which is crucial given the complex economic environment [9][10]

Core Viewpoint - The article emphasizes the need to address "involution" in various industries, particularly in the photovoltaic sector, highlighting the importance of market-oriented reforms and innovation to escape price wars and achieve sustainable growth [1][17][20]. Summary by Sections Involution in Industries - "Involution" is prevalent not only in the photovoltaic industry but also in sectors like new energy vehicles, e-commerce, and food delivery, where excessive price competition leads to market inefficiencies [1][17]. - The phenomenon reflects a broader issue of market failure and inappropriate local government interventions, which can exacerbate competition problems [1][18]. Government's Role - The government plays a crucial role in guiding market competition from disorder to order, with measures such as prohibiting sales below cost to stabilize the market [1][18]. - Central authorities are actively working to eliminate local protectionism and market fragmentation, which are significant contributors to "involution" [1][18]. Corporate Strategies - Companies must shift from price-based competition to differentiation and quality enhancement to escape the "prisoner's dilemma" of "involution" [1][19]. - Successful companies in the photovoltaic sector have demonstrated that technological innovation can lead to significant market advantages, as seen with companies achieving record efficiencies in solar products [1][19]. Global Market Potential - The global photovoltaic market has seen a compound annual growth rate of 25.8% over the past decade, indicating substantial potential for renewable energy [1][19]. - There is a strong call for companies to expand internationally and leverage global demand for renewable energy solutions [1][19]. Long-term Business Strategies - Businesses are encouraged to adopt an incremental mindset, focusing on long-term relationships and sustainable practices rather than engaging in zero-sum competition [1][20]. - The article advocates for a balanced approach to internal innovation and external market expansion to foster high-quality economic development [1][20].

Core Viewpoint - The discussion highlights the issue of "involution" competition in various industries, particularly in the photovoltaic sector, emphasizing the need for market-oriented reforms and innovation to overcome this challenge [1][2]. Group 1: Involution Competition - In the first half of the year, nearly half of China's photovoltaic companies reported reduced losses or profit growth, indicating effective collaborative responses to "involution" competition at national, industry, and corporate levels [1]. - The phenomenon of "involution" competition is not limited to the photovoltaic industry but is also present in sectors like new energy vehicles, e-commerce, and food delivery, characterized by excessive price reductions and market saturation [1][2]. - The "involution" competition reflects a macro-level irrationality stemming from rational choices made by micro-level entities, highlighting market failures and inappropriate local government interventions [1][2]. Group 2: Government's Role - The government plays a crucial role in guiding the market to mitigate the negative effects of "involution" competition, with recent efforts to establish a unified national market and address local protectionism and market fragmentation [2]. - Regulatory measures, such as prohibiting companies from selling below cost, have been implemented to steer market competition towards orderliness [2]. Group 3: Corporate Strategies - Companies are encouraged to move beyond low-cost competition and adopt differentiated strategies to escape the "prisoner's dilemma," focusing on innovation and quality enhancement to capture new market opportunities [2][3]. - The photovoltaic industry has demonstrated the power of technological innovation, with companies like Longi Green Energy achieving significant advancements in solar cell efficiency, indicating a shift from price competition to value competition [3]. Group 4: Global Market Opportunities - The global photovoltaic market has seen a compound annual growth rate of 25.8% over the past decade, suggesting substantial potential for renewable energy demand, particularly for photovoltaic products [4]. - Companies are urged to pursue international expansion and high-level openness to explore new markets and opportunities beyond domestic competition [4].

Core Insights - The discussion highlights the issue of "involution" competition in various industries, particularly in the photovoltaic sector, emphasizing the need for market reforms and innovation to overcome this challenge [1][2][3] Industry Overview - In the first half of the year, nearly half of China's photovoltaic companies reported a reduction in losses or an increase in net profits, indicating effective collaborative efforts to address "involution" competition [1] - The photovoltaic industry has seen a significant shift from price competition to value competition, driven by technological innovation, as exemplified by Longi Green Energy's record-breaking solar cell efficiency [3] Government Role - The government plays a crucial role in guiding the market towards orderly competition by addressing local protectionism and market fragmentation, as well as implementing policies to prevent below-cost sales [2] - The central government has been actively promoting the establishment of a unified national market and addressing issues related to local investment attraction [2] Company Strategies - Companies are encouraged to move beyond low-cost competition and focus on differentiation and quality improvement to escape the "prisoner's dilemma" of "involution" competition [2][3] - The potential for global expansion in the renewable energy sector remains significant, with a compound annual growth rate of 25.8% in global photovoltaic installations over the past decade, indicating vast opportunities for companies to explore [4] Future Outlook - The emphasis on exploring new markets and opportunities rather than engaging in zero-sum competition is crucial for sustainable growth in various industries [4] - The call for high-level openness and support for companies to expand internationally is seen as a pathway to avoid "involution" and foster high-quality economic development [4]

Group 1 - The global economy is facing multiple crises and challenges, but China's economy shows resilience and stability, with a focus on maintaining strategic confidence and promoting positive narratives about economic prospects [1][3] - The Central Economic Work Conference in December 2023 emphasized the importance of economic communication and public opinion guidance to counter negative perceptions of China's economy [1][3] - There is a need for economic news reporting to be grounded and relatable to the public, utilizing both traditional and innovative methods to effectively engage audiences [1][3][4] Group 2 - Economic news reporting has expanded in breadth and depth, but there are challenges such as a disconnect between media output and audience engagement, leading to a phenomenon of "flow anxiety" [2][4] - The complexity of China's economic landscape requires nuanced reporting that addresses both macroeconomic achievements and the realities faced by various industries and businesses [3][4] - Media should avoid "composite fallacies" by not generalizing from individual cases, which can mislead investors and create an illusion of unbalanced growth [4][5] Group 3 - The rise of diverse media platforms has created a contrast between traditional media narratives and the more sensationalized content from popular financial influencers, necessitating a shift in reporting styles to capture audience attention [5][6] - Successful economic reporting should combine deep research with innovative storytelling to resonate with audiences, as evidenced by various media initiatives that have achieved significant engagement [6][10] - The importance of building a media think tank to enhance the capacity for economic reporting and policy analysis has been highlighted, with examples of successful initiatives in various regions [11][14] Group 4 - Economic news reporting must focus on addressing pressing issues such as industrial optimization, innovation capacity, and consumer demand, while maintaining a positive narrative [9][10] - Major themes in economic reporting should be explored deeply, combining historical context, logical analysis, and engaging storytelling to enhance audience understanding [10][14] - Journalists are encouraged to develop skills in continuous learning, in-depth research, and creating impactful works that reflect the realities of the economy [14][17]