政治局会议：坚定做好去杠杆工作 把握好力度和节奏

Core Insights - The Central Political Bureau of the Communist Party of China held a meeting on July 31 to analyze the current economic situation and outline economic work for the second half of the year, emphasizing the need to combine financial risk prevention with better service to the real economy [1][5] - The meeting reiterated the commitment to "de-leveraging" while ensuring the pace and intensity are appropriate to avoid harming the real economy [1][5] Economic Policy - The meeting concluded that major macroeconomic indicators are within a reasonable range, with ongoing structural optimization and initial success in financial risk prevention [2] - It was emphasized that fiscal policy should play a larger role in expanding domestic demand and structural adjustments, while monetary policy should remain prudent and flexible [2][4] Financial Stability - The meeting highlighted the importance of maintaining financial stability as part of six key economic and financial stability tasks, indicating a strong focus on "stable finance" [5] - Analysts noted that the current decline in social financing growth, particularly in off-balance-sheet trust and entrusted loans, poses a significant risk to the economy [5] Reform and Opening Up - The meeting called for continued reform and opening up, including significant measures to expand market access and promote the Belt and Road Initiative [6] - It was suggested that reforms should include enhancing direct financing, improving the fiscal and tax system, and accelerating state-owned enterprise reforms [6]