两会经济主题记者会解读：科技向新赋能，消费向质跃迁

Group 1: Economic Policy Insights - The "Two Sessions" economic press conference emphasized "technology" and "consumption," with technology mentioned 90 times and consumption 80 times, indicating a focus on incremental policy deployment in these areas[3] - The establishment of a national venture capital guidance fund aims to attract nearly CNY 1 trillion in local and social capital, focusing on hard technology sectors like AI and quantum technology[3] - The scale of re-lending for technological innovation and technical transformation will be expanded from CNY 500 billion to between CNY 800 billion and CNY 1 trillion, with a reduction in re-lending rates[3] Group 2: Consumption and Fiscal Measures - The Ministry of Commerce highlighted that the main contradiction in commodity consumption is demand, while service consumption faces a shortage of quality supply, guiding future consumption policies[3] - A new consumption stimulus plan will soon be implemented, including two loan interest subsidy policies targeting key personal consumption loans and sectors like catering and healthcare[3] - The 2025 government budget draft indicates CNY 1.3 trillion in special bonds, with CNY 800 billion allocated for "two renewals," CNY 300 billion for consumer goods replacement, and CNY 200 billion for equipment updates, all increasing from last year[3] Group 3: Monetary Policy and Market Trends - The central bank is expected to lower the reserve requirement ratio (RRR) before interest rates, with the current average RRR at 6.6% indicating room for reduction[3] - The effectiveness of long-term capital entering the market is becoming evident, with net purchases of A-shares by various pension funds amounting to approximately CNY 290 billion[4] - The scale of equity funds has increased from CNY 6.3 trillion to CNY 7.7 trillion since September last year, indicating a significant acceleration in equity fund development[4]