中央政治局会议定调新方向：下半年财政、货币政策双发力，服务消费将成促消费新抓手

Economic Growth and Policy Direction - China's economy demonstrated strong vitality and resilience in the first half of the year, with actual GDP growth of 5.3%, laying a solid foundation for achieving the annual growth target of 5.0% [2][3] - The Central Political Bureau meeting emphasized the need for a stable yet progressive approach to economic work in the second half of the year, focusing on employment, enterprises, markets, and expectations [2][3] Policy Adjustments and Focus Areas - The meeting highlighted the importance of "awareness of potential risks" and "bottom-line thinking," indicating that new policies may emerge, but they are not expected to be strong stimuli [3][6] - The emphasis on "flexibility and foresight" in policy suggests readiness to implement additional measures if the economic situation worsens [3][6] Fiscal Policy and Government Bonds - The meeting called for accelerating government bond issuance and improving fund utilization efficiency, with local government special bond issuance reaching 2.16 trillion yuan, a 45% increase year-on-year [7] - Fiscal policy is expected to maintain a loose stance, with a focus on the structure of fiscal spending, which increased by 3.4% year-on-year in the first half of the year [6][7] Consumer Demand and Service Sector - Expanding domestic demand remains a priority, with a focus on boosting consumption and developing new growth points in the service sector [8] - The meeting reiterated the importance of improving people's livelihoods to stimulate consumption, with potential measures including raising minimum wage standards [8] Long-term Economic Goals - The meeting assessed the core challenges and advantages facing China during the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan," emphasizing the need for GDP growth to remain above 4.8% to achieve the 2035 vision [9] - The transition of economic growth drivers and the impact of emerging technologies on employment remain critical areas of observation [9]