“十五五”启幕，蓝图绘新篇——7月中央政治局会议学习理解（申万宏观·赵伟团队）

Core Viewpoint - The article discusses the outcomes of the July 30 meeting of the Central Political Bureau, emphasizing the need for policy continuity and stability while enhancing flexibility and foresight in response to economic challenges [2][3]. Economic Performance - The meeting acknowledged the strong performance of the economy in the first half of the year, with a GDP growth rate of 5.3%, exceeding the annual target [2][3]. - The meeting highlighted the importance of maintaining awareness of potential risks and challenges, despite the positive economic indicators [2]. Policy Direction - The meeting stressed the need to maintain policy continuity and stability while enhancing flexibility and foresight, indicating that new policies may be quickly implemented in response to economic fluctuations [3][4]. - There is a focus on promoting domestic demand and the dual circulation strategy, with an emphasis on stabilizing internal demand after a period of "grabbing exports" [3]. Macro Policy Adjustments - The meeting called for sustained macroeconomic policy efforts and timely adjustments, particularly supporting major economic provinces to drive national growth [4]. - Fiscal policies will continue to prioritize the acceleration of government bond issuance and the effective use of funds, with a noted progress of 50.6% in new special bond issuance as of July 13 [4]. - The monetary policy will focus on reducing the overall financing costs for society, with an emphasis on structural monetary policy tools [4][6]. Focus on Key Areas - The meeting highlighted the importance of fostering service consumption and enhancing industrial competitiveness, with a strong emphasis on "high-quality" investments [5][7]. - There is a commitment to improving consumer demand through policies that enhance living standards and expand consumption, particularly in the service sector [6]. - The meeting reiterated the need to prevent the emergence of hidden debts while promoting high-quality urban renewal and infrastructure projects [7]. Conclusion - The overall message from the meeting indicates a proactive approach to economic management, with a focus on sustaining growth through strategic policy implementation and addressing potential risks in the economic landscape [2][4][5].