当前，投资者信心修复的第一重逻辑，已从以往单点的政策调控，演进为系统性的制度保障与确定性。 这首先体现在宏观政策取向一致性的显著提升。去年以来，货币政策、财政政策与产业政策之间形成有 机衔接与动态配合，中国人民银行对流动性的精准调控、财政部的跨周期安排与中国证监会贯穿全程的 严监管，共同构建起一套逻辑自洽、目标清晰的政策组合，为市场注入稳定预期。 进一步看，这种确定性不仅源于政策之间的协调，更得益于资本市场基础性制度的持续完善。近年来， 退市机制实现常态化运行，监管部门对财务造假、内幕交易等行为保持"零容忍"，法治成为市场最坚实 的"护城河"，投资者保护机制更加完善。这都为投资者信心的长期稳定奠定了坚实基础。 ■苏向杲 近日，多家海内外大型投资机构相继发布2026年市场展望，"估值结构性修复""超配A股""价值回归"等 成为高频词汇。与此同时，从A股盘面看，多维数据显示市场活跃度回升，投资者信心持续修复。 笔者认为，A股投资者信心的修复，本质上是思维从"博弈不确定性"向"拥抱确定性"的切换，其背后主 要有四大逻辑驱动。 其一，宏观经济治理体系不断健全，政策确定性夯实信心根基。 其三，无风险利率趋势性下行，权益 ...

央广网北京12月26日消息 据中央广播电视总台中国之声《新闻和报纸摘要》报道，形势政策系列 报告会第三场报告会12月25日在北京举行。国家发展和改革委员会党组书记、主任郑栅洁表示，"十四 五"时期，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、砥砺前行，推动经济运 行稳中有进，新质生产力稳步发展，高质量发展取得新的历史性成就。 "十五五"时期是基本实现社会主义现代化夯实基础、全面发力的关键时期。要充分发挥国家发展规 划战略导向作用，完善宏观经济治理体系，加强基础研究和关键核心技术攻关，推动科技创新和产业创 新深度融合，更好统筹国内国际两个市场两种资源，将创新势能更好转化为发展动能，全力以赴推动经 济社会高质量发展。 ...

12月19日，全国人大常委会法制工作委员会举行发言人记者会介绍，十四届全国人大常委会第十九次会 议将于12月22日至27日在北京举行。会议拟继续审议生态环境法典草案、国家发展规划法草案、民用航 空法修订草案、对外贸易法修订草案等。相关立法将进一步强化制度规范，护航经济高质量发展。 贯彻过罚相当原则 生态环境法典草案重新整合后将三审。全国人大常委会法制工作委员会发言人黄海华介绍，生态环境法 典各编草案已经全部完成二审。按照工作安排，将分拆审议并修改完善的各编草案重新合为完整的生态 环境法典草案三次审议稿。 其中，总则编对人民法院、人民检察院在生态环境保护工作中的职能做进一步补充完善；完善生态环境 信用监管制度，增加信用修复的内容；对生态环境监测机构实行备案制度，强化监管。绿色低碳发展编 充实绿色低碳发展的总体要求，进一步强化发展循环经济有关制度措施，明确支持优先开发利用可再生 能源；完善应对气候变化与碳达峰碳中和有关制度措施。法律责任和附则编增强同类违法行为法律责任 的协调性，进一步贯彻过罚相当原则，完善生态环境损害赔偿制度。 贯彻过罚相当原则，体现在多件拟提请人大常委会会议审议的法律案中。例如，渔业法修订草案 ...

健全宏观经济治理体系 对国家发展规划专门立法，旨在健全宏观经济治理体系，发挥国家发展规划战略导向作用，推动高质量 发展，推进国家治理体系和治理能力现代化。 关于国家发展规划法草案，黄海华介绍，2025年9月，十四届全国人大常委会第十七次会议对国家发展 规划法草案进行了二次审议。根据各方面意见，草案三次审议稿拟完善国家发展规划的定义，增加规 定"可以根据需要提出远景目标"；完善国家规划体系，妥善处理各级各类规划之间的关系，增加规定国 家建立健全"由国家和地方规划共同组成，定位准确、边界清晰、功能互补、统一衔接的国家规划体 系"。 根据我国宪法和法律规定，全国人民代表大会审查和批准国民经济和社会发展计划和计划执行情况的报 告，县级以上的地方各级人民代表大会审查和批准本行政区域内的国民经济和社会发展计划以及它们的 执行情况的报告。 12月19日，全国人大常委会法制工作委员会举行发言人记者会介绍，十四届全国人大常委会第十九次会 议将于12月22日至27日在北京举行。会议拟继续审议生态环境法典草案、国家发展规划法草案、民用航 空法修订草案、对外贸易法修订草案等。相关立法将进一步强化制度规范，护航经济高质量发展。 贯彻过 ...

Core Viewpoint - The establishment of a sound macroeconomic governance system is a key component of Xi Jinping's economic thought, aimed at ensuring high-quality and sustainable economic development [1][2]. Group 1: Macroeconomic Governance System - The macroeconomic governance system encompasses not only macroeconomic policy frameworks but also local government economic governance and regional coordination strategies, aiming to improve the effectiveness of macroeconomic policies [1][2]. - The system's construction benefits from China's solid material foundation, unique institutional advantages, scientific methodologies, and long-term practical experience [1][2]. - The institutional advantage of concentrating efforts on major issues provides essential support for building a comprehensive macroeconomic governance system, enhancing the consistency of macroeconomic policy orientation [1][2]. Group 2: Importance and Theoretical Value - From a medium to long-term perspective, achieving the "14th Five-Year" development goals requires an average annual growth rate of 4.5% to 5% over the next five years, necessitating strong support from macroeconomic governance [2]. - The governance system reflects a complex engineering project that requires enhanced overall planning and top-level design, seeking dynamic balance among multiple objectives and achieving coordinated efforts across various tasks [2][3]. - The governance approach emphasizes a systematic view and a deep understanding of the economic work regulations in the new era, showcasing a precise grasp of developmental realities [2][3]. Group 3: Future Directions - Future efforts should focus on enhancing the effectiveness of macroeconomic governance by adhering to goal orientation and continuously improving the governance system [3]. - The integration of stability, growth, and structural policies into a unified framework is essential for improving policy efficiency [3]. - A clear boundary for macroeconomic policies will facilitate a better combination of effective markets and proactive government roles, injecting lasting momentum into Chinese-style modernization [3].

Core Viewpoint - The establishment of a sound macroeconomic governance system is a key component of Xi Jinping's economic thought, aimed at ensuring high-quality and sustainable economic development through effective governance [1][2]. Group 1: Macroeconomic Governance System - The macroeconomic governance system encompasses not only macroeconomic policy frameworks but also local government economic governance and regional coordination strategies, aimed at improving the effectiveness of macroeconomic policies [1][2]. - The construction of this system benefits from China's solid material foundation, unique institutional advantages, scientific methodologies, and long-term practical experience [1][2]. - The institutional advantage of concentrating efforts on major tasks provides essential support for building a comprehensive macroeconomic governance system, enhancing the consistency of macroeconomic policy orientation [1][2]. Group 2: Importance and Theoretical Value - From a medium to long-term perspective, achieving the "14th Five-Year" development goals requires an average annual growth rate of 4.5% to 5% over the next five years, necessitating strong support from macroeconomic governance [2]. - The governance system is crucial for maintaining a proactive position in international power dynamics and effectively managing total demand and supply through stable, growth, and structural policies [2]. - The complexity of establishing a sound macroeconomic governance system reflects the need for comprehensive planning and top-level design, seeking dynamic balance among multiple objectives [2]. Group 3: Future Directions - Future efforts should focus on enhancing the effectiveness of macroeconomic governance by integrating stability, growth, and structural policies into a unified framework [3]. - Policies related to national development plans and major strategies should work in synergy, optimizing resource allocation and structural adjustments [3]. - A clearer boundary for macroeconomic policies will facilitate a better combination of effective markets and proactive government roles, injecting lasting momentum into Chinese modernization [3].

Group 1 - The core viewpoint emphasizes the importance of the interaction between new supply and new demand to enhance the domestic economic cycle and promote high-quality economic development [1] - The State Development and Reform Commission's deputy director highlights the need for technological innovation to lead industrial innovation, encouraging enterprises to increase R&D investment and utilize breakthroughs in AI and biotechnology [1] - The focus on developing new consumption scenarios such as smart homes and health technologies aims to provide platforms for domestic brands to showcase their products [1] Group 2 - Continuous improvement of the macroeconomic governance system is essential for supporting high-quality economic development, including enhancing macroeconomic regulation [2] - Policies should guide production factors towards strategic areas, promoting the development of the real economy in intelligent, green, and integrated directions [2] - A market-oriented, legal, and international business environment is necessary, along with effective income distribution adjustments to foster social equity and stability [2]

Core Viewpoint - The report emphasizes the significance of China's five-year plans as a crucial strategy for governance and economic development, highlighting their role in achieving the "Chinese miracle" and effective governance [3][5]. Group 1: Importance of Five-Year Plans - The five-year plan is identified as a key vehicle for "China's governance," essential for establishing a robust macroeconomic governance system [5]. - Lin Muxi outlines three key terms: "important advantages, important support, and concentrated embodiment," which reflect the critical role of five-year plans in "China's governance" [3]. Group 2: Implementation and Coordination - The rational layout of government macro-control should closely align with the rational behavior of market micro-entities to achieve organic balance between macro and micro [5]. - Lin Muxi calls for adherence to six "persistences" to support the party's leadership and actively participate in the implementation of national five-year planning goals [5]. Group 3: Educational Impact - The lecture serves as a bridge between academic frontiers and business education, helping students understand the internal logic of national planning and economic development [9]. - Students from the elite economics class are encouraged to align their professional growth with the strategic needs of the "14th Five-Year Plan," contributing to high-quality national economic development [9].

Core Points - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China was held from October 20 to 23, 2025, in Beijing, where the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development" were approved [1] - The "15th Five-Year" period is seen as a critical time for achieving socialist modernization and aims to continue the rapid economic development and long-term social stability of China [1] Economic Development Goals - The main goals for the "15th Five-Year" period include significant achievements in high-quality development, substantial improvements in technological self-reliance, breakthroughs in comprehensive deepening of reforms, enhanced social civilization, improved quality of life, major progress in building a beautiful China, and strengthened national security [1][2] - By 2035, the aim is for China's economic strength, technological capability, national defense, comprehensive national power, and international influence to significantly increase, with per capita GDP reaching the level of moderately developed countries [1] Focus on High-Quality Development - High-quality development is prioritized, indicating a continuation of current policies aimed at economic structural transformation and the development of new productive forces [2] - The construction of a modern industrial system is emphasized as a key driver for high-quality economic development, focusing on the real economy and promoting intelligent, green, and integrated development [2][3] Domestic Market Development - The session highlighted the importance of building a strong domestic market and accelerating the establishment of a new development pattern, emphasizing the expansion of domestic demand as a strategic foundation [3][4] - The approach includes promoting consumption, effective investment, and ensuring a positive interaction between supply and demand to enhance the internal dynamics of the domestic economy [4] Macroeconomic Governance - The session called for accelerating the construction of a high-level socialist market economy and enhancing the driving force for high-quality development [5] - It aims to stimulate the vitality of various business entities and improve the efficiency of macroeconomic governance [5][6] Fiscal and Monetary Policy - The fiscal and monetary policies during the "15th Five-Year" period will focus on providing financial resources for major national strategies and implementing counter-cyclical adjustments to stabilize the macroeconomic operation [6] - The policies will maintain strong stability and continuity, with a focus on supporting employment, businesses, and market expectations to consolidate economic recovery [6]

Core Points - The "Law on Promoting the Development of the Private Economy" officially took effect on May 20, 2025, marking a significant milestone in China's legal framework for private economic development [1][3][4] - This law embodies the principles and policies established by the central government since the 18th National Congress of the Communist Party, aiming to enhance the legal status and support for the private economy [3][4][5] Summary by Sections Historical Context - Over the past 40 years, the private economy in China has grown significantly, contributing to stable growth, innovation, employment, and improved living standards, thus becoming a vital force in economic and social development [3] - The number of private enterprises in the Fortune 500 has reached over 300, and there are now 34 private enterprises in the Global 500, indicating the increasing prominence of private companies in the global market [3] Legislative Significance - The law consolidates effective practices and experiences from the private economy's development, aiming to address shortcomings and enhance the legal framework supporting private enterprises [4][5] - It reflects the central government's commitment to the principle of "two unwavering commitments" and emphasizes the importance of legal support for private enterprises to thrive [4][5] Key Provisions - The law establishes the legal status of the private economy and enshrines the promotion of its sustainable, healthy, and high-quality development as a major national policy [5] - It emphasizes equal treatment, fair competition, and protection of rights for private enterprises, institutionalizing support for their access to capital, technology, and other resources [5][6] Economic Governance - The law integrates the promotion of the private economy into national economic and social development planning, establishing a coordinated mechanism for its development [6] - It mandates that relevant government departments and local authorities implement policies to support the private economy, embedding these efforts into the broader macroeconomic governance framework [6]