宏观点评评《关于完善价格治理机制的意见》：新一轮供给侧改革思路渐明-2025-04-02

Group 1: Macroeconomic Focus - "Stabilizing prices" is a key focus of macroeconomic policy in 2025, with the CPI growth target set at around 2%, the first time below 3% since 2003[3] - The GDP deflator index has been under pressure since 2023, indicating a divergence in economic volume and price, which has negatively impacted consumer confidence and corporate profits[3] - The new price governance mechanism aims to address the low price environment and stimulate economic vitality through supply-side structural reforms[3] Group 2: Price Mechanism Reform - The current price mechanism reform echoes the 2015 initiative, both addressing insufficient capacity utilization and downward price pressure in the economy[3] - The 2025 reform emphasizes market price regulation and aims to correct market failures, particularly in sectors experiencing "price wars" and "involution" competition[4] - Key areas of focus include energy pricing reforms, particularly in new energy and carbon pricing, and adjustments in public service pricing to alleviate fiscal pressure[4] Group 3: Supply-Side Structural Reform - The supply-side structural reform strategy has become clearer since 2024, focusing on phasing out subsidies and enhancing market price mechanisms[4] - The reform aims to accelerate the exit of inefficient, high-energy-consuming production capacities through energy consumption control measures[4] - The photovoltaic industry and high-energy raw material sectors are expected to see price recoveries as a result of these reforms, leading to a reasonable rebound in prices[4]