近年来，以文化旅游、数字消费和绿色消费等为代表的新型消费模式蓬勃兴起，既丰富了人民的美好生 活，又激发了经济发展的消费新动能。图为元旦假期，游客在浙江省金华市金东区岭下镇坡阳古街观看 舞狮表演。 图片来源：视觉中国 前不久召开的中央经济工作会议为2026年的经济工作谋篇布局，明确提出"八个坚持"的重点任务。其 中，"坚持内需主导，建设强大国内市场"被置于首位。这不仅深刻揭示了新征程上我国经济发展的内在 规律与主攻方向，更为我们在复杂多变的国际环境中掌握发展主动权、扎实推进中国式现代化筑牢了坚 实的战略基点。必须深刻领会其中的战略深意，系统总结近年来在扩大内需、优化市场环境等方面取得 的显著成就，以清晰的思路谋划实施路径，确保"十五五"开好局、起好步，顺利完成阶段性目标任务。 从总量规模来看，内需作为经济增长的"主引擎"地位愈发稳固。近年来，我国内需对经济增长的贡献率 持续攀升，已然成为名副其实的经济"稳定器"与"压舱石"。2024年，在复杂多变的外部环境下，我国经 济顶住压力，展现出强劲的复苏势头与向好态势。数据显示，社会消费品零售总额达到48.8万亿元，同 比增长3.5%；固定资产投资总额突破51.4万亿元 ...

Core Viewpoint - The article discusses the outlook for China's economy in 2026, emphasizing the need for coordinated efforts in promoting consumption, stabilizing investment, and strengthening exports to activate internal growth momentum despite a complex external environment [2][3]. Economic Growth Drivers - Consumption is highlighted as the main engine of economic growth, contributing 53.5% to GDP growth in the first three quarters of 2025, with a projected increase to 56.6% of GDP in 2024 [2]. - The article notes a significant gap in service consumption between China and countries like the U.S. and South Korea, indicating potential for growth in this area [2]. - Investment in high-tech industries is identified as a key growth area, with a focus on sectors such as integrated circuits and advanced materials, supported by national policies aimed at technological self-reliance [3]. Export Resilience - Despite global trade slowdowns, China's exports are expected to remain resilient due to market diversification and an improved product structure, shifting from labor-intensive goods to high-value products [3]. Policy Outlook - The macroeconomic policy for 2026 is expected to remain proactive, with ample room for both fiscal and monetary measures to ensure stable economic performance [3]. Asset Allocation Insights - The A-share market is anticipated to maintain a slow bull trend, driven by government support for capital market stability and a solid liquidity foundation [4]. - The technology sector is projected to be a core investment focus, with significant advancements in AI and a complete industrial ecosystem emerging in China [5]. - Gold is expected to see strong demand as a safe-haven asset amid global economic uncertainties, with central banks continuing to increase their gold reserves [5].

中新网北京12月21日电 (记者 高凯)中国高技术产业发展促进会艺术与科技融合专业委员会日前在京举 办揭牌仪式。 据介绍，高促会登记于民政部社会组织管理局，由工业和信息化部高新技术司担任行业指导，本次成立 的艺术与科技融合专委会，将致力于推动艺术与科技交叉融合创新，促进跨学科成果转化，服务国家文 化科技发展战略，助力国家现代产业体系构建。 活动现 场。主办方供图 艺术与科技融合专委会的会员证，是由艺术家马晟哲创作的一个特殊的艺术装置，由废弃电路板和手绘 制成，彰显证书独特性、唯一性。 满天在现场分享中。主办方供图 当日仪式后同步举办宋庄艺术科技融合沙龙，专委会副主任、音乐家冯满天向会员、来宾以及美术馆招 募的公众观众做了《阮乐器古今声音演变》的沙龙分享，生动而富有激情地演绎了技术研究对音乐表演 的支持，并分享了他对古代乐器插电的相关思考。(完) 音乐家冯 专委会主任王永刚当日表示，专委会的成立，对应着一个清晰的时代浪潮，技术和艺术正在成为彼此的 语言，共同编写新的文化基因、产业基因。其使命是让艺术与科技融合发生得更深入、更系统，也更有 温度。 ...

Economic Overview - Effective demand remains significantly insufficient, with industrial added value in November increasing by 4.8% year-on-year, slightly down from 4.9% in the previous period[3] - Retail sales growth has notably slowed to 1.3% year-on-year, down from 2.9% previously[3] - Fixed asset investment year-on-year remains stable at approximately -11%, consistent with the previous value of -11.2%[5] Sector Performance - High-tech industry added value rose by 8.4% year-on-year, up from 7.2% previously[4] - Exports showed resilience with a year-on-year growth of 5.9%, recovering from a decline of 1.1%[3] - Real estate sales area decreased by 17.1% year-on-year, an improvement from a 18.6% decline previously, while sales revenue fell by 24.7%, worsening from a 24.1% decline[5] Investment Trends - Fixed asset investment in November decreased by 11.1% year-on-year, with manufacturing investment down by 4.5% and real estate investment down by 30.1%[5] - The construction area for new projects fell by 27.6% year-on-year, while the area under construction dropped by 40%[5] - The total investment in fixed assets for the first 11 months of the year showed a year-on-year decline of 2.6%, with non-real estate fixed asset investment increasing by 0.8%[5] Policy Implications - The central economic work conference highlighted the need to address the "strong supply and weak demand" contradiction and to stimulate investment and consumption[7] - The potential for policy measures to strengthen demand has opened up following the release of November's economic data[7]

Economic Overview - The economic data for November indicates a significant lack of effective demand, with industrial added value year-on-year at 4.8%, slightly down by 0.1 percentage points from the previous value, primarily due to base effects [1][5][21] - The demand side shows a clear divergence, with export growth rebounding while domestic demand remains weak: fixed asset investment year-on-year is approximately flat at -11%, real estate sales area decline has slightly narrowed, but sales revenue decline has widened, and retail sales growth has significantly slowed to 1.3% year-on-year [1][5][21] Industrial Performance - The seasonally adjusted industrial added value month-on-month is 0.44%, higher than October and roughly in line with the average for the previous ten months, indicating little change in the real intensity of industrial production [17][24] - High-tech industries saw a year-on-year increase of 8.4%, leading the growth, with significant production increases in integrated circuits and industrial robots; however, production of smartphones and solar cells experienced negative year-on-year growth [8][25][23] Retail Sales - The seasonally adjusted retail sales month-on-month decreased by 0.42%, marking the lowest point of the year; the highest absolute growth was in communication equipment at 20.6% year-on-year, while durable goods like home appliances and automobiles showed the lowest growth due to high base effects and reduced promotional efforts [2][11][26] Fixed Asset Investment - The seasonally adjusted fixed asset investment month-on-month decreased by 1.03%, slightly better than the previous value of -1.5%, with a year-on-year decline of 11.1%, consistent with the previous value [3][12][27] - Manufacturing investment saw a narrowing decline, while real estate investment's decline widened; infrastructure investment remained relatively unchanged [3][12][27] Real Estate Sector - Real estate-related indicators remain at low levels, with a slight narrowing in the decline of sales area, but an expansion in the decline of sales revenue; new construction area also saw a slight narrowing in decline, while construction area decline expanded [4][14][29] - The price index for new residential properties in 70 large and medium-sized cities fell by 0.4% month-on-month, slightly better than October's 0.5% decline, but still at a high point for the year [4][14][29] GDP and Economic Policy - The actual GDP index simulated from industrial added value and service production index year-on-year was 4.31%, with a cumulative year-on-year growth of 5.02% for the first eleven months [15][30] - The latest central economic work conference highlighted the need to address the prominent contradiction of strong supply and weak demand, emphasizing the importance of stabilizing investment and boosting consumption [20][30]

Economic Performance - In November, industrial added value increased by 4.8% year-on-year, which is 0.1 percentage points lower than October and 1.4 percentage points lower than the same period last year[4] - Retail sales of consumer goods grew by 1.3% year-on-year in November, marking the sixth consecutive month of decline, and was below market expectations[12] - Fixed asset investment showed a cumulative year-on-year decline of 2.6% from January to November, with private fixed asset investment down by 5.3%[21] Sector Analysis - Manufacturing investment from January to November saw a cumulative year-on-year increase of 1.9%, while infrastructure investment decreased by 1.1% and real estate investment fell by 15.9%[23] - High-tech industries maintained strong performance, with a cumulative year-on-year growth of 9.2% in industrial added value from January to November[2] - Real estate new construction area decreased by 20.5% year-on-year, with sales area down by 7.8% and sales revenue down by 11.1%[28] Consumer Behavior - The decline in retail sales was particularly pronounced in post-real estate consumption categories such as furniture and home appliances, which saw significant drops[15] - Online retail accounted for 31.7% of total retail sales, with a cumulative year-on-year growth of 9.1%[14] Policy Recommendations - The macroeconomic policy should consider early implementation to address potential uncertainties in the first quarter of 2026, especially given the late timing of the Spring Festival[32] - Short-term focus on monetary easing measures such as interest rate cuts and reserve requirement ratio reductions is recommended[32] Risks - Potential risks include a resurgence of global inflation, a faster-than-expected economic slowdown in Europe and the U.S., and increasing international geopolitical complexities[32]

Economic Overview - The economic data for November indicates a significant lack of effective demand, with supply remaining relatively stable. Industrial added value year-on-year is at 4.8%, slightly down from the previous value of 4.9%, primarily due to base effects. The demand side shows a clear divergence, with export growth rebounding while domestic demand remains weak. Fixed asset investment year-on-year is approximately -11%, consistent with previous values. Real estate sales area has seen a slight narrowing in decline, but sales revenue has expanded in its year-on-year decline. Retail sales have significantly slowed to 1.3% year-on-year [1][5][6]. Industrial Production - The seasonally adjusted month-on-month industrial added value is 0.44%, higher than October and roughly in line with the average of the previous ten months, indicating little change in the real intensity of industrial production. High-tech industries have seen a year-on-year added value growth of 8.4%, with significant production increases in integrated circuits and industrial robots. However, smartphone and solar cell production have experienced negative year-on-year growth, while construction materials like crude steel and cement also show negative growth [8][10][12]. Retail Sales - The seasonally adjusted month-on-month retail sales have decreased by 0.42%, marking the lowest point of the year. Among major categories, the highest absolute growth is in communication equipment at 20.6% year-on-year. However, durable consumer goods such as home appliances and automobiles show the lowest growth due to high base effects and reduced promotional efforts [11][12]. Fixed Asset Investment - The seasonally adjusted month-on-month fixed asset investment is -1.03%, slightly better than the previous value of -1.5%. Year-on-year, it stands at -11.1%, consistent with the previous value. Manufacturing investment has seen a slight narrowing in decline, while real estate investment has expanded its decline. Infrastructure investment remains relatively unchanged. The issuance of 500 billion yuan in policy financial tools is expected to support some projects in manufacturing and infrastructure, but current data does not yet reflect this impact [12][13][16]. Real Estate Market - Real estate-related indicators remain at low levels. The sales area has seen a slight narrowing in decline, but the sales revenue decline has expanded. New construction area has also seen a slight narrowing in decline, while construction area has expanded its decline. The price index for new residential properties in 70 large and medium-sized cities has decreased by 0.4% month-on-month, slightly better than October's 0.5% decline, but still among the highest declines of the year [16][17]. GDP Simulation - The simulated actual GDP index based on industrial added value and service production index year-on-year is approximately 4.22%. The cumulative actual GDP year-on-year for the first eleven months stands at 5.02%. The economic data indicates strong resilience in exports, while the main weaknesses lie in domestic demand, particularly in consumption, fixed investment, and real estate [4][17].

Economic Situation - The economic situation is characterized by persistent challenges, but the overall tone is becoming more positive. The external environment is expected to stabilize marginally, while domestic supply-demand imbalances are highlighted as a significant issue [2][10]. - The meeting emphasizes the need to address "development and transformation" issues, indicating that many challenges can be resolved through concerted efforts [10]. Five Musts - The meeting outlines "Five Musts" to enhance economic potential, focusing on internal capacity building to respond to external challenges and the importance of policy support alongside reform innovation [2][18]. - Key strategies include ensuring effective market regulation while promoting investment in both physical and human capital [19]. 2025 Growth Target - The growth target for 2026 is set at approximately 5% for both nominal and real GDP, reflecting a pragmatic approach to align with long-term goals and current economic conditions [3][21]. - The transition of growth drivers is expected, with the "three new economies" projected to surpass the real estate sector historically [21]. Macroeconomic Policy - The macroeconomic policy framework is shifting from "promoting stability through growth" to "enhancing quality and efficiency," indicating a focus on structural optimization rather than mere expansion [4][26]. - Fiscal policy is expected to maintain a deficit rate around 4%, with a focus on improving the efficiency of spending rather than just increasing the scale [30][31]. - Monetary policy will remain moderately accommodative, with expectations for potential rate cuts and targeted support for key sectors [36][40]. Key Tasks - The emphasis on domestic demand is paramount, with strategies to boost consumption and stabilize investment growth projected at 2-3% for 2026 [5][46]. - Innovation-driven growth is prioritized, with plans to strengthen the integration of education, technology, and talent development [6][50]. - Reforms will focus on eliminating barriers to development, enhancing market dynamics, and improving the business environment [7][57]. Real Estate Market - The policy focus is shifting towards stabilizing the real estate market, moving from demand stimulation to a balanced supply-demand approach [8][63].

央视网消息：国家税务总局发布的最新增值税发票数据显示，今年以来，中国新兴产业持续培育壮大。 前11个月，高技术产业销售收入同比增长14.7%，特别是智能设备制造业销售收入同比增长28.2%，延 续快速增长态势。 ...

Core Insights - The overall economic operation in China is stable and improving, with manufacturing playing a crucial role, maintaining a tax revenue share of around 30% [2][3] - High-tech industries have shown significant growth, with sales revenue increasing by 14.7% year-on-year, particularly in smart equipment manufacturing, which grew by 28.2% [2][3] Group 1: Manufacturing Sector Performance - High-tech industries are experiencing rapid growth, with high-tech service revenue up by 17.2% and high-tech manufacturing revenue up by 11.1% [4] - The manufacturing sector is undergoing a transformation towards high-end, intelligent, and green development, with equipment manufacturing sales up by 8.3% and automation equipment purchases up by 14.2% [3][4] - Traditional industries are also enhancing their quality, with R&D investment from key tax source enterprises increasing by 12.3% [4] Group 2: Consumer Market Dynamics - Consumption is being stimulated by policies such as the trade-in program, with retail sales in mobile communication devices and home appliances increasing by 20.3% and 26.5% respectively [5] - The tourism and cultural sectors are thriving, with sales in cultural performances and film screenings up by 15.6% and 19.1% [6] - The number of travelers benefiting from tax refunds has surged by 285%, with tax refund sales and amounts increasing by 98.8% [6][7] Group 3: Taxation and Service Reforms - Cross-regional tax service reforms have been implemented, allowing for a significant increase in the handling of cross-regional tax matters, with a nearly fourfold increase in transactions [8][9] - The proportion of inter-provincial trade sales in total national sales revenue has reached 41.1%, reflecting improved efficiency in tax services [8] - Over 7,000 domestic and foreign platforms are complying with tax information reporting obligations, leading to a 12.7% increase in tax payments [9]