Just now, the conference has concluded!

Just now, the most important Central Economic Work Conference at the end of the year has concluded.

First, regarding the judgment of the economic situation, the latest wording is: “In China's economic development, there are still many old problems and new challenges, the impact of changes in the external environment is deepening, and the contradiction of strong supply and weak demand is prominent, with many risks and hidden dangers in key areas.”

Compared to previous years, this time it clearly states “strong supply and weak demand”, and emphasizes that this contradiction is prominent, which will become a key issue to be solved or alleviated in next year's economic work. It is worth noting that compared to previous years which only emphasized demand, next year may take a dual approach to both supply and demand, which also echoes the tasks for next year's economic work, where expanding domestic demand and counteracting involution are both prioritized.

Second, macroeconomic policies remain basically consistent with last year, and monetary policy is expected to continue the previous year's proactivity.

It is worth noting that this time it has been proposed to regard promoting stable economic growth and reasonable price recovery as important considerations for monetary policy. “Reasonable price recovery” is also considered an important factor for monetary policy, marking the first time it has been included in the economic work conference at this level. Currently, domestic CPI and PPI data are still relatively weak, which means that monetary policy will remain proactive.

At the same time, it continues to emphasize the flexible and efficient use of various policy tools such as reserve requirement ratio cuts and interest rate reductions, maintaining ample liquidity, and the regular monetary policy package for the Spring Festival is still worth looking forward to.

Based on previous expectations, not retreating from macroeconomic policy is a positive sign.

Third, expanding domestic demand continues to be the primary economic task for next year, promoting consumption with one hand and expanding investment with the other, with content basically consistent with last year, focusing mainly on “optimizing” related policies next year.

Fourth, technological innovation has newly emphasized “building international technological innovation centers in Beijing (Beijing-Tianjin-Hebei), Shanghai (Yangtze River Delta), and the Guangdong-Hong Kong-Macao Greater Bay Area.” The relevant science and technology innovation centers in Beijing, Shanghai, and the Guangdong-Hong Kong-Macao area will benefit.

At the same time, the conference proposed to “implement a new round of high-quality development actions for key industrial chains,” with new policy expectations for certain industries that will fill shortcomings and enhance strengths.

Fifth, the conference proposed to deeply rectify “involution-style” competition, transitioning from “comprehensive rectification” to “in-depth rectification”, indicating that counteracting involution will be one of the major tasks accompanying the expansion of domestic demand next year.

Sixth, comprehensively promoting green transformation, this time newly emphasizes “formulating the planning outline for building a strong energy nation, accelerating the construction of a new energy system, and expanding the application of green electricity.” New energy, especially at the consumption end, will benefit.