The Central Economic Work Conference was held in Beijing to anchor the direction of economic development. Zhang Jingjing, head of macro at the China Merchants Securities R&D Center, explained that judging from the conference, China's economy has maintained long-term positive support conditions and basic trends, and there will be no significant changes in policy strength in 2026, but new formulations or requirements such as removing inventory and returning to the real estate market policy toolbox and promoting a reasonable price recovery as the main goal of next year's monetary policy show that next year's policy is still quite active. On the one hand, a more active fiscal policy and a moderately loose monetary policy will continue to be implemented; on the other hand, indicators such as next year's budget deficit rate and the size of new government debt are expected to remain at current levels, and monetary policy will continue to adjust policy interest rates, structural policy instrument interest rates, and statutory reserve ratios.

The Central Economic Work Conference was held in Beijing to anchor the direction of economic development. Zhang Jingjing, head of macro at the China Merchants Securities R&D Center, explained that judging from the conference, China's economy has maintained long-term positive support conditions and basic trends, and there will be no significant changes in policy strength in 2026, but new formulations or requirements such as removing inventory and returning to the real estate market policy toolbox and promoting a reasonable price recovery as the main goal of next year's monetary policy show that next year's policy is still quite active. On the one hand, a more active fiscal policy and a moderately loose monetary policy will continue to be implemented; on the other hand, indicators such as next year's budget deficit rate and the size of new government debt are expected to remain at current levels, and monetary policy will continue to adjust policy interest rates, structural policy instrument interest rates, and statutory reserve ratios.