4.30政治局会议解读：加快政策落地，避免前紧后松

Economic Overview - China's GDP grew by 5.3% year-on-year in Q1, exceeding market expectations and the annual growth target, boosting confidence in economic prospects[6] - The Central Political Bureau's meeting on April 30 emphasized a positive evaluation of the current economic situation, highlighting increased positive factors and sustained momentum[6] Policy Direction - The overall policy tone remains "seeking progress while maintaining stability," with a focus on effectively implementing existing macro policies rather than introducing new ones[7] - Fiscal policy will accelerate the issuance and utilization of government bonds to ensure economic support, while monetary policy may see further reductions in reserve requirements and interest rates[7][8] Key Focus Areas - Future economic work will concentrate on expanding demand, industrial transformation, reform and opening up, risk prevention, and ensuring people's livelihoods[9] - The meeting placed renewed emphasis on green and low-carbon initiatives, indicating a shift towards carbon reduction and promoting renewable energy development[17] Real Estate Sector - The focus has shifted from the "three major projects" to "de-stocking" in the real estate sector, which is crucial for stabilizing falling housing prices and improving homebuyer expectations[16] - Policies will prioritize ensuring housing delivery and addressing the new dynamics of supply and demand in the real estate market[16] Risk Considerations - Risks include the possibility of macro policies being less forceful than expected and the ongoing downward trend in the real estate sector[3][18]