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扩内需政策有望进一步加码
Zhong Guo Zheng Quan Bao·2025-07-17 21:03

Core Viewpoint - The macroeconomic policies in China are expected to further support economic growth in the second half of the year, with an emphasis on boosting consumption, stabilizing the real estate market, and enhancing liquidity [1][2]. Group 1: Economic Performance - China's GDP grew by 5.3% year-on-year in the first half of the year, with major indicators performing better than expected, largely due to proactive macroeconomic policy support [1]. - Fiscal policies have played a significant role in driving economic performance, with effective consumer promotion measures noted by experts [1]. Group 2: Consumption and Export Dynamics - The improvement in consumption is attributed not only to subsidies but also to the emergence of new consumer habits [2]. - Despite a decline in the export growth rate of labor-intensive goods, manufacturing exports, particularly in integrated circuits and automobiles, have helped maintain a high overall export growth rate [2]. Group 3: Future Policy Directions - Experts anticipate continued macroeconomic policy support to foster economic growth, with a focus on expanding domestic demand [2]. - Policies aimed at boosting consumption are expected to evolve, with an emphasis on income enhancement and alleviating supply-side constraints to create new consumption scenarios [2]. Group 4: Monetary Policy Considerations - There is potential for further adjustments in monetary policy, including liquidity provision and benchmark interest rates [3]. - Regulatory policies may also see adjustments, particularly concerning interbank liabilities and certificates of deposit [3].