Economic Observation Network From January 10th to 11th, the "2026 China Chief Economist Forum Annual Conference" was held in Shanghai, hosted by the China Chief Economist Forum Organizing Committee, jointly organized by Guangzhou Development Zone Holdings Group Co., Ltd., and supported by institutions such as the Hongkou District Financial Service Center and the Shanghai Chief Economist Financial Development Center.

During the forum, Tao Changsheng, Deputy Director of the Financial Office of the Shanghai Municipal Party Committee, introduced that during the "14th Five Year Plan" period, the construction of Shanghai International Financial Center achieved remarkable results. The Science and Technology Innovation Board introduced the market maker system, the establishment of the bond market "science and technology board", the launch of 30-year treasury bond bond futures and other products. The Bond Connect "southbound link" and the interest rate "swap link" were launched. The cross-border RMB settlement volume continued to expand, and the quality of financial services to the real economy, the level of opening up and the development ecology were improved. Facing the "15th Five Year Plan", Shanghai is formulating a special plan for the construction of an international financial center, which will promote high-level financial opening, develop cross-border and offshore finance, build an international reinsurance center, increase financial support for key areas such as technological innovation and green transformation, strengthen the coordination between financial rule of law and regulation, and build a better platform for the development of Chinese and foreign financial institutions. We look forward to the forum experts contributing forward-looking ideas and assisting in the high-quality development of finance.

Wei Gang, Secretary General of the China Capital Market Society, stated that the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China sounded the call to accelerate the construction of a financial powerhouse and put forward new requirements for the development of the capital market. It is urgent to explore the construction of an independent theoretical system for China's capital market, deeply grasp the characteristics and laws of China's capital market operation, and give full play to the leading and guiding role of scientific theory in practice.

Sheng Songcheng, Dean of the Research Institute of the China Chief Economist Forum, proposed that China will be in a gradual cycle of reserve requirement ratio cuts and interest rate cuts in the next two years. Reserve requirement ratio cuts are more suitable for the current national conditions and can effectively cooperate with active fiscal policies. At the same time, there is still some room for interest rate cuts, which need to be steadily promoted to guide the economy towards stability and improvement.

Peng Wensheng, Chief Economist of China International Capital Corporation (CICC), believes that China has significant advantages in the "scale new economy" in the fields of green industry and artificial intelligence. The scale effect and full competition attributes of green energy will benefit the world, and the boost of domestic demand requires attention to the exogenous driving effect of fiscal policy and the improvement of the social security system.

Luo Zhiheng, Chief Economist of Yuekai Securities, delivered a keynote speech stating that the reform of national income distribution is the key to driving consumption growth and high-quality economic transformation. Efforts should be made to promote income rationalization (inequality) between urban and rural areas, different groups, and regions, and to unleash domestic demand potential through optimizing the distribution structure; At the same time, echoing the guidance of "investing in people" in the 15th Five Year Plan, it is believed that the shift from "investing in goods" to "investing in people" can not only enhance residents' disposable income and consumption ability, but also lay a human foundation for cultivating new quality productivity and sustainable economic growth. The exploration of state-owned resource assetization and asset securitization will also provide dual support for the growth of residents' property income and the enhancement of national capital strength.

During the annual conference, the China Chief Economist Forum and Sida Index jointly launched the "Chief Index" to provide reference for capital market investment and asset allocation. At the same time, the forum released three heavyweight works - "From Chess to Midgame: Towards the 15th Five Year Plan", "The Great Changes in Globalization", and "White Paper on Chief Fund Investment", which respectively focus on the development framework of the 15th Five Year Plan, response to global economic changes, and fund investment practices, providing professional references for policy makers, market practitioners, and researchers. (Reporter Chen Zhi)