“9·24”一周年，还会有新的增量政策吗

Core Insights - The "924" policy has marked a significant shift in China's economic policy from "prudent" to "moderately loose" [1][6] - The implementation of the "924" policy has not only provided a series of incremental policies for short-term growth stabilization but also reflects a change in economic policy thinking [2][7] - New incremental policies are expected to be more targeted, addressing unresolved issues from previous policies [4][10] Policy Overview - The "924" policy, initiated on September 24, 2024, included measures such as reserve requirement ratio cuts, interest rate reductions, debt management, and innovative monetary policy tools aimed at stabilizing growth, promoting consumption, and supporting the real estate and stock markets [2][5] - The macroeconomic policy direction has shifted, with a focus on repairing balance sheets across various sectors and alleviating the pains of economic transition [3][8] Economic Impact - Following the "924" policy, the Shanghai Composite Index rose over 1000 points, indicating positive market sentiment and recovery in consumption and investment [2][4] - By the end of 2024, GDP growth rebounded to 5.4% in the fourth quarter, supported by increased retail sales and fixed asset investment [6][7] Future Considerations - As of late 2025, economic indicators show signs of slowing growth, prompting speculation about the introduction of a new round of "924" policies [10][11] - Experts suggest that future policies should focus on targeted interventions to address ongoing challenges in the real estate market and enhance coordination between monetary and fiscal policies [4][12] - Recommendations for future policies include expanding service consumption subsidies, reinitiating policy financial tools for local projects, and fully lifting purchase restrictions in first-tier cities [11][12]