Zhongjin: The Economic Work Conference reflects a more emphasis on quality and efficiency, with a wider range of tools to choose from.

The research report by CITIC Securities believes that the Central Economic Work Conference objectively analyzed the development situation facing the Chinese economy, did not evade difficulties and challenges. We believe that the conference highlighted problem orientation, with very clear goals, directly responding to the widespread concerns of the market and society on issues such as consumption, investment, real estate, corporate debts, and market competition order. In the choice of policy tools, this conference reflects a more emphasis on quality and efficiency, with a richer range of tool selections. The policy direction for next year is "seeking progress while maintaining stability, and improving quality and efficiency". The "improving quality and efficiency" is a new requirement for this year, which may indicate that next year's macroeconomic policies will pay more attention to the implementation effects, rather than simply emphasizing expansion in quantity.