7月政治局会议学习：宏观政策要持续发力、适时加力

Economic Performance - China's GDP grew by 5.3% year-on-year in the first half of 2025, exceeding the 5% target, driven by effective domestic demand policies and optimized export structures[3] - The meeting acknowledged the current economic operation as stable with progress, while also recognizing ongoing risks and challenges[4] Policy Direction - The government will maintain a "steady progress" approach, emphasizing stability in employment, enterprises, markets, and expectations[4] - Fiscal policy will continue to be "more proactive," with a focus on accelerating government bond issuance and improving fund utilization efficiency[4] - Monetary policy will emphasize "appropriate easing," ensuring ample liquidity and supporting sectors like technology innovation and small enterprises[4] Consumption and Investment - The meeting highlighted the importance of boosting consumption and expanding effective investment, particularly in service consumption and high-quality infrastructure projects[5] - Policies will be directed towards enhancing service consumption and stimulating private investment, with a focus on quality and effectiveness[5] Real Estate Market - The real estate market is transitioning from rapid growth to stable development, with a focus on improving existing stock rather than expanding new supply[8] - The government aims to support urban renewal and the transformation of old neighborhoods, with a target of 1 million units for renovation projects[9][10] Debt Management - There is a commitment to actively and prudently manage local government debt risks, with strict controls on new hidden debts and a focus on clearing local financing platforms[5] - The meeting emphasized the need for effective measures to mitigate local government debt pressures while ensuring orderly progress[5] Capital Market Stability - The government aims to enhance the attractiveness and inclusiveness of the domestic capital market, reinforcing the positive momentum observed in recent market performance[5]