【头条要闻】 5个必须、8项任务，中央重要会议细化明年经济工作！最新看点来了 12月11日召开的中央经济工作会议总结2025年经济工作，分析当前经济形势，部署2026年经济工作。继 12月8日中央政治局会议分析研究2026年经济工作，提出明年八大重点任务后，中央经济工作会议在此 基础上进一步细化重点任务的政策安排和目标，并在财政货币政策、政策关键着力点等方面提出具体部 署。 值得注意的是，会议认为，通过实践，我们对做好新形势下经济工作又有了新的认识和体会：必须充分 挖掘经济潜能，必须坚持政策支持和改革创新并举，必须做到既"放得活"又"管得好"，必须坚持投资于 物和投资于人紧密结合，必须以苦练内功来应对外部挑战。[最新定调2026年房地产政策]["八个坚持"释 放哪些信号？] [要点极简版][相关专题] 多家国际机构上调中国经济增速预期 近日多家国际机构密集上调2025年中国经济增速预期。其中，世界银行、国际货币基金组织、亚洲开发 银行分别上调0.4、0.2、0.1个百分点。 多家机构表示，尽管面临冲击，中国经济展现了显著韧性。世行12月11日发布最新一期中国经济简报， 相较上期简报，对2025年中国经济增速预 ...

在"十四五"即将圆满收官、"十五五"即将开启的重要历史节点上，中央经济工作会议12月10日至11日在 北京举行。这是党的二十届四中全会后党中央召开的一次十分重要的会议，对于我们坚定信心、奋发有 为，实现"十五五"良好开局具有重大而深远的意义。 会议准确把握2026年在"十五五"时期的重要地位，明确了明年经济工作的总体要求和政策取向，强调坚 持稳中求进工作总基调，更好统筹国内经济工作和国际经贸斗争，更好统筹发展和安全，实施更加积极 有为的宏观政策，释放了以高质量发展的确定性应对各种不确定性的鲜明信号；部署了明年经济工 作"八个坚持"的重点任务，抓住关键、纲举目张，体现了坚持目标导向和问题导向相结合。我们要认真 学习领会、贯彻落实中央经济工作会议精神，完整准确全面贯彻新发展理念，用好中国特色社会主义制 度优势、超大规模市场优势、完整产业体系优势、丰富人才资源优势，加大逆周期和跨周期调节力度， 推动经济实现质的有效提升和量的合理增长，为实现"十五五"良好开局而凝心聚力、克难奋进。 党中央集中统一领导是做好经济工作的根本保证。形势越是复杂，越要加强党的领导，形成统一意志和 强大合力。做好明年经济工作，各地区各部门要增 ...

12月10日至11日，中央经济工作会议在北京召开。 会议指出，坚持对外开放，推动多领域合作共赢。稳步推进制度型开放，有序扩大服务领域自主开放， 优化自由贸易试验区布局范围，扎实推进海南自由贸易港建设。推进贸易投资一体化、内外贸一体化发 展。鼓励支持服务出口，积极发展数字贸易、绿色贸易。深化外商投资促进体制机制改革。完善海外综 合服务体系。推动共建"一带一路"高质量发展。推动商签更多区域和双边贸易投资协定。 《每日经济新闻》（以下简称NBD）记者梳理发现，围绕坚持对外开放，今年中央经济工作会议部署 了一些新的开放举措，比如优化自由贸易试验区布局范围、推动商签更多区域和双边贸易投资协定等。 那么，优化自由贸易试验区布局范围意味着什么？如何推动多领域合作共赢？在坚持内需主导的背景 下，出口将扮演什么样的角色？ 围绕上述一系列问题，对外经贸大学中国开放经济理论研究院院长桑百川接受了《每日经济新闻》记者 专访。 未来有望在中西部地区增设更多自贸试验区 NBD：相较于去年，今年中央经济工作会议首次提到"优化自由贸易试验区布局范围"。您认为这释放 了什么信号？ 桑百川：自贸试验区是中国制度型开放的重要平台，在贸易自由化、便 ...

Core Points - The Central Economic Work Conference held on December 10-11 outlines the economic work for 2025 and analyzes the current economic situation, setting specific policy arrangements and goals for 2026 [1] - The conference emphasizes the need for a "good start" to the 14th Five-Year Plan, with expectations for China's economic growth rate to be around 5% in 2026, as international organizations have raised their growth forecasts for China [1] Fiscal Policy - The fiscal policy for the 14th Five-Year Plan will continue to adopt a "more proactive" approach, maintaining necessary fiscal deficits while optimizing the structure of fiscal expenditures [2][3] - The fiscal deficit rate is expected to remain at or above 4%, with a total debt scale projected to increase from 12 trillion yuan this year [2][3] - There is a clear focus on "investing in people," with an emphasis on improving human capital and enhancing social welfare expenditures [3] Monetary Policy - The macroeconomic policy will adopt a more proactive stance, with monetary policy expected to remain "appropriately loose" and maintain ample liquidity [4][5] - The use of various policy tools, including interest rate cuts and reserve requirement ratio reductions, will be implemented flexibly and efficiently to support economic stability [4][5] - Structural monetary policy tools will be enhanced to support key areas such as expanding domestic demand and technological innovation [5] Domestic Demand Expansion - Expanding domestic demand is prioritized, with specific measures including the implementation of a plan to increase urban and rural residents' income and stabilize investment [6] - The focus on consumption and investment as key drivers for expanding domestic demand indicates a shift towards demand-side strategies [6] Innovation and Technology - The establishment of three international science and technology innovation centers in Beijing, Shanghai, and the Guangdong-Hong Kong-Macau Greater Bay Area is highlighted as a core strategy for fostering innovation [7][9] - The centers aim to leverage existing resources and address global technological competition, enhancing China's position in the global market [7][9] Market Reforms - The conference emphasizes the need for reforms to optimize the market environment, stimulate enterprise vitality, and deepen financial system support [10] - A key reform initiative includes the establishment of a unified national market, with a focus on improving the regulatory framework to support this goal [10] Capital Market Development - Continuous deepening of capital market reforms is emphasized, with a focus on enhancing the market's ability to serve technological innovation and the real economy [11][12] - The reforms will aim to improve the inclusiveness and coverage of the multi-tiered market system, facilitating the entry of long-term capital [12] Trade and Investment - The conference stresses the importance of promoting regional and bilateral trade and investment agreements to enhance cooperation and trade facilitation [14][15] - The focus on maintaining a multilateral trade system and expanding high-standard free trade agreements is seen as crucial for China's trade strategy [14][15] Real Estate Market Stability - The meeting underscores the importance of stabilizing the real estate market, with a particular emphasis on "de-stocking" as a key measure [16][17] - Encouraging the acquisition of existing housing for affordable housing purposes is identified as a significant strategy to address market challenges [17]

4300家下跌！ 美联储降息也救不了的A股，到底怎么了？ 2025年12月11日下午3点，A股收盘。 股民老张盯着屏幕，半天没说话。 他账户里又缩水了3万，而这已经是本周连续第三天亏损。 盘面上，4300多只股票绿得刺眼，跌停板的数量扎得人心慌。 就在前一天，市场还在欢呼美联储降息的消息，以为全球流动性转向能带一波行情。 结果呢？ A股仅仅高开了二十分钟，就像泄了气的皮球，一头栽下 去。 有人说，这市场是不是疯了？ 利好成了砸盘的信号，仿佛所有人约好了"借利好跑路"。 更让人憋屈的是，指数其实没崩得太难看。 上证跌了0.7%，但北证50反而逆势大涨3.84%。 一边是少数权重股死撑指数，另一边是中小题材股血流成河。 这种"护指数、杀个股"的玩法，成了近期市场的典型特征。 主力资金跑了800亿，散户成了"温水青蛙" 如果你仔细看资金流向，会发现今天的主力简直在"百米冲刺式"出逃。 开盘不到半小时，净流出130亿；上午收盘，这个数字变成382亿；等到下午收盘，全天主力资金净流出超过800亿。 近三天累计跑了1800亿，这已经不是调整，更像是集体撤退。 为什么跑？ 年底了，机构要回笼资金结算，公募要保排名，私募要应 ...

12月10日至11日，中央经济工作会议在北京召开。 会议指出，要继续实施更加积极的财政政策。保持必要的财政赤字、债务总规模和支出总量，加强财政 科学管理，优化财政支出结构，规范税收优惠、财政补贴政策。 会议强调，要适当增加中央预算内投资规模，优化实施"两重"项目，优化地方政府专项债券用途管理。 积极有序化解地方政府债务风险，督促各地主动化债，不得违规新增隐性债务。优化债务重组和置换办 法，多措并举化解地方政府融资平台经营性债务风险。 明年超长期特别国债规模预计跟今年持平或略有增长 NBD：这次中央经济工作会议提到，要保持必要的财政赤字、债务总规模和支出总量。国际上有一个 3%赤字率警戒线的说法，您认为明年财政赤字率可能在什么范围？ 施正文：赤字率提高是实施更加积极的财政政策的一项重要内容。根据去年赤字率及当前经济形势判 断，2026年的赤字率预计不会低于4%，可能会维持在4%左右或略有提升。 2025年的经济形势达到预期，仍在恢复中，明年扩内需依旧需要财政支出持续发力。赤字率的提高意味 着可以有更充足的财力，政府就可以加大财政支出强度。而且，经济环境面临挑战的时候，我们还需 要"放水养鱼"，所以可能还会推出一 ...

Core Viewpoint - The Central Economic Work Conference outlines key tasks and policy arrangements for 2026, emphasizing the need for economic potential exploration, policy support, and reform innovation to achieve quality and reasonable growth in the economy [2][3]. Fiscal Policy - The fiscal policy for 2026 will maintain a "more proactive" stance, with a fiscal deficit rate expected to be no lower than 4%, reflecting the need to stimulate economic growth and address local fiscal challenges [3][4]. - The fiscal deficit for this year is set at 5.66 trillion yuan, a significant increase of 1 percentage point from the previous year, indicating a strong commitment to using fiscal tools to boost demand [3][4]. - There is a clear trend towards increasing spending on healthcare, education, and social security, highlighting a focus on "investing in people" [4][5]. Monetary Policy - The monetary policy will adopt a "more proactive" approach, with an emphasis on flexible and efficient use of tools like interest rate cuts and reserve requirement ratio adjustments to maintain liquidity [6][7]. - The expectation is for 1-2 instances of interest rate cuts and reserve requirement ratio reductions in 2026, with a focus on maintaining a stable financing environment [6][7]. - Structural monetary policy tools will be enhanced to support key areas such as domestic demand expansion and technological innovation [7]. Domestic Demand Expansion - Expanding domestic demand is prioritized, with specific policies aimed at increasing residents' income and stabilizing investment [8]. - The conference emphasizes the need for a plan to boost urban and rural residents' income, aligning with the broader goal of enhancing consumption capacity [8]. - Investment strategies will focus on increasing central budget investments and optimizing project implementation to stabilize investment levels [8]. Real Estate Market - The conference stresses the importance of stabilizing the real estate market, with "de-stocking" identified as a key strategy for 2026 [10][11]. - Measures will include city-specific policies to control new supply and encourage the acquisition of existing properties for affordable housing [11][12]. Capital Market Reforms - The conference highlights the need for continuous deepening of capital market reforms, focusing on enhancing the market's ability to support technological innovation and the real economy [13][14]. - Reforms will include improving the adaptability of capital market systems and encouraging long-term investments [13][14]. Innovation and Technology - The establishment of three major international technology innovation centers in Beijing, Shanghai, and the Guangdong-Hong Kong-Macau Greater Bay Area is emphasized as a core strategy for fostering new economic momentum [15][16]. - These centers will leverage existing research and development resources to enhance China's competitiveness in global technology [15][16][17]. Market Environment and Competition - The conference outlines plans to optimize the market environment and reduce "involution" competition, aiming to enhance economic vitality and support high-quality development [18][19]. - A nationwide unified market construction regulation is proposed to address existing regulatory gaps and improve market efficiency [18]. International Trade and Investment - The conference calls for promoting more regional and bilateral trade and investment agreements, reinforcing China's commitment to multilateral trade systems [20][21]. - The focus will be on expanding high-standard free trade agreements and enhancing trade relations with partners [20][21].

Core Viewpoint - The Central Economic Work Conference emphasizes the need for proactive macroeconomic policies to enhance economic stability and growth, focusing on expanding domestic demand and optimizing supply [1][2][3]. Economic Growth and Challenges - China's economy is projected to achieve a growth target of around 5% for the year, despite facing challenges such as weak domestic demand and external pressures [2][3]. - In the first 11 months, exports increased by 6.2% year-on-year, supported by a robust industrial and supply chain [2]. - Industrial output grew by 6.1%, while service sector production rose by 5.7%, indicating strong supply-side performance [2]. Policy Measures - The conference outlines eight key tasks for 2026, including prioritizing domestic demand and fostering innovation-driven growth [1][3]. - Fiscal policy will see an increase in the deficit rate from 3% in 2024 to 4% in 2025, with enhanced funding for local special bonds and long-term treasury bonds [5][6]. - Monetary policy will remain accommodative, focusing on stabilizing growth and ensuring reasonable price recovery [6][8]. Investment and Consumption - The government plans to boost investment by increasing central budget investments and optimizing the use of local government bonds [9][10]. - The "Two New" policies, aimed at upgrading equipment and promoting consumption, will continue to be implemented, with significant funding allocated to support these initiatives [9][10]. - Despite strong growth in certain consumer goods, overall consumption growth remains low, necessitating further measures to unlock consumer potential [10]. Real Estate Market - The conference stresses the importance of stabilizing the real estate market, with policies aimed at controlling inventory and encouraging the purchase of existing homes for affordable housing [15][16]. - Measures will include easing purchase restrictions and providing financial support to boost housing demand [16]. Debt Management - Addressing local government debt remains a priority, with a focus on proactive debt resolution strategies and optimizing debt restructuring methods [17][18]. - The government has allocated significant resources to clear overdue payments to enterprises, enhancing cash flow and financial stability [13][17].

Group 1 - China's economy has entered an era dominated by stock economy, facing higher demands for optimizing stock and seeking incremental growth due to its large economic scale and accumulated debt [2] - The Central Economic Work Conference emphasizes the need to practice internal strength to respond to external challenges, indicating increased confidence in handling external pressures such as tariffs and technology blockades [3][4] - The conference highlights the importance of balancing domestic economic work with international trade struggles, aiming for high-quality development amidst external uncertainties [3][4] Group 2 - Expanding domestic demand is a key strategic measure to counter external shocks, with a focus on boosting consumption through specific actions and increasing residents' income [4][5] - The conference calls for stabilizing investment and increasing central budget investment to support major projects, particularly in urban renewal to mitigate real estate investment decline [4][6] - The manufacturing sector, which accounts for about 30% of global value added, faces challenges from external market demands and trade protectionism, necessitating a focus on the global layout of production capacity [5] Group 3 - The economic work for the coming year will prioritize quality and efficiency, with a continuation of proactive fiscal and moderately loose monetary policies [6][7] - Fiscal policies will maintain necessary deficits and optimize project implementations, with an expected increase in the fiscal deficit rate from around 4% to 4.2-4.5% [7] - Monetary policy will remain flexible, with potential adjustments in reserve requirements and interest rates, while also focusing on reasonable price recovery as a key consideration [8] Group 4 - The conference outlines the need for innovation-driven growth, emphasizing the establishment of international technology innovation centers and the development of new industries [10][11] - Local governments are encouraged to tailor their approaches based on regional resources and conditions, promoting new production capacities while enhancing traditional industries [11] - The real estate market will be stabilized through targeted measures, including inventory reduction and promoting the construction of quality housing [12][13]

此次中央经济工作会议释放了哪些新信号，21世纪经济报道记者进行了梳理和解读。 作者丨王峰 编辑丨周上祺 中央经济工作会议12月10日至11日在北京举行。会议对2025年做出了"我国经济顶压前行、向 新向优发展"的重要判断。 这一局面来之不易，特别是2024年9月26日中央政治局会议果断部署一揽子增量政策，使社会 信心有效提振，经济明显回升，2025年宏观政策贯彻落实了多项超常规逆周期调节举措。 对于2026年经济工作，中央经济工作会议提出"加大逆周期和跨周期调节力度"，其中对多项宏 观政策的部署，措辞则从2025年的"加大""加强""增加""扩大"等，转为更加注重"保持""优 化"。同时，会议提出了多项新举措、新任务。 信号一：继续实施更加积极的财政政策 会议指出，保持必要的财政赤字、债务总规模和支出总量，加强财政科学管理，优化财政支出 结构，规范税收优惠、财政补贴政策。重视解决地方财政困难，兜牢基层"三保"底线。严肃财 经纪律，坚持党政机关过紧日子。 会议还指出，适当增加中央预算内投资规模，优化实施"两重"项目，优化地方政府专项债券用 途管理。 回顾2025年，赤字率从2024年的3%提升至2025年的4% ...