Group 1 - The core viewpoint of the report is that China's economy is showing signs of recovery in the first quarter of 2025, emphasizing the need for high-quality development and innovative macroeconomic policies to transition from a debt-driven model to an industrial upgrade model [1][2] - The report highlights the importance of completing the transformation of old and new economic drivers quickly to enter a new growth model, focusing on high-quality development to address external uncertainties [1] - The report suggests that to drive economic development through industrial upgrades, it is essential to tackle two main challenges: creating consumer space and clearing market dynamics [1][2] Group 2 - On the consumption side, the focus is on service consumption, with an emphasis on "creating" consumption to expand domestic demand [2] - In terms of policy, the report calls for improving policy transmission mechanisms, enhancing policy coordination, and expanding policy space [2] - The report proposes to fully stimulate the vitality of the financial system and build a multi-tiered bond market, noting that the current investor types are relatively homogeneous, which limits the support for a diverse bond market [2]
CMF中国宏观经济分析与预测报告：要以新思路实施好超常规宏观政策
Shang Hai Zheng Quan Bao·2025-04-26 11:10