宏观周报：实施更加积极有为的宏观政策实施

Domestic Macro Policy - The central government emphasizes implementing more proactive macro policies to expand domestic demand and promote technological and industrial innovation[3] - Recent policies focus on enhancing service trade and consumption, with significant meetings discussing government work reports and economic strategies[12] - The State Council has initiated measures to improve the quality of elderly care services, aiming to enhance service supply and expand coverage[4] Infrastructure and Industry - Policies have been introduced to support high-quality development in the new energy storage manufacturing sector, with a focus on innovation-driven growth[14] - The government is launching pilot programs for public sector vehicles in ten cities, aiming to promote the market application of new energy vehicles[15] Monetary Policy - The central bank is exploring the expansion of its macro-prudential and financial stability functions, aiming to innovate policy tools[16] - A macro-prudential work meeting highlighted the need to strengthen financial management in key areas[17] Consumer Policy - A three-year action plan (2025-2027) has been launched to optimize the consumer environment, focusing on improving supply quality and consumer rights protection[18] Financial Regulation - Financial regulators are increasing support for private enterprises, particularly small and micro businesses, to ensure stable credit supply[20] - New regulations allow Hong Kong and Macau banks to offer foreign currency card services in mainland China starting March 1, 2025[21] Trade Relations - China is willing to cooperate with the EU on green industry initiatives, including electric vehicles, amidst ongoing trade tensions[22] - President Xi Jinping and President Putin reaffirmed their commitment to deepening practical cooperation between China and Russia[22] Overseas Macro Policy - The U.S. plans to impose an additional 10% tariff on Chinese imports starting March 4, 2025, as part of ongoing trade tensions[28] - The Federal Reserve is cautious about monetary policy, indicating a potential pause in interest rate changes while monitoring inflation trends[30] Risk Factors - There is a risk of divergence in domestic and foreign monetary policies, with concerns that domestic policy implementation may fall short of expectations[33]