宏观数据观察：努力完成全年经济社会发展目标任务

Economic Overview - The fundamental conditions of China's economy remain unchanged, characterized by a broad market, strong resilience, and significant potential[1] - Economic recovery has slowed down since Q3 2024, with consumer confidence and income growth declining, evidenced by a mere 2.1% year-on-year increase in social retail sales in August[3] - Exports grew unexpectedly by 8.5% in August, but trade tensions with the US and EU pose increased risks[3] Policy Measures - The Central Political Bureau emphasizes the need for targeted and effective policy measures to achieve annual economic and social development goals[2] - Fiscal policy will focus on increasing counter-cyclical adjustments, ensuring necessary fiscal expenditures, and accelerating the issuance of special bonds[6] - Monetary policy will involve lowering the reserve requirement ratio and implementing significant interest rate cuts to support economic recovery[7] Real Estate Sector - The real estate market remains weak, with August seeing a 12.6% year-on-year decline in sales area and a 17.1% drop in sales value[8] - Policies will be adjusted to stabilize the real estate market, including optimizing existing stock and improving quality[8] Capital Market - Efforts will be made to boost the capital market by guiding long-term funds into the market and addressing barriers to investment from social security and insurance funds[9] - Recent monetary easing measures and supportive policies for the capital market are expected to enhance market sentiment[9]