宋雪涛：近期一系列政策之间的关系

Core Viewpoint - The article emphasizes the acceleration of reform implementation as outlined in the Third Plenary Session, focusing on high-quality development by local governments and addressing issues such as market segmentation and local protectionism [2][5]. Group 1: Reform and Policy Direction - Recent important policies and meetings indicate a unified direction towards accelerating the execution of reform deployments from the Third Plenary Session, with a focus on building a national unified market and improving public services linked to the resident population [2][6]. - The central idea of the July Central Financial Committee meeting is to "break local protection," which involves regulating local government investment attraction behaviors and reducing direct market interventions [2][3]. Group 2: Anti-Involution and Urban Development - The "anti-involution" policy aims to address quality issues and subsidy problems rather than simply increasing prices or reducing capacity, as market failures have led to a situation where "bad money drives out good" [2][6]. - Local governments are required to adopt a correct view of performance, accelerate the transformation of government functions, and respect industrial development laws to avoid blind repetition in construction [3][5]. Group 3: Investment in People - The core idea of high-quality urban development is "people-oriented new urbanization," which emphasizes improving living conditions and public services [6][8]. - Recent policies aim to eliminate household registration restrictions for social insurance and promote basic public services based on residency, which can release consumption potential among low- and middle-income groups [9]. Group 4: Future Outlook - The upcoming Politburo meeting at the end of July is a critical juncture that will test the current policy stimulus themes, with subsequent events potentially influencing market risk preferences [12].