政治局会议锚定下半年，释放重要信号

Group 1 - The July Politburo meeting reviewed the economic performance in the first half of the year and outlined precise plans for the second half, emphasizing the need for macro policies to continue to exert force and be appropriately strengthened [1][2] - The meeting highlighted the importance of maintaining a stable and continuous policy approach while enhancing flexibility and foresight to adapt to internal and external changes [2][3] - Specific measures include accelerating government bond issuance, improving fund utilization efficiency, and ensuring the "three guarantees" at the grassroots level [3][4] Group 2 - Monetary policy is a crucial component of macro policy, with a focus on maintaining ample liquidity and reducing the overall financing costs in society [4][6] - In the first half of the year, significant reductions in reserve requirements and interest rates were implemented, leading to lower average interest rates for both corporate and personal loans [4][6] - There is potential for further monetary easing in the second half, including possible interest rate cuts and adjustments to the loan market quotation rate (LPR) [4][6] Group 3 - Structural monetary policy tools are essential for targeted support, particularly for technology innovation, consumption stimulation, small and micro enterprises, and stabilizing foreign trade [5][6] - The central bank announced an increase in the quota for re-loans aimed at technology innovation and small enterprises, indicating a commitment to enhancing credit support in these areas [6][7] - The meeting also emphasized the need to optimize market competition and regulate chaotic business practices, which may impact industrial prices and corporate profits [7]