20251208-万联证券-12月政治局会议点评_政策表述积极_经济稳中求进_3页_429kb

Summary of Political Bureau Meeting (December 8, 2025): Economic Work Analysis for 2026

• Introduction: The meeting analyzed 2026 economic work, with 2026 being the "Fifteenth Five-Year Plan"开局之年, emphasizing quality and efficiency in growth while adhering to the "稳中求进" work total tone, targeting about 5% GDP growth.
• Policy Direction: The policy stance is positive and proactive, focusing on enhancing coordination and targeting key areas like expanding demand and innovation. It includes measures to improve supply-side reforms and address risks in sectors such as local debt, real estate, and financial institutions.
• Fiscal Policy: Fiscal policy remains proactive, with a targeted deficit rate of 4%, an increase in special and extra-long-term bonds, and strengthened efforts in fiscal support and stimulus to expand domestic demand and economy.
• Monetary Policy: Monetary policy is kept accommodative, supporting fiscal actions through flexible adjustments like bond operations, while structural tools may be enhanced for targeted sectors like technology and consumption.
• Demand Expansion: There is a greater emphasis on expanding domestic demand, including more policies for consumption and investment, to counter external uncertainties and promote a shift in consumption patterns.
• Innovation and Development: Innovation is highlighted as a driver for high-quality growth, with policies likely to support new productive forces, key industries, and R&D to foster sustainable economic transitions.
• Risks: Potential risks include external trade policy changes, slower policy implementation, weak consumer confidence, and evolving global economic conditions that could affect economic stability.