专访于翔：现阶段宏观调控政策的新范式是什么？

Group 1 - The core viewpoint emphasizes that "precise drip irrigation" is systematically replacing "flood irrigation" in macroeconomic regulation, reflecting a shift in policy logic [2][3] - The establishment of new policy financial tools, including 500 billion yuan directed towards digital economy and artificial intelligence, exemplifies this new paradigm [2][6] - The goal of stabilizing the real estate market is a clear demand for counter-cyclical adjustment, which aligns with long-term structural transformation objectives [3][10] Group 2 - The "15th Five-Year Plan" focuses on "quality improvement and efficiency enhancement" rather than merely pursuing growth speed, indicating a commitment to high-quality development [4] - Short-term stimulus and long-term reform should work in tandem to stabilize expectations and boost confidence in the economy [4][10] - The emphasis on "precision" and "new channels" in policy is more critical than sheer scale, with a shift from "investment in things" to "investment in people" in fiscal policy [5][10] Group 3 - The real estate market's new situation reflects a significant change in supply-demand relationships, transitioning from quantity shortages to structural supply deficiencies [8] - The need for sustainable domestic demand growth is highlighted, with a focus on increasing residents' income and reducing burdens as fundamental reforms [7][15] - The role of real estate developers is evolving from "developers" to "operators" and "service providers," emphasizing the importance of quality and service in the industry [11][19] Group 4 - The potential for foreign capital to return to China is contingent not only on marginal improvements in fundamentals but also on the ability to achieve re-inflation and reshape nominal growth [16] - The current economic environment suggests that traditional sectors like real estate and infrastructure may face fundamental changes in their profit models and growth ceilings [19][20] - New sectors highlighted in the "15th Five-Year Plan," such as green low-carbon and digital economy, are expected to become the main drivers of the new cycle, differing from old cycle assets due to ongoing technological innovation [20][21]