黄益平：应对下行压力，需要宏观政策、行业政策和改革政策协同配合

Group 1: Macroeconomic Policy - Macroeconomic policy involves counter-cyclical adjustments through monetary and fiscal policies, focusing on easing policies to stimulate the economy during downturns [1][4] - Continuous reliance on policy easing over extended periods is unsustainable, highlighting the need for a balanced approach [1] Group 2: Industry Policy - The real estate sector's ongoing decline poses significant challenges for economic stability, as it heavily influences both investment and consumption [2] - Industry policy is crucial for creating a favorable environment for emerging industries while stabilizing key sectors like real estate that have substantial economic impacts [2][3] - Current emerging industries, such as electric vehicles, lithium batteries, and photovoltaic products, are not yet large enough to drive the next phase of economic growth [3] Group 3: Reform Policy - Transitioning from factor-driven growth to innovation-driven growth necessitates improvements in the business environment, particularly for private enterprises [3] - Recent policies aimed at enhancing the environment for private enterprises are essential for boosting innovation and supporting future economic growth [3] Group 4: Economic Indicators and Future Outlook - Following the implementation of a package of incremental policies, economic indicators showed significant improvement, indicating the effectiveness of macroeconomic policies [4] - The government is preparing for potential downward risks in the economy, emphasizing the need for proactive fiscal and monetary policies [4][5] - Targeted measures may be necessary to stabilize sectors directly impacted by external factors, such as increased tariffs from the U.S. [5]