政治局会议的五大政策部署

Economic Overview - China's GDP grew by 5.4% year-on-year in Q1 2025, indicating a positive economic start[5] - The need for robust policies to stabilize the economic recovery amidst increasing external shocks is emphasized[5] Fiscal Policy - The new local government special bond limit for 2025 is set at CNY 44,000 billion, an increase of CNY 5,000 billion from the previous year, marking the largest scale since 2015[6] - As of April 25, 2025, CNY 11,372 billion of special bonds have been issued, achieving 25.8% of the annual plan[6] Monetary Policy - The meeting highlighted the importance of maintaining a moderately loose monetary policy, with a focus on timely adjustments such as potential rate cuts[9] - Social financing stock increased by 8.4% year-on-year in Q1 2025, with new social financing amounting to CNY 15.2 trillion, an increase of CNY 2.4 trillion compared to the previous year[9] Consumer Spending - Final consumption expenditure contributed 51.7% to economic growth in Q1 2025, driving GDP growth by 2.8 percentage points[11] - Over 120 million people have benefited from subsidies under the "old for new" policy, leading to sales exceeding CNY 720 billion[12] Real Estate Market - In March 2025, new residential prices in first-tier cities rose by 0.1%, marking five consecutive months of stabilization[16] - The government is focusing on urban renewal and improving housing quality, with new standards set to take effect on May 1, 2025[17]