国务院会议重磅部署！

Core Viewpoint - The State Council of China is implementing a package of policies to promote domestic demand through coordinated fiscal and financial measures, emphasizing the importance of collaboration between fiscal and monetary policies to stimulate effective demand and support economic transformation [1][2]. Group 1: Policy Coordination - The collaboration between fiscal and monetary policies is seen as essential for achieving greater governance effectiveness, with the goal of creating a synergistic effect that exceeds the sum of individual efforts [2]. - In 2025, the issuance of government bonds demonstrated accelerated coordination between fiscal and monetary policies, with the central bank's flexible operations ensuring smooth bond issuance and reduced government debt costs [2][3]. - The central bank's reverse repurchase operations have been crucial in maintaining liquidity, supporting local government bond financing, and stabilizing market expectations [2][3]. Group 2: Stimulating Domestic Demand - Policies are being implemented to activate consumer spending and expand domestic demand, with a focus on enhancing the supply of high-quality services as consumer income levels rise [4][5]. - The People's Bank of China has introduced measures to encourage banks to increase credit for high-quality consumption, while the Ministry of Finance has supported consumer subsidies through long-term special bonds [4]. - A series of targeted subsidy policies have been established to directly benefit consumers and business entities, enhancing their purchasing power and stimulating consumption [4][5]. Group 3: Structural Adjustment and Transformation - The coordinated efforts of fiscal and monetary policies are aimed at guiding economic transformation, particularly by supporting private investment and reducing financing costs for small and medium-sized enterprises [6]. - The focus is on directing funds towards key areas of the national economy, with an emphasis on transitioning away from reliance on real estate and infrastructure towards new productive forces [6]. - Structural monetary policy tools are being utilized to provide low-cost funding, which, when combined with fiscal subsidies, can facilitate better loan pricing for quality enterprises and encourage banks to lend more [6].