中央政治局会议释放八大信号！权威解读→

Core Viewpoint - The meeting of the Central Political Bureau emphasizes the importance of economic work in the second half of the year to achieve the goals set for the "14th Five-Year Plan" and focuses on stabilizing employment, enterprises, markets, and expectations [1] Macro Policy - Macro policies need to continue to exert force and be adjusted as necessary, with a focus on maintaining policy continuity and stability while enhancing flexibility and foresight [2] - The meeting reiterates the need for a more proactive fiscal policy and moderately loose monetary policy to fully unleash policy effects [2][3] Fiscal Policy - The meeting calls for accelerating the issuance and utilization of government bonds to improve fund efficiency and ensure the "three guarantees" at the grassroots level [3] - As of the end of June, the budget for special bonds has reached 658.3 billion yuan, indicating a strong push for fiscal policy [3] Monetary Policy - Monetary policy should maintain ample liquidity and promote a decline in overall financing costs [4] - The meeting does not mention new structural monetary policy tools but emphasizes the effective use of existing ones to support small and micro enterprises, consumption, and foreign trade [4][5] Domestic Demand - The meeting highlights the need to effectively release domestic demand potential, with domestic demand contributing 68.8% to GDP growth in the first half of the year [6] - Measures to boost consumption include implementing special actions to stimulate consumption and expanding service consumption [6][7] Investment - The meeting stresses the importance of high-quality investment in infrastructure and stimulating private investment through reduced market access barriers and financial support [7] Technological Innovation - The meeting emphasizes the integration of technological innovation and industrial innovation as a core strategy for high-quality development [8] - Focus areas include strategic emerging industries and future industries, with a goal of fostering new supply to create new demand [8][9] Foreign Trade and Investment - The meeting underscores the need to stabilize foreign trade and foreign investment, with policies to support affected foreign trade enterprises [10][11] - The foreign trade sector showed resilience, with imports and exports maintaining a scale of over 20 trillion yuan in the first half of the year [11] Capital Market - The meeting calls for enhancing the attractiveness and inclusiveness of the domestic capital market to consolidate the positive momentum [12] - Reforms should focus on market-oriented, rule-of-law, and internationalization to improve capital allocation efficiency [12] Unified National Market - The meeting proposes deepening the construction of a unified national market to optimize market competition order and address current market pain points [13][14] Urban Renewal - The meeting emphasizes high-quality urban renewal as a means to ensure stable economic development, with a focus on transforming old urban areas and improving existing housing stock [15][16] - Urban renewal is seen as a key driver to stimulate housing demand and mitigate risks in the real estate sector [16]