Economic Outlook - The meeting emphasized the need to "concentrate efforts on doing our own things well" and to continue writing new chapters of rapid economic development and long-term social stability[4] - The economic situation is characterized by both strategic opportunities and risks, with an increasing number of unpredictable factors[4] - The goal for the year is to achieve a 5% economic growth rate, supported by nearly 300 billion yuan in policy financial tools and an allocation of 500 billion yuan from local government debt limits[5] Industrial Development - The meeting highlighted the importance of building a modern industrial system and maintaining a reasonable proportion of manufacturing[6] - Emphasis was placed on the integration of technology innovation into industrial practices, promoting collaboration between traditional and emerging industries[6] - The focus on enhancing domestic circulation and breaking down barriers to a unified national market was reiterated[6] Technological Advancement - The meeting called for accelerating high-level technological self-reliance and strengthening the role of new productive forces[7] - It proposed a coordinated development of education, technology, and talent, along with advancing digital China initiatives[7] Economic Reform and Social Welfare - Economic system reform was positioned as a key priority, with a focus on improving macroeconomic governance[8] - The meeting underscored the commitment to common prosperity, emphasizing employment, income, and housing as critical areas[8] Green Development - The meeting proposed accelerating comprehensive green transformation of economic and social development, with a focus on achieving carbon peak and carbon neutrality[9] - It emphasized the importance of building a new energy system and enhancing ecological safety[9]

宏 观 研 究 四中全会精神学习理解 国 内 经 济 相关研究 证券分析师 赵伟 A0230524070010 zhaowei@swsresearch.com 贾东旭 A0230522100003 jiadx@swsresearch.com 侯倩楠 A0230524080006 houqn@swsresearch.com 联系人 贾东旭 (8621)23297818× jiadx@swsresearch.com 2025 年 10 月 23 日 续写奇迹新篇章 ——四中全会精神学习理解 事件：中国共产党第二十届中央委员会第四次全体会议，于 2025 年 10 月 20 日至 23 日在北京举行。 一、全会强调"集中力量办好自己的事"，"续写经济快速发展和社会长期稳定两大奇迹新篇章 经济形势研判方面，本次会议指出"我国发展处于战略机遇和风险挑战并存、不确定难预料因素增多的时期"， 同时着重强调，要"勇于面对风高浪急甚至惊涛骇浪的重大考验"。相较于十九届五中全会，本次会议更加突出 我国经济长期向好的支撑条件、基本趋势与制度优势，并明确提出要"以历史主动精神克难关、战风险、迎挑战， 集中力量办好自己的事，续写经济快 ...