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 Viewpoint - The Central Political Bureau of the Communist Party of China has decided to hold the Fourth Plenary Session of the 20th Central Committee in October, focusing on the economic situation and the formulation of the 15th Five-Year Plan, emphasizing the need for sustained macroeconomic policies and effective implementation of fiscal and monetary measures [1][2]. Economic Policy - The meeting highlighted the need for a more proactive fiscal policy and moderately loose monetary policy, aiming to enhance the efficiency of government bond issuance and usage [1][4]. - The emphasis on "sustained efforts and timely increases" in macroeconomic policies indicates a commitment to maintaining policy continuity while being flexible to adapt to changing economic conditions [3][5]. Consumer Demand - The meeting stressed the importance of effectively releasing domestic demand potential, particularly through initiatives to boost consumption and foster new growth points in service consumption [2][6]. - The contribution of final consumption to GDP reached 52.3% in the second quarter, the highest since last year, indicating a strong consumer base that needs to be further supported [6][7]. Investment and Economic Growth - The focus on high-quality infrastructure construction and stimulating private investment is expected to drive effective investment and enhance economic quality [6][7]. - The government plans to accelerate the issuance of special bonds and long-term bonds to support investment projects, with a total of 11.86 trillion yuan allocated for the year [5][6]. Service Consumption - Service consumption is identified as a critical area for growth, with recommendations to shift subsidy policies towards service consumption and improve the overall service supply [8]. - The meeting acknowledged the unique characteristics of service consumption, which requires targeted measures to address challenges such as income stability and urbanization of the floating population [7][8].