中央政治局会议解读：房地产与资本市场成为政策重点

Policy Objectives - The Central Political Bureau emphasized the need to "focus on key areas, take proactive actions, effectively implement existing policies, and introduce new policies to enhance the targeting and effectiveness of measures" to achieve annual economic and social development goals[4] - The meeting on September 26 highlighted the importance of "increasing efforts to introduce new policies," reflecting a commitment to sustained macroeconomic policy support[4] Policy Implementation - The meeting called for a "focus on action," urging all regions and departments to earnestly implement the decisions of the Central Committee and stimulate high-quality development[4] - Key measures include macroeconomic policies, support for businesses, and safeguarding livelihoods, with a particular emphasis on stabilizing the real estate and capital markets[4][5] Economic Indicators - For 2024, the GDP growth target is around 5%, with urban employment expected to increase by over 12 million and a consumer price index (CPI) increase of approximately 3%[9] - As of August 2024, the GDP growth rate was 5.0% year-on-year, while the CPI showed a minimal increase of 0.2%[9] Real Estate and Capital Market Focus - Policies aimed at stabilizing the real estate market include controlling new construction, optimizing existing projects, and improving quality, alongside adjusting housing purchase restrictions and lowering mortgage rates[5] - Efforts to boost the capital market involve encouraging long-term funds to enter the market and supporting mergers and acquisitions of listed companies[5] Investment Recommendations - Current policies exhibit characteristics of "sustained efforts and increased support," with a focus on stabilizing the real estate market and revitalizing the capital market, suggesting a positive outlook for stock indices and housing prices[6]