政治局会议定调下半年经济工作

Core Viewpoint - The article discusses the current state of China's economy, highlighting a 5.3% GDP growth in the first half of the year and the need for effective macroeconomic policies in the second half to sustain this growth amidst various challenges [1][4]. Group 1: Macroeconomic Policy - The Political Bureau meeting emphasized the need for a more proactive fiscal policy and moderately loose monetary policy to fully unleash policy effects [2][5]. - The government plans to accelerate the issuance and utilization of government bonds, improve fund usage efficiency, and ensure basic livelihood protections [5][6]. - Economic analysts suggest that achieving a GDP growth rate of 4.7% in the second half is sufficient to meet the annual target, indicating that large-scale stimulus policies may not be necessary [5][6]. Group 2: Domestic Demand Expansion - The meeting highlighted the importance of effectively releasing domestic demand potential, with a focus on boosting consumption and expanding effective investment [8][9]. - The National Development and Reform Commission has allocated 690 billion yuan in special bonds to support consumption upgrades, with plans for further allocations [8][9]. - Service consumption is identified as a key area for tapping into consumption potential, with a reported 5.3% year-on-year growth in service retail sales in the first half of the year [9][10]. Group 3: Social Welfare and Employment - The government aims to combine consumption promotion with improving people's livelihoods, including the introduction of a national childcare subsidy program starting in 2025 [11][12]. - Policies to stabilize employment and reduce social insurance rates are being considered to ensure social harmony and stability [11][12]. - The government has allocated over 300 billion yuan to support major construction projects, indicating a commitment to infrastructure investment [12].