Adhere to seeking progress while maintaining stability, improving quality and efficiency, and leveraging the integrated effects of existing and incremental policies - the Central Economic Work Conference has set the tone for economic work in 2026, outlining a new development pattern with domestic circulation as the main body and technological innovation as the driving force.

From December 10 to 11, 2025, the Central Economic Work Conference will be held in Beijing. The meeting will summarize the economic work of 2025, analyze the current economic situation, and deploy economic work for 2026.

The meeting believes that the 14th Five-Year Plan is about to be successfully concluded, and our country's economy is moving forward under pressure and developing towards a new and better direction. In the face of prominent challenges such as the contradiction between strong supply and weak demand domestically, the meeting proposed that the supporting conditions and basic trends for our economy to maintain long-term improvement have not changed.

1. Meeting Tone

● The meeting clarified overall requirements for economic work next year, emphasizing the need to be guided by Xi Jinping's Thought on Socialism with Chinese Characteristics for a New Era, fully and accurately implement the new development concept, and accelerate the construction of a new development pattern.

● The meeting established 'stability while seeking progress, and improving quality and efficiency' as the policy orientation for economic work next year.

● Compared to the previous emphasis on 'stability while seeking progress, and using progress to promote stability,' the policy focus is gradually shifting from 'stabilizing the total amount and ensuring growth' to 'optimizing structure and improving efficiency.'

2. Three Key Signals

The meeting released three clear policy signals, providing direction for economic work in 2026.

● The first signal is the 'quality and efficiency' orientation of macro policies. Tian Lihui, a professor of finance at Nankai University, pointed out that this means future policy operations will shift from scale considerations of 'whether or not' to efficiency and precision considerations of 'how good or bad.'

● The second signal is the continuation and coordination of the 'dual easing' policy. The meeting clarified that it will continue to implement 'more proactive fiscal policies' and 'moderately easing monetary policies.' Liu Ying, a researcher at Renmin University of China’s Chongyang Institute for Financial Studies, analyzed that this conveys a signal that the 'dual easing' policy will continue and strengthen, releasing clear counter-cyclical and cross-cyclical adjustment intentions.

● The third signal is policy integration and collaborative efforts. The meeting emphasized the need to 'leverage the integrated effects of existing and incremental policies.' Pang Ming, a distinguished senior researcher at the National Institute of Financial and Development, pointed out that various economic policies and non-economic policies will continue to adhere to systematic integration and collaborative coordination, continuing to effectively and powerfully implement policy 'combinations.'

3. Deployment of Eight Key Tasks

The meeting determined eight key tasks for economic work in 2026, constructing a comprehensive and systematic work framework.

● Adhering to domestic demand as the leading factor is placed at the top of the eight tasks. The meeting proposed to 'deeply implement special actions to boost consumption and formulate and implement plans to increase the income of urban and rural residents.'

● Zhang Yansheng, a researcher at the Chinese Academy of Macroeconomic Research, analyzed that the signal released is that next year's economic work must adhere to domestic demand as the main driver, and prioritize expanding domestic demand as the primary task of economic work next year.

● In terms of innovation-driven development, the meeting deployed a series of measures to accelerate the cultivation and growth of new momentum, including formulating plans for the integrated promotion of education, technology, and talent development, and building international science and technology innovation centers in Beijing (Beijing-Tianjin-Hebei), Shanghai (Yangtze River Delta), and the Guangdong-Hong Kong-Macao Greater Bay Area.

4. Analysis of the Irrelevance of Cryptocurrencies

It is noteworthy that none of the policy deployments and task arrangements from this meeting mentioned cryptocurrencies or related virtual assets.

● The policy focus is clearly concentrated on key areas supporting the real economy. The monetary policy focal point proposed by the meeting is 'guiding financial institutions to strengthen support for expanding domestic demand, technological innovation, small and micro enterprises, and other key areas.'

● In the financial reform section, the meeting emphasized 'deepening the reduction and quality improvement of small and medium financial institutions, and continuing to deepen the comprehensive reform of capital market investment and financing,' which is unrelated to the virtual asset market.

● The meeting listed 'actively and orderly resolving local government debt risks' and 'focusing on stabilizing the real estate market' as key areas for risk resolution tasks, indicating that the policy concern lies in the stability of the traditional financial system and the risk prevention of the real economy.

When 'formulating and implementing plans to increase the income of urban and rural residents' is written into next year's economic work as a primary task, the underlying logic of the Chinese economy is undergoing a profound transformation from reliance on external factors to being driven by domestic demand.

The eight key tasks deployed by the meeting are like precise gears, from expanding domestic demand to technological innovation, from reform breakthroughs to risk resolution.

The report from the China Minsheng Banking Research Institute pointed out that next year, as the start of the '14th Five-Year Plan,' achieving an 'opening red' for the economy is crucial for stabilizing expectations and boosting confidence. All these policy efforts revolve tightly around the real economy.

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