政策新阶段下的经济趋势与产业聚焦：励远致新，顺势而动

Economic Growth and Targets - The economic growth rate is expected to maintain resilience, with a target of 5% for the year achievable, as the first half of 2024 recorded a growth rate of 5%[1] - The growth rates for Q1 and Q2 were 5.3% and 4.7% respectively, with anticipated recovery in Q3 and Q4, projected between 4.8% and 5.1%[1] - Key industries contributing to GDP growth include industrial, information transmission, software, and leasing services, while other sectors showed a decline in contribution rates[1] Fiscal and Monetary Policies - The Central Political Bureau emphasized the need for stronger fiscal and monetary policies, indicating potential adjustments in reserve requirements and interest rates[15] - As of September, the central bank lowered the reserve requirement ratio by 0.5 percentage points and reduced the 7-day reverse repurchase rate to 1.50%[23] - The issuance of special bonds accelerated, with local governments issuing approximately 3.62 trillion yuan in special bonds by September, achieving 92.7% of the annual target[21] Infrastructure and Investment - Broad infrastructure investment grew by 7.87% year-on-year in the first eight months, while narrow infrastructure investment saw a slower growth of 4.4%[7] - The issuance of special bonds and ultra-long-term bonds is expected to support continued moderate recovery in infrastructure investment, projected to reach around 8% for the year[7] - Manufacturing investment growth was recorded at 9.1% for the first eight months, although a slowdown is anticipated due to external demand fluctuations[3] Consumer Spending Trends - Retail sales growth remained weak, with a total increase of 3.4% year-on-year in the first eight months, and a decline in growth rate noted in August[10] - Service consumption's share increased to 58.17% in the first half of the year, although it remains below the previous year's level[10] - Policies aimed at boosting service consumption are expected to further enhance its share, with significant potential for growth compared to the U.S.[10]