责任编辑：钟离 财经频道更多独家策划、专家专栏，免费查阅>> 国家发改委副秘书长肖渭明13日表示，目前改进提升营商环境的最大动作，就是清理政府欠款，即单个 合同或单个项目欠款50万元以下的，到2025年底要全部清理完毕。 12月13日，由中国国际经济交流中 心举办的"2025-2026中国经济年会"在北京举行。肖渭明在年会上发表《贯彻落实中央经济工作会议部 署 扎实做好明年经济发展重点工作》的主旨演讲。 中央经济工作会议指出，坚持改革攻坚，增强高质 量发展动力活力。制定全国统一大市场建设条例，深入整治"内卷式"竞争。制定和实施进一步深化国资 国企改革方案，完善民营经济促进法配套法规政策。加紧清理拖欠企业账款。 ...

Core Insights - The State-owned Assets Supervision and Administration Commission (SASAC) held a meeting to discuss the "14th Five-Year Plan" for central enterprises, focusing on investment strategies and the importance of technological innovation and major projects for sustainable development [1][6] Group 1: Strategic Focus - SASAC emphasizes the need to strengthen and optimize state-owned enterprises (SOEs) while ensuring a balance between proactive growth and stability [1][6] - The meeting highlighted the importance of aligning investment with national growth targets and long-term development needs, aiming to stimulate effective demand and attract more social capital [1][4] Group 2: Technological Innovation - Technological innovation is identified as the core competitive advantage of SOEs, with major projects serving as key vehicles for implementing national strategies [1][2] - Central enterprises have significantly increased R&D investment, with an annual growth rate of approximately 6.5% since the "13th Five-Year Plan," surpassing 1 trillion yuan annually [4][6] Group 3: Investment Trends - By the first three quarters of 2025, central enterprises are projected to complete fixed asset investments exceeding 3 trillion yuan, with 40% directed towards strategic emerging industries [5] - The National Energy Group is actively fostering new technologies in hydrogen energy and energy storage, enhancing the digitalization and high-end capabilities of the energy industry [5] Group 4: Reform and Development - The "14th Five-Year Plan" period is crucial for enhancing the core functions and competitiveness of SOEs, with a focus on optimizing economic layout and structural adjustments [2][6] - SASAC plans to deepen reforms in state-owned enterprises, including market-oriented management mechanisms and enhancing internal operational systems [7][8]

Group 1 - The meeting of the 14th National People's Congress Standing Committee focused on the management of state-owned assets for the year 2024, excluding financial enterprises [1] - Eight participants raised inquiries regarding the reform measures and effectiveness of state-owned enterprises (SOEs), optimization of state-owned economic layout, and structural adjustments [1] - Key topics included the preservation and appreciation of state-owned capital, promoting technological innovation in SOEs, and reforming the compensation system for state-owned enterprises [1] Group 2 - The meeting was attended by Vice Premier Zhang Guoqing and officials from various ministries including the State-owned Assets Supervision and Administration Commission, Ministry of Finance, and Ministry of Science and Technology [1] - The session was chaired by Vice Chairman Xiao Jie, indicating a high-level governmental focus on the issues discussed [1]

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the need for high-level planning in the next phase of deepening state-owned enterprise (SOE) reform, aiming to adapt to the requirements of a high-level socialist economic system and promote modernization in China [1] Group 1 - The meeting highlighted the importance of addressing deep-seated institutional and mechanism issues that hinder the high-quality development of state-owned enterprises [1] - There is a focus on balancing the concepts of "allowing flexibility" and "ensuring control" in the management of state-owned assets [1] - The goal is to strengthen, optimize, and expand state capital and enterprises, enhancing their core functions and competitiveness to better fulfill strategic missions [1]

Core Viewpoint - The upcoming National Two Sessions are expected to focus on "stabilizing growth" and emphasize macro policy support to boost domestic demand, with a particular focus on enhancing consumer spending [2][3]. Economic Policy Focus - UBS's chief economist Wang Tao predicts increased fiscal spending on consumption and households, including doubling the scale of trade-in subsidies, establishing childbirth and childcare subsidies, raising basic pension payments, and enhancing government support for basic social security [2]. - Nomura's chief economist Lu Ting highlights the government's potential focus on four areas: transfer payments to local governments, funding for large-scale equipment upgrades and trade-in programs, financial support for the real estate sector, and fiscal assistance for low-income families [3]. - The macroeconomic policy is expected to maintain a "moderately loose" stance, with measures to lower financing costs for enterprises and households, reduce reserve requirements and policy interest rates, and promote reasonable inflation rebound [2]. Industry Trends - The emergence of AI applications, particularly driven by DeepSeek, is expected to stimulate investment in emerging sectors like AI and cloud computing, with the AI core industry projected to exceed 17.3 trillion yuan by 2035, accounting for over 30% of the global market [3]. - The focus on innovation, technology, and modernization is evident in the frequency of related terms in government work reports, indicating a strong emphasis on sectors like AI, quality consumption, new urbanization, infrastructure expansion, and food security [3][4]. Consumption and Market Dynamics - The stock market's recovery has shown a certain wealth effect, and the real estate sector has performed slightly better than expected, indicating a potential shift in consumer sentiment and spending [2]. - The National Two Sessions are anticipated to maintain a GDP growth target of around 5%, with a strong emphasis on boosting consumption as a key priority [4].