【行业研究报告】-中央经济工作会议学习体会

meetingreviewedtheeconomicworkof2025,analyzedthecurrenteconomicsituation,andoutlined
theeconomicagendafor2026.Themeetingcarriedforwardtheworkrequirementsandsituation
theeconomicagendafor2026.Themeetingcarriedforwardtheworkrequirementsandsituation
assessmentsfromtheDecemberPolitburosession,andoverall,weviewthetoneofthis
meetingasmoderateandpositive.Itisexpectedthattheoverallintensityofmacropoliciesin2026
willremainbroadlyconsistentwith2025,continuingtheapproachofbalancingcountercyclicaland
cross-cyclemeasures.
ComparedwiththeDecemberPolitburomeeting,thisCentralEconomicWorkConference
hasidentifiedfivekeyareasofadditionalinformationtonote:
(1)“Anti-involution:effortsremainunwaveringandmayevenintensifymarginallynextyear.
(2)Fiscalandmonetarypoliciesarelikelytoremainbroadlystable,withthedeficitratio
projectedtostayat4%nextyearandslightincreasesinspecialbondsandspecialtreasurybonds.
Thewindowformonetarypolicyeasingthroughreserverequirementratiocutsandinterestrate
reductionsremainsopen,thoughtimingwillbedeterminedopportunistically.TheMinistryofFinance
andthecentralbankmayestablishadditionalchannelsformarketcommunication.
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