Core Insights - The central economic work conference highlighted the structural contradiction of "strong supply and weak demand" as the main issue facing China's economy, emphasizing the need for a dual approach of expanding domestic demand while optimizing supply structure [1][7] - The conference reiterated the importance of "investing in people" alongside "investing in material," signaling a shift towards prioritizing human capital and social welfare in economic policy [2][8] - The concept of "international economic and trade struggles" was reaffirmed, indicating that external economic pressures will be a long-term variable in China's economic strategy [3][11] - The need for synergy between stock and incremental policies was emphasized to enhance macroeconomic regulation and address structural issues [4][12] Group 1: Economic Judgments - The conference identified "strong supply and weak demand" as a critical economic contradiction, necessitating a balanced approach to address consumption weakness and price declines [1][7] - It was noted that previous strategies focused primarily on demand expansion, but the current situation requires a more nuanced approach that includes supply-side adjustments [7] Group 2: Policy Framework - The "Five Musts" framework was introduced, emphasizing the integration of "investing in material" and "investing in people" to enhance economic growth and address current challenges [2][8] - The focus on human capital investment aims to improve productivity and support long-term economic development, particularly in technology and innovation sectors [9] Group 3: International Relations - The conference's emphasis on "international economic and trade struggles" reflects a strategic response to ongoing global trade tensions, particularly with the U.S., and highlights the importance of maintaining a high level of openness while enhancing technological self-sufficiency [3][11] Group 4: Macroeconomic Policies - The integration of stock and incremental policies is crucial for effective macroeconomic governance, with a focus on enhancing the effectiveness of both types of policies to stabilize economic growth [4][12][14] - The conference called for increased efforts in counter-cyclical and cross-cyclical adjustments to address both short-term and long-term economic challenges [12][13] Group 5: Fiscal and Monetary Policies - Fiscal policy will maintain necessary deficits and spending levels, with an emphasis on supporting key projects and enhancing public welfare [5][16] - Monetary policy will remain moderately accommodative, with a focus on ensuring reasonable price recovery while supporting domestic demand and innovation [5][17] Group 6: Key Economic Tasks - The conference prioritized "domestic demand-led growth" as a key economic task, with specific actions to boost consumption and increase residents' income [6][18] - The emphasis on urban renewal and strategic projects aims to stimulate investment and consumption, aligning with broader economic goals [20] Group 7: Market Integration and Competition - The conference highlighted the need for a unified national market and deeper measures to combat "involution" in competition, aiming to enhance market efficiency and resource allocation [7][21][22] Group 8: Real Estate Market Stability - The focus on stabilizing the real estate market includes city-specific policies to manage supply and demand, as well as measures to address local government debt risks [8][23][24]