2025年7月政治局会议解读：精准施策，稳中求进

Policy Measures - The meeting emphasized a "steady progress" approach, focusing on macro policy coordination to stabilize expectations and stimulate economic vitality[3] - Fiscal policy will be "more proactive" while monetary policy will remain "appropriately loose," aiming to lower financing costs for enterprises[8] - The government plans to issue 800 billion yuan in special bonds to support key infrastructure projects, with all project lists already distributed[9] Domestic Demand - The primary task is to tap into and release the potential of service consumption, with a focus on sectors like elderly care and cultural tourism[9] - Effective investment expansion is crucial for stabilizing growth, with a focus on high-quality projects and avoiding inefficient construction[10] Reform and Innovation - The meeting highlighted the importance of technological innovation in driving industrial upgrades and fostering new competitive industries[11] - Measures will be taken to create a unified national market and eliminate local protectionism, ensuring fair competition[11] Social Welfare - Employment stability is prioritized, with policies aimed at supporting key groups such as college graduates and migrant workers[12] - The government will enhance social security systems to provide targeted assistance to vulnerable populations[12] Risk Management - The meeting stressed the need to mitigate local government debt risks and prevent the emergence of new hidden debts[13] - Policies will be implemented to ensure the stability of the real estate market and promote urban renewal projects[13]