Persisting in seeking progress while maintaining stability, improving quality and efficiency, and leveraging the integrated effects of existing and incremental policies—this is the tone set by the Central Economic Work Conference for economic work in 2026, outlining a new development pattern centered on domestic circulation and driven by technological innovation.

From December 10 to 11, 2025, the Central Economic Work Conference was held in Beijing. The conference summarized the economic work of 2025, analyzed the current economic situation, and deployed the economic work for 2026.

The conference noted that as the "14th Five-Year Plan" is about to conclude successfully, China's economy is advancing under pressure and developing towards new and better directions. In the face of prominent challenges such as the contradiction between strong domestic supply and weak demand, the conference stated that the supporting conditions and basic trends for China's economy to improve in the long term have not changed.

I. Conference Tone

● The conference clarified the overall requirements for next year's economic work, 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 conference set “persisting in seeking progress while maintaining stability, improving quality and efficiency” as the policy orientation for next year's economic work.

● Compared to the previous emphasis on “maintaining stability while seeking progress and promoting stability through progress,” the policy focus is gradually shifting from “stabilizing total volume and ensuring growth rate” to “optimizing structure and improving efficiency.”

II. Three Key Signals

The conference released three clear policy signals, providing directional guidance for economic work in 2026.

● The first signal is the “quality and efficiency” orientation of macro policies. Tian Lihui, a finance professor at Nankai University, pointed out that this means future policy operations will shift from considerations of “whether there is” scale to considerations of “how good it is” in terms of efficiency and precision.

● The second signal is the continuation and coordination of “dual easing” policies. The conference made it clear that it will continue to implement “more proactive fiscal policies” and “moderately loose 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 a clear intention for counter-cyclical and cross-cyclical adjustments.

● The third signal is policy integration and collaborative efforts. The conference emphasized the need to “leverage the integrated effects of existing and incremental policies.” Pang Ming, a senior researcher at the National Financial and Development Laboratory, pointed out that various economic policies and non-economic policies will continue to adhere to systematic integration and collaborative coordination, effectively implementing a strong policy “combination punch.”

III. Eight Key Task Deployments

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

● Persisting in domestic demand as the main driver was placed at the top of the eight tasks. The conference proposed to “deeply implement special actions to boost consumption and formulate and implement plans to increase income for urban and rural residents.”

● Zhang Yansheng, a researcher at the Chinese Academy of Macroeconomic Research, analyzed that this signals that next year's economic work must adhere to domestic demand as the main driver, making the expansion of domestic demand the top priority.

● In terms of innovation-driven development, the conference deployed a series of measures to accelerate the cultivation and growth of new momentum, including formulating a plan to promote the integrated development of education, technology, and talent, and building international science and technology innovation centers in Beijing (Jing-Jin-Ji), Shanghai (Yangtze River Delta), and the Guangdong-Hong Kong-Macao Greater Bay Area.

IV. Analysis of Cryptocurrency Irrelevance

It is noteworthy that in all the policy deployments and task arrangements of this conference, there was no mention of cryptocurrencies or virtual assets.

● The policy focus is clearly concentrated on supporting key areas of the real economy. The monetary policy focus proposed by the conference is to “guide 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 emphasis of the conference is on “deepening the reduction and quality improvement of small and medium-sized financial institutions, and continuously deepening comprehensive reforms in capital market investment and financing,” which is unrelated to the virtual asset market.

● The conference 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 is on the stability of the traditional financial system and risk prevention in the real economy.

As “formulating and implementing plans to increase income for urban and rural residents” is written into the top priority of next year's economic work, the underlying logic of the Chinese economy is undergoing a profound transformation from external dependence to domestic demand-driven growth.

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

A report from the China Minsheng Bank Research Institute pointed out that next year, as the starting year of the “15th Five-Year Plan,” achieving a “good start” for the economy is crucial for stabilizing expectations and boosting confidence. All these policy efforts are closely centered around the real economy.

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