稳住外资外贸基本盘下半年宏观政策“适时加力”

Economic Growth and Policy Measures - China's economy achieved a growth rate of 5.3% in the first half of the year, laying a solid foundation for the annual growth target [1][2] - The Political Bureau meeting emphasized the need for proactive fiscal policies and moderately loose monetary policies to fully unleash policy effects [1][2] - Analysts suggest potential new measures such as interest rate cuts, increasing fiscal deficit ratios, and enhancing special bond issuance to boost domestic demand [1][2][3] Domestic Demand and Consumption - The meeting highlighted the importance of effectively releasing domestic demand potential and implementing actions to boost consumption [7][8] - The government plans to issue an additional 690 billion yuan in long-term special bonds to support consumption upgrades [7] - Service consumption showed a year-on-year growth of 5.3%, indicating a shift in consumption structure towards services [8] Foreign Trade and Investment - The meeting called for expanding high-level opening-up and stabilizing the foreign trade and foreign investment landscape [9] - Support for foreign trade enterprises facing challenges was emphasized, including optimizing export tax rebate policies [9][10] - In the first half of the year, China's goods trade reached 21.79 trillion yuan, with exports growing by 7.2% [10] Risk Management and Debt - The meeting stressed the need to prevent and mitigate risks in key areas, particularly regarding local government debt [4][5] - Emphasis was placed on high-quality urban renewal to avoid oversupply in the real estate market and manage local debt risks [4][5] - The approach to debt management will balance risk prevention and development, with a focus on transforming financing platforms into ordinary state-owned enterprises [5] Capital Market Development - The meeting aimed to enhance the attractiveness and inclusiveness of the domestic capital market [6] - Key reforms will focus on attracting international capital and increasing participation from more investors [6] - The implementation of policies to support long-term capital inflow into the market is also a priority [6]