Core Viewpoint - The Central Economic Work Conference held on December 10-11, 2025, affirmed the economic performance and policy effectiveness during the "14th Five-Year Plan" period, emphasizing a stable yet progressive approach for 2026 to achieve qualitative improvements and reasonable quantitative growth in the economy [1][3]. Economic Performance and Policy Effectiveness - The conference recognized the resilience of China's economy amid multiple pressures, with GDP growth of 5.2% year-on-year in the first three quarters, surpassing the annual target of around 5.0% [3]. - The meeting highlighted the importance of internal capacity building to address external challenges, reflecting a confident stance on China's economic trajectory [3]. Macroeconomic Policy Direction - The macroeconomic policy for 2026 will maintain three key orientations: more proactive fiscal policy, moderately loose monetary policy, and a consistent macro policy framework [5][6]. - The fiscal deficit rate is expected to remain stable, while the scale of special bonds and long-term special treasury bonds will increase to support infrastructure and innovation projects [5][6]. Focus on Domestic Demand - The conference emphasized the need to strengthen domestic demand as a primary task for 2026, with policies aimed at boosting consumer spending and increasing residents' income [9]. - Specific measures include implementing consumption promotion actions and enhancing policies to improve consumer capacity and willingness [9]. Technological Innovation - The meeting underscored the importance of technological innovation as a key focus, aiming to cultivate new growth drivers and enhance development advantages [11]. - Future initiatives will include developing a comprehensive plan for education and talent in technology, establishing international innovation centers, and optimizing the industrial structure [11]. Real Estate Market Stability - The conference addressed the need to stabilize the real estate market and manage local government debt risks, with a focus on promoting high-quality development in the real estate sector [12][14]. - Key strategies include reforming the housing provident fund system and implementing policies to support the market's recovery [12][14]. Foreign Trade and Investment - The meeting shifted the focus from merely stabilizing foreign trade and investment to promoting win-win cooperation across multiple fields [16]. - Future efforts will include expanding service sector openness, fostering new trade dynamics, and enhancing bilateral and regional cooperation [16][17].