21社论丨积极政策组合将推动下半年经济高质量发展

Fiscal Performance - In the first half of the year, the national general public budget revenue was 115,566 billion yuan, a year-on-year decrease of 0.3%, with the decline narrowing by 0.8 percentage points compared to the first quarter [1] - Overall, the fiscal operation in China shows a stable trend despite a complex international environment [1] Economic Policies - The government is implementing more proactive macro policies to expand domestic demand and stabilize the market, ensuring overall economic stability in the first half of the year [1] - Structural support will be increased in the second half of the year to safeguard high-quality development, with a significant acceleration in the issuance of special bonds [2] Investment and Consumption - Manufacturing investment structure is continuously upgrading, with high-tech manufacturing showing strong growth, providing robust support for sustainable economic development [3] - Policies to promote consumption have been implemented, including expanding the scope of trade-in for consumer goods and increasing support for service consumption [3] Emerging Industries - The development of new productive forces is accelerating the high-quality development of key industries, with AI technology playing a crucial role in various sectors [4] - The semiconductor industry is expected to maintain an upward trend due to the growing demand for chips driven by AI applications [4] Real Estate Market - The government is intensifying efforts to stabilize the real estate market, optimizing supply structure and promoting long-term stable development [4] - More special bond funds are expected to be allocated to urban renewal projects, improving living conditions for residents [4] Market Competition - Measures will be taken to curb "involution" competition and optimize industrial layout, maintaining fair competition and eliminating backward production capacity [5][6] - Strengthening market supervision is essential to maintain market order and eliminate low-quality, low-price market phenomena [6]