中央政治局会议定调：保持政策连续性稳定性，增强灵活性预见性

Core Points - The meeting of the Central Political Bureau on July 30 decided to hold the Fourth Plenary Session of the 20th Central Committee in October, focusing on the work report and the formulation of the 15th Five-Year Plan for national economic and social development [1] - The meeting emphasized the need for macro policies to continue to exert force and to be timely and effective, with a focus on implementing more proactive fiscal policies and moderately loose monetary policies [1][2] - The meeting highlighted the importance of effectively releasing domestic demand potential and implementing actions to boost consumption while fostering new growth points in service consumption [2][6] Fiscal Policy - The meeting called for accelerating the issuance and utilization of government bonds to improve fund usage efficiency [1][2] - The total new deficit, special bonds, and ultra-long-term special bonds for the year amount to 11.86 trillion yuan, with significant progress in issuance by mid-year [5] - The focus of fiscal policy will be on government bond issuance and usage, with an expected acceleration in the pace of issuance [3][4] Monetary Policy - The monetary policy will maintain a moderately loose tone, with potential for further liquidity injections through tools like reverse repos and MLF [4] - The emphasis will be on promoting a decline in overall financing costs and supporting key areas such as technology innovation, consumption, small and micro enterprises, and stabilizing foreign trade [4][5] - Structural monetary policy tools will continue to play a targeted role in supporting specific sectors [4] Consumption and Investment - The meeting outlined three key areas to effectively release domestic demand potential, including implementing actions to boost consumption and expanding effective investment [6][7] - The contribution of final consumption to GDP reached 52.3% in the second quarter, indicating a strong recovery in consumer spending [6] - There is a need to stimulate service consumption, which is seen as a critical area for economic growth and job stability [7][8] Recommendations for Service Consumption - Suggestions include shifting "old-for-new" policies from product subsidies to service consumption subsidies, optimizing rest and vacation systems, and addressing educational issues for migrant workers' children [8] - Emphasis on public investment to improve service quality and supply, particularly in education, healthcare, and entertainment sectors [8] - The need for a supportive policy environment to enhance consumer protection and create a safe consumption atmosphere [8]