健全宏观经济治理体系是习近平经济思想的重要内容。"十五五"规划建议明确提出，坚持和完善社 会主义基本经济制度，更好发挥经济体制改革牵引作用，完善宏观经济治理体系，确保高质量发展行稳 致远。这为新征程上提升宏观经济治理效能、推动经济持续健康发展提供了科学指引。 面向未来，要按照党的二十届四中全会的部署，以提升宏观经济治理效能为抓手，坚持目标导向， 不断完善宏观经济治理体系。具体而言，通过宏观政策"三策合一"，把稳定、增长、结构三大类政策纳 入统一框架，更好提升政策效率；围绕实施国家发展规划、重大战略，促进财政、货币、产业、价格、 就业等政策协同发力，优化各类增量资源配置和存量结构调整；把经济政策和非经济性政策统一纳入宏 观政策取向一致性评估；处理好政府和市场的关系，充分发挥市场在资源配置中的决定性作用，更好发 挥政府作用。由此，宏观经济治理体系越完善，宏观经济政策边界越清晰，越能做到有效市场和有为政 府的更好结合，为中国式现代化注入持久动力。 (本文来源：经济日报 作者陈彦斌系中国社会科学院工业经济研究所所长) 宏观经济治理体系内涵丰富、目标多元，不仅涵盖宏观经济政策体系，还涵盖地方政府经济治理和 区域协调发展 ...

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]

Core Viewpoint - The article discusses the significance and impact of China's five-year plans, particularly focusing on the upcoming "15th Five-Year Plan" and its preparation process, emphasizing the importance of public participation and the integration of long-term and short-term goals [1][3][5]. Group 1: Importance of Five-Year Plans - Five-year plans are crucial for China's economic and social development, reflecting a long-term strategic thinking that is a political advantage of socialism with Chinese characteristics [3][4]. - The global interest in China's five-year plans has increased as the country continues to achieve economic breakthroughs, showcasing the plans' significant role in this success [3]. Group 2: Planning Cycle and Methodology - The five-year cycle is chosen to balance short-term adjustments and long-term visions, allowing for continuous policy updates and alignment with major national goals [4][7]. - Market participants should focus on long-term opportunities within the plans rather than just new terminologies, as continuity in development goals is essential for identifying sustainable investment opportunities [4][8]. Group 3: Changes in Internal and External Environment - The "15th Five-Year Plan" faces a more complex internal and external environment compared to the "14th Five-Year Plan," including intensified great power competition and a rapidly changing global economic landscape [8][9]. - The domestic economic challenges, such as population issues and external risks, require a more nuanced approach in the upcoming plan [8][10]. Group 4: Focus Areas in the "15th Five-Year Plan" - The plan will emphasize expanding domestic demand, particularly through boosting consumption and addressing long-term challenges in areas like population and employment [10][14]. - Major engineering projects will be prioritized, focusing on traditional sectors like energy and infrastructure while also enhancing "soft construction" related to human capital development [16][17]. Group 5: Reform and Policy Alignment - The "15th Five-Year Plan" will align with the broader reform agenda set by the 20th National Congress, focusing on implementing over 300 reform measures to enhance market economy foundations [19][20]. - Key areas for reform include improving macroeconomic governance and managing market expectations, which are critical for maintaining economic stability [21][22].

Core Viewpoint - The "15th Five-Year Plan" emphasizes the importance of integrating top-level design with public consultation, marking a significant shift in the planning process compared to previous iterations [2][8]. Group 1: Importance of Five-Year Plans - The five-year plans are crucial for China's economic and social development, reflecting a long-term strategic thinking that is central to the ruling party's governance philosophy [3][5]. - The global interest in China's five-year plans has increased as the country continues to achieve economic breakthroughs, highlighting the plans' significant role in this success [5]. Group 2: Planning Cycle and Methodology - The five-year cycle is chosen for its balance between short-term adjustments and long-term vision, allowing for continuous policy updates and implementation of major projects [6][8]. - Market participants should focus on long-term opportunities within the plans rather than just new terminologies, as continuity in development goals is essential for identifying sustainable investment opportunities [6][7]. Group 3: External and Internal Challenges - The "15th Five-Year Plan" faces more complex challenges than the "14th," including intensified great power competition, accelerated technological revolutions, and a restructuring of the global economic landscape [9][10]. - Domestic pressures, such as economic growth stabilization and demographic issues, necessitate a more nuanced approach in the new plan [9][11]. Group 4: Economic Growth and Consumption - The plan will likely emphasize expanding domestic demand, with a focus on boosting consumption as a strategic priority rather than a temporary measure [11][13]. - Service consumption is highlighted as a key area for growth, with policies aimed at enhancing employment and stabilizing the economy [13][14]. Group 5: Infrastructure and Investment - Major infrastructure projects will be a focal point in the "15th Five-Year Plan," with an emphasis on aligning these projects with new economic and social development goals [14][15]. - The plan will also address "soft construction," such as human capital investment, which is critical for long-term economic sustainability [15]. Group 6: Reform and Policy Implementation - The "15th Five-Year Plan" will align with the broader reform agenda set by the 20th National Congress, focusing on practical implementation of reforms to enhance market competitiveness [16][17]. - Key areas for reform include improving the macroeconomic governance system and managing market expectations effectively [18][19].

Group 1 - The draft of the National Development Planning Law has been publicly solicited for opinions, consisting of 4 chapters and 31 articles [1] - The main contents include overall requirements, formulation of national development plans, and implementation of national development plans [1] - The legislation aims to improve the macroeconomic governance system, enhance the strategic guiding role of national development planning, promote high-quality development, and advance the modernization of the national governance system and governance capabilities [1]