社科院报告：加快推动资本市场实现融资与投资功能的平衡

Group 1 - The global monetary policy landscape is characterized by a divergence in approaches, with the Federal Reserve cutting rates by 25 basis points due to a weakening labor market and concerns over the U.S. economic outlook [2] - The European Central Bank maintains a steady rate, leaning towards a cautious easing policy, while the Bank of Japan shows a hawkish inclination towards rate hikes, influenced by U.S. tariff policies and domestic political uncertainties [2] - The People's Bank of China adopts a proactive stance, with a focus on balancing financing and investment functions in the capital market to support the national technology innovation strategy [2] Group 2 - China's economy shows stability in Q3 2025, with positive signs from the "anti-involution" policy leading to improved economic activity, particularly in key sectors like solar energy and battery manufacturing [3] - The narrowing of the M1 and M2 scissors gap to the lowest level since February 2021 indicates an increase in fund activation and improved expectations [3] - Short-term macro policies should be strengthened, including increased fiscal spending towards consumption and utilizing rate cuts effectively, while long-term strategies should focus on macroeconomic rebalancing and activating consumer potential [3]