4月中央政治局会议6大关注点：稳中求进，乘势而上

Economic Outlook - The central government emphasizes the need to maintain a stable growth tone in the second quarter, avoiding a "tightening then loosening" approach, to consolidate the positive economic recovery seen in the first quarter[20]. - The first quarter GDP exceeded expectations, indicating that macroeconomic policies will not weaken but may even strengthen in the second quarter[6]. Fiscal Policy - The central government plans to accelerate the issuance of special bonds and maintain necessary fiscal spending intensity to support economic momentum[22]. - The emphasis is on early issuance and effective use of ultra-long special government bonds, with a focus on increasing the pace of special bond issuance[6]. Monetary Policy - The meeting highlighted the need for flexible use of interest rates and reserve requirement ratios to support the real economy and reduce overall financing costs[8]. - There is an expectation of potential interest rate cuts and reserve requirement ratio reductions in the second and third quarters to facilitate fiscal expansion[9]. Real Estate Policy - The government is entering a new phase in real estate policy, focusing on both digesting existing inventory and optimizing new housing supply[30]. - Initiatives like "old-for-new" housing exchanges are expected to expand, enhancing the supply of affordable housing and stimulating demand for new homes[31]. Domestic Demand - The meeting stressed the importance of expanding domestic demand, particularly through large-scale equipment updates and consumer goods replacement programs[61]. - The automotive sector is identified as a key area for stimulating consumption, with expectations for further supportive measures to boost sales[39]. External Trade - The government encourages private enterprises to expand overseas and diversify foreign trade, with a focus on intermediate goods, service trade, and digital trade[42]. - Policies are set to support the integration of Chinese enterprises into global value chains, enhancing competitiveness in international markets[63].