实施更加积极有为的宏观政策 全力巩固经济发展和社会稳定基本面

Core Viewpoint - The meeting of the Central Political Bureau emphasized the need for stronger macroeconomic policies to stabilize the economy amid increasing external shocks, highlighting the importance of proactive fiscal and monetary measures to support growth and employment [1][2][3]. Economic Performance - In Q1, China's economy grew by 5.4% year-on-year, surpassing the growth rates of the previous year and positioning it among the leading global economies [2]. - The meeting acknowledged the need to solidify the foundation for ongoing economic recovery due to heightened external pressures [2]. Policy Tools - The meeting called for the enhancement of the policy toolbox to include both flexibility and unconventional features, aiming to respond effectively to economic fluctuations [2]. - It was noted that the policies should be timely and responsive to changes in the economic landscape, with a focus on stabilizing employment and economic growth [2][3]. Monetary Policy - The meeting reiterated the commitment to maintaining liquidity and supporting the real economy through structural monetary policy tools, including potential interest rate cuts and the establishment of new financial instruments [4][5]. - Recent data indicated a significant increase in social financing, with March's increment reaching 5.89 trillion yuan, reflecting robust monetary support for economic recovery [4]. Fiscal Policy - The meeting emphasized accelerating the issuance and utilization of local government special bonds and ultra-long-term special government bonds, with a total issuance plan of 1.3 trillion yuan announced [6]. - The focus will be on expediting fiscal spending and optimizing expenditure structures to ensure the stability of basic public services [6][7]. Future Expectations - Analysts anticipate that fiscal policies may include measures such as increasing the issuance of government bonds and expanding consumer subsidies to stimulate new consumption growth areas [7]. - The meeting highlighted the urgency of addressing local government debts owed to enterprises, indicating a potential allocation of funds to resolve these issues [7].