Core Viewpoint - The meeting of the Central Political Bureau on July 30 emphasized the need for continuous and stable macroeconomic policies, highlighting the importance of maintaining policy continuity and stability while addressing current economic challenges [3][4][14]. Macroeconomic Policy - The meeting acknowledged that major economic indicators are performing well, with a focus on maintaining policy continuity and stability. It noted the potential for increased fiscal measures in the fourth quarter if economic performance weakens unexpectedly [4][5]. - The meeting indicated that the third quarter may focus on the effectiveness of existing fiscal policies, with a possibility of additional fiscal measures if economic conditions deteriorate [5][21]. - The risk mitigation of existing debt continues, with a strong emphasis on prohibiting new hidden debts and effectively managing local government debt risks [6][21]. Monetary Policy - The meeting reiterated that monetary policy should maintain ample liquidity and promote a reduction in social financing costs, suggesting that lowering financing costs may not necessarily require a reduction in policy interest rates [7][20]. - Structural monetary policy tools are expected to play a significant role in supporting weak economic segments and addressing potential risks [7][20]. Consumer Policy - The meeting proposed to cultivate new growth points in service consumption while ensuring the improvement of people's livelihoods, indicating a focus on sectors such as cultural tourism and basic social services [8][33]. - Specific measures include the implementation of consumption vouchers and support for sectors like dining and tourism to stimulate demand [33]. Technology and Innovation - The meeting emphasized the importance of supporting technological innovation and fostering new pillar industries with international competitiveness, indicating a long-term focus on innovation as a key driver of economic growth [9][14]. Market Competition and Regulation - The meeting highlighted the need to deepen the construction of a unified national market and optimize market competition order, addressing issues of disorderly competition and local government intervention [10][15]. - The focus on "anti-involution" policies aims to regulate market behavior and promote fair competition, particularly in key industries [10][15]. Real Estate Policy - The meeting's discussion on real estate was limited, primarily focusing on high-quality urban renewal, reflecting a cautious approach to the real estate market [12][24]. - The emphasis on prohibiting new hidden debts suggests a shift towards more sustainable financing models for urban development [24][27]. Capital Market - The meeting underscored the importance of enhancing the attractiveness and inclusiveness of the domestic capital market, indicating a commitment to stabilizing and improving market conditions [15][20]. - The potential for increased foreign investment and improved domestic investor sentiment is anticipated as a result of these measures [15][20].
中金：联合解读政治局会议