（来源：中国改革报） 转自：中国改革报 有效投资是深化供给侧结构性改革和扩大有效需求的有机结合点。2025年，受多重因素交织影响，固定 资产投资出现负增长。对于这一趋势，我们既要高度重视，也要沉着冷静，要科学认识投资的重要意 义，适应新形势新要求，坚定不移扩大有效投资。 贯通供给需求，推动经济实现良性循环。作为拉动经济增长的"三驾马车"之一，投资在当期直接引发对 各类原材料、设施设备、工器具、消费品的需求，同时带动相关企业的生产资料和生活资料投资，形成 新的供给。基于历史数据的测算表明，我国每1元投资可带动0.55元消费和0.44元劳动收入，每1亿元投 资能创造近600个就业岗位。在应对2008年全球金融危机等冲击中，投资成为畅通循环、稳定经济大盘 的"压舱石"，2009年资本形成总额对我国经济增长的贡献率达到84.3％。精准有效的投资，既能创造更 多高质量就业岗位、增加居民收入，又能催生出新产业、新业态、新模式、新产品，为消费的持续扩大 奠定坚实基础。与此同时，居民收入水平提高，消费能力增强，消费持续优化升级将催生新的投资机 会，进而带动投资增长。"十五五"及未来一段时期，投资和消费在经济循环中都扮演着重要 ...

Group 1 - Effective investment is a key point for deepening supply-side structural reform and expanding effective demand, with a focus on increasing effective investment despite projected negative growth in fixed asset investment by 2025 [1] - Investment plays a crucial role in driving economic growth, with historical data indicating that every 1 yuan of investment can stimulate 0.55 yuan in consumption and 0.44 yuan in labor income, creating nearly 600 jobs per 100 million yuan invested [2] - The investment rate in successful economies tends to remain above 30% during critical growth phases, highlighting the need for China to maintain a necessary investment intensity to optimize structure and support economic growth [3] Group 2 - Effective investment encompasses not only economic benefits but also innovation, ecological, social, and safety benefits, contributing to high-level technological self-reliance and sustainable development [4] - The "14th Five-Year Plan" emphasizes maintaining reasonable investment growth and improving investment efficiency, with a focus on government investment in public sectors and encouraging private investment in areas where market mechanisms can be effective [5]

Core Viewpoint - The article outlines the key tasks and strategic goals for the development of Hainan Province, focusing on building a high-standard free trade port, enhancing the modern industrial system, expanding effective demand, and fostering innovation and talent development. Group 1: High-Standard Free Trade Port Construction - Improve the level of trade and investment liberalization and facilitation, optimize goods trade management systems, and promote service trade quality enhancement [12] - Steadily expand institutional openness and establish compliance mechanisms aligned with international rules [12] - Promote the flow of goods and factors, maintaining the best national entry and exit policies [12] Group 2: Modern Industrial System Development - Focus on upgrading the four leading industries: tourism, modern services, high-tech industries, and tropical agriculture [13] - Cultivate and strengthen the "Five Directions" characteristic industrial chains [13] - Advance the layout of future industries such as bio-food, bio-agriculture, and hydrogen energy [13] Group 3: Effective Demand Expansion - Promote the construction of an international tourism consumption center and enhance Hainan's tourism brand [14] - Optimize consumption policies, including duty-free shopping, to align with international standards [14] - Encourage effective investment in infrastructure and support private enterprises in various sectors [14] Group 4: Talent and Technology Innovation - Implement actions to attract top talent and adjust foreign work guidelines [15] - Build a multi-level technology innovation system and encourage enterprises to increase basic research investment [15] Group 5: Comprehensive Reform Deepening - Stimulate the vitality of various business entities and strengthen state-owned enterprises [16] - Improve the market-oriented allocation of factors and reduce costs across society [16] - Create a first-class business environment and reform market access [16] Group 6: Infrastructure and Regional Development - Develop a modern comprehensive transportation system and enhance energy infrastructure [17] - Promote regional coordination and support the development of key cities [16] Group 7: Environmental and Cultural Development - Advance low-carbon initiatives and maintain high environmental quality [18] - Promote cultural industries and enhance public cultural services [18] Group 8: Population and Social Development - Build a supportive environment for families and improve educational quality [19] - Establish a comprehensive health system and enhance services for the elderly [19] Group 9: Safety and Security - Strengthen national security systems and improve public safety governance [19] - Enhance the overall safety perception among the populace [19]

Group 1: Economic Development and Investment - The domestic demand market is crucial for economic development and social livelihood, serving as a primary support for economic growth [1] - Industrial, manufacturing, and industrial technological transformation investments grew by 9.4%, 13.3%, and 6.1% respectively, while private investment increased by 4.6%, indicating an optimization in investment structure and efficiency [1] - The government work report emphasizes the need to expand effective demand to ensure stable economic growth, with representatives suggesting strategies for effective investment and new consumption [1][2] Group 2: Effective Investment Expansion - Effective investment is essential for current demand and future supply, focusing on both quantitative growth and qualitative improvement [2] - The government plans to deepen high-quality project promotion, enhancing project management from construction to output to stimulate investment growth and optimize industrial structure [2] - Recommendations include establishing a "project manager" system for cross-department coordination and creating a provincial guiding fund to attract social capital [2] Group 3: New Consumption Opportunities - The government aims to boost consumption through special actions, including trade-in programs and holiday consumption policies, while removing unreasonable restrictions in the consumption sector [4] - New consumption is driven by data empowerment and innovative scenarios, with suggestions for a "1+N" new consumption city system and enhanced cross-department collaboration [5] - Initiatives like the "Silk Road New Year Goods Festival" and the establishment of cultural and commercial integration parks are proposed to stimulate consumption vitality [5] Group 4: Optimizing Business Environment - The private sector plays a vital role in market supply and consumption capacity, necessitating a better development environment for high-quality growth [6] - Continuous improvement of the business environment is highlighted, with measures to ensure fair market access and competition for private enterprises [6] - Suggestions include implementing a risk filing system for business environment reforms to encourage innovation while managing potential risks [6]

昨天（1月22日），在市十七届人大五次会议上，市长吴庆文在政府工作报告中建议，"十五五"时 期苏州要突出创新引领、开放赋能，突出转型升级、提质增效，突出产创融合、城乡融合、人文与经济 融合，在六个方面重点发力，高水平建设国际化现代化人民城市，确保基本实现社会主义现代化取得决 定性进展。 今年是"十五五"开局之年，报告建议重点做好十个方面工作。在深化产创融合方面，实施"平台赋 能跃升"等六大行动，全力打造区域科技创新中心和产业科技创新高地。在做强实体经济方面，实施"苏 州智造"强基提质工程，全力争创国家新型工业化示范区、国家"两业融合"试点城市。在扩大有效需求 方面，实施内需扩容增效工程，打造更具吸引力的投资消费目的地。在拓展合作空间方面，实施高水平 开放赋能工程，吸引集聚全球高端资源。在强化改革牵引方面，实施改革攻坚工程，开展"三服务"专项 行动，创造更加公平、更有活力的市场环境。在优化城市功能方面，丰富城市内涵，让城市充满灵气、 更加温馨、更加美丽、更加宜居。在农业农村现代化方面，加快建设农业强市，推进城乡统筹和乡村全 面振兴，更大力度打造新时代鱼米之乡。在繁荣文化发展方面，持续塑造"江南文化"品牌，不断提 ...

齐鲁晚报齐鲁壹点李潇 2026年菏泽市经济社会发展重点工作安排正式发布，明确了全年发展的核心方向与关键任务。围绕产业升级、需求扩大、创新驱动等八大领域，菏泽从产 业培育、基建完善、民生保障等维度制定具体举措，以系统规划推动经济社会高质量发展，让发展蓝图转化为实实在在的建设成效。 / \大重点工作 加快产业升级 7 . 实施重点产业塑优工程、传统产业焕新工 程、新兴产业壮苗工程、服务业提升工程。 2. 扩大有效需求 ● 推动47个新增产值10亿元 以上项目 ● 举办促消费活动700场以上。 ● 力争跨境电商交易额增长 5%以上。 3. 聚焦创新驱动 ↑ 力争全社会研发投入增长10%以上,新增 飞地研发中心10家以上 ↑全力谋划争取和承接建设一批国家级、省 级改革试点 ↑ 全年新增"四上" 企业430家以上。 提升服务效能 迭代更新服务场景129个,新推出"一 件事" 20个以上，确保全市"7+1″ 类 政务服务事项网办率达到98%以上。 5. 优化空间布局 ◆ 推动雄商高铁菏泽段年内建成通车 ◆ 新改建城区道路35条 ◆ 实施棚改安置房两年交付 攻坚行动,年内交付2万套以上 推进乡村振兴 6. ◆ 确保粮食总产 ...

Core Insights - The State Council's meeting on January 9 emphasized the importance of fiscal and financial collaboration to boost domestic demand, positioning it as a primary focus for economic work in 2026 [2] - The strategy aims to build a strong, reliable, and vibrant domestic market, enhancing the resilience and foundation of China's economic self-development [2] Group 1: Policy Implementation - The recent implementation of personal consumption loans and service industry operating loans with fiscal interest subsidies represents an innovative exploration of fiscal-financial collaboration to stimulate consumption [3] - These policies are designed to lower credit costs for residents and businesses, ensuring that consumption is supported while improving livelihoods [3] Group 2: Systematic Approach - A series of policy documents released in December 2025 indicates a clear, systematic, and long-term approach to boosting domestic demand, with multiple departments collaborating to create a cohesive policy framework [3] - The underlying logic of these policies is shifting from merely stimulating transactions to investing in people and systematically building a domestic demand framework [4] Group 3: Key Focus Areas - To effectively implement the consumption-boosting policies, it is crucial to strengthen policy coordination across fiscal, financial, and industrial dimensions, ensuring a unified policy logic and implementation rhythm [4] - Ensuring that funds reach genuine consumers and struggling service industry entities is essential, utilizing big data and financial technology to prevent arbitrage and ensure targeted use of policy funds [4] Group 4: Supply and Demand Dynamics - The release of demand must be supported by high-quality supply, necessitating advancements in green and intelligent product development, recycling systems, and service industry standards [5] - The goal is to create a virtuous cycle where consumption drives supply and supply creates demand, fostering intrinsic growth in the domestic market [5] Group 5: Financial Support and Upgrading - The collaboration between fiscal and financial policies aims not only to increase consumption but also to adjust the structure of domestic demand, directing financial resources towards services, green consumption, and new consumption scenarios [5] - The latest deployment from the State Council signifies a shift towards more refined, systematic macro-control that enhances the efficiency of policy transmission [6]

日前召开的2026年首场国务院常务会议（以下简称"会议"），部署实施财政金融协同促内需一揽子政 策。会议强调，"要加强财政政策与金融政策配合联动，充分发挥政策效应，引导社会资本参与促消 费、扩投资"。 "当前强调财政金融协同促内需，主要在于提升政策传导效率，破解单一工具边际效应递减问题。"中信 证券首席经济学家明明在接受《证券日报》记者采访时表示，这一部署可形成政策合力，提振市场预 期，同时也为中长期高质量发展夯实内需基础，增强经济韧性。 政策协同放大效能 财政是国家治理的基础和重要支柱，金融是实体经济的血脉。财政金融协同发力的导向，已在近期召开 的一系列重要会议中逐步明确。 2025年12月份召开的中央经济工作会议提出，"实施更加积极有为的宏观政策，增强政策前瞻性针对性 协同性"；同月召开的全国财政工作会议进一步明确，2026年继续实施更加积极的财政政策，并强调"加 强财政金融协同，放大政策效能"。 宋向清则认为，可从针对特定消费场景加大财政补贴力度、鼓励金融机构参与支持民营企业债券市场等 方面持续发力，进一步激发市场活力。 惠民生促消费 从具体部署来看，围绕促进居民消费，会议提出，"优化实施服务业经营主体 ...

Core Viewpoint - The establishment of the Hainan Free Trade Port (FTP) marks a significant transition from policy pilot to institutional arrangement, presenting both opportunities and challenges for development, with a general consensus that opportunities outweigh challenges [1]. Group 1: Development Strategy - The Hainan FTP aims to achieve a "good start" in its first year of operation post-closure, focusing on the effective implementation of policies and attracting global quality resources [2]. - A modern industrial system will be constructed to enhance the synergistic effects of the FTP's operations, promoting the development of key industries and high-value manufacturing [2]. - The strategy includes expanding effective demand to leverage China's large market, integrating various policies to stimulate consumption and investment, and fostering a virtuous cycle [2]. Group 2: Open Economy and Reforms - High-level openness will be expanded to contribute to the national development framework, with initiatives aimed at meeting new demands from regional industrial upgrades [3]. - Key reforms will be implemented to create a first-class business environment, focusing on state-owned enterprises, financial systems, and optimizing mechanisms for business engagement [3][4]. - Urban-rural integration and regional collaboration will be promoted, enhancing new urbanization and rural revitalization efforts [3]. Group 3: Social and Environmental Focus - Measures will be taken to ensure social welfare, including employment initiatives, education services, healthcare improvements, and social support systems [4]. - Environmental protection will be prioritized, with strict oversight on ecological conservation and the implementation of national ecological civilization projects [4]. Group 4: Commitment to High-Quality Development - The Hainan FTP will embody a spirit of innovation and determination, aiming for high-quality development and a proactive approach to challenges in the upcoming year [5].

Core Viewpoint - The Sichuan Provincial Economic Work Conference emphasizes the importance of expanding effective demand as a key strategy for promoting high-quality economic development, particularly in Chengdu as the core engine of the Chengdu-Chongqing economic circle [1] Consumption Expansion and Quality Improvement - Chengdu aims to enhance consumer spending through policies and innovative consumption scenarios, targeting a retail sales total of 8,291.7 billion yuan by the third quarter of 2025, reflecting a 6.5% year-on-year growth, surpassing the national average of 4.5% [1] - The "trade-in" policy has been pivotal in stimulating large-scale consumption, with over 58,000 applications for vehicle subsidies in the first half of 2025, leading to new car sales of 40 billion yuan [2] - Innovative consumption scenarios are reshaping the urban consumption ecosystem, with a 197.2% increase in retail sales of communication equipment and a 22.2% growth in sports and entertainment products by 2025 [3] Investment Precision and Infrastructure Development - Chengdu focuses on major projects in infrastructure, industry upgrades, and public welfare to enhance investment scale and efficiency, with significant infrastructure projects like the completion of the Jinsha River Silver River Hydropower Station by December 2025 [5] - The city is advancing new productive forces through investments in artificial intelligence and other emerging industries, with the first commercial supercritical carbon dioxide generator set to operate in 2025 [6] Social Investment and Quality of Life - Investment in public services such as education, healthcare, and elderly care is increasing, with plans to build or expand 20 schools and add 30 community elderly care complexes by 2025 [7] - This investment strategy aims to alleviate residents' financial burdens in education, healthcare, and elderly care, thereby enhancing consumer confidence and spending capacity [7] Regional Collaborative Development - Chengdu is breaking the urban-rural dual structure and promoting regional collaboration to extend the internal demand market from cities to rural areas, with rural residents' disposable income projected to grow by 5.8% by 2025 [8] - The Chengdu-Chongqing economic circle is expected to see a retail sales total exceeding 3 trillion yuan by 2025, becoming one of the fastest-growing regional consumer markets in the country [9] Reform and Innovation - Continuous optimization of consumption policies is essential to enhance consumer confidence and capability, with plans to expand the scope of trade-in subsidies and improve the quality of consumption scenarios [11] - The focus on breaking down barriers to resource allocation and promoting regional integration is crucial for expanding internal demand and enhancing market efficiency [12]