The Central Economic Work Conference was held in Beijing from December 10 to 11. The conference pointed out that next year's economic work will be policy-oriented. It is necessary to insist on seeking progress in stability, improving quality and efficiency, giving full play to the integrated effects of stock policies and incremental policies, increasing countercyclical and cross-cycle adjustment efforts, and improving the effectiveness of macroeconomic governance. We must continue to implement a more active fiscal policy. Maintain the necessary fiscal deficit, total debt size and total expenditure, strengthen scientific financial management, optimize the fiscal expenditure structure, and standardize tax incentives and financial subsidy policies. Pay attention to resolving local financial difficulties and secure the bottom line of the “Three Guarantees” at the grassroots level. Take financial regulations seriously and insist that the Party and government organs live a tight life. We must continue to implement a moderately loose monetary policy. Promoting stable economic growth and reasonable price recovery is an important consideration in monetary policy, and various policy tools such as interest rate cuts are used flexibly and efficiently to maintain abundant liquidity, smooth the transmission mechanism of monetary policy, and guide financial institutions to step up support for the expansion of domestic demand, scientific and technological innovation, and micro, small and medium-sized enterprises. Maintain the basic stability of the RMB exchange rate at a reasonable equilibrium level. It is necessary to enhance the consistency and effectiveness of macroeconomic policy orientations. Various economic policies and non-economic policies, stock policies and incremental policies are included in the macroeconomic policy orientation consistency assessment. Improve expectations management mechanisms to boost social confidence.

The Central Economic Work Conference was held in Beijing from December 10 to 11. The conference pointed out that next year's economic work will be policy-oriented. It is necessary to insist on seeking progress in stability, improving quality and efficiency, giving full play to the integrated effects of stock policies and incremental policies, increasing countercyclical and cross-cycle adjustment efforts, and improving the effectiveness of macroeconomic governance. We must continue to implement a more active fiscal policy. Maintain the necessary fiscal deficit, total debt size and total expenditure, strengthen scientific financial management, optimize the fiscal expenditure structure, and standardize tax incentives and financial subsidy policies. Pay attention to resolving local financial difficulties and secure the bottom line of the “Three Guarantees” at the grassroots level. Take financial regulations seriously and insist that the Party and government organs live a tight life. We must continue to implement a moderately loose monetary policy. Promoting stable economic growth and reasonable price recovery is an important consideration in monetary policy, and various policy tools such as interest rate cuts are used flexibly and efficiently to maintain abundant liquidity, smooth the transmission mechanism of monetary policy, and guide financial institutions to step up support for the expansion of domestic demand, scientific and technological innovation, and micro, small and medium-sized enterprises. Maintain the basic stability of the RMB exchange rate at a reasonable equilibrium level. It is necessary to enhance the consistency and effectiveness of macroeconomic policy orientations. Various economic policies and non-economic policies, stock policies and incremental policies are included in the macroeconomic policy orientation consistency assessment. Improve expectations management mechanisms to boost social confidence.