Zhongjin: The Central Economic Work Conference reflects a greater focus on quality and efficiency, and the range of tools chosen is also more diverse.

CICC Research pointed out that the Central Economic Work Conference objectively analyzed the development situation facing the Chinese economy, did not evade difficulties and challenges. CICC believes that the conference highlights the problem-oriented approach, with very clear goals, directly responding to the widespread concerns of the market and society regarding issues such as consumption, investment, real estate, corporate debt, and market competition order. In terms of policy tools selection, this conference reflects a greater emphasis on quality and efficiency orientation, with a wider range of tool selection. The policy orientation for next year is "seeking progress while maintaining stability and improving quality and efficiency." "Improving quality and efficiency" is a new requirement for this year, which may mean that next year's macro policy will pay more attention to the effectiveness on the ground, rather than just focusing on expansion of quantity.