关键窗口、关键应对——前瞻4月政治局会议｜宏观经济

Core Viewpoint - The upcoming political bureau meeting at the end of April is expected to adopt a more proactive and expansive policy stance, focusing on stabilizing expectations, growth, foreign trade, employment, stock market, and real estate, while also introducing new incremental policies [1][5][9]. Economic Outlook - The economic situation is anticipated to be acknowledged as stable with a good start in Q1, but challenges will be highlighted, particularly the complex external environment and insufficient domestic demand growth [3][5]. - The GDP growth rate for Q1 is reported at 5.4%, but indicators like CPI and PPI suggest weak demand characteristics remain unchanged, necessitating policy adjustments [5][9]. Policy Direction - The policy tone is expected to be more aggressive and expansive, with a focus on "real money" measures to stabilize various economic sectors [5][9]. - There is an emphasis on implementing existing policies while also introducing new measures to address external uncertainties [5][9]. Key Focus Areas - Specific areas of focus include central leverage, stabilizing foreign trade and employment, expanding domestic demand, promoting consumption, stabilizing the stock market and real estate, and enhancing industrial reform [9][10]. - Potential measures may include interest rate cuts, increased fiscal stimulus, and adjustments to the use of funds for existing policies [9][12]. Trade and Employment - The government is expected to emphasize support for foreign trade enterprises and employment, with significant backing for transitioning exports to domestic sales [11][15]. - The stock market may see increased support, with actions from central financial institutions to stabilize market confidence [11][15]. Infrastructure and Reform - More infrastructure projects are likely to be launched, focusing on urban renewal and water conservancy [12]. - Long-term reform efforts will continue, with attention to national market unification and state-owned enterprise reforms [12][13]. Recent Developments - Recent government actions include high-level visits to Southeast Asian countries to strengthen cooperation, and responses to increased tariffs from the U.S. [13][14]. - The government is actively supporting the transition of foreign trade enterprises to domestic markets through various platforms and initiatives [15][16].