中央政治局会议，释放八大信号

Core Viewpoint - The Central Political Bureau meeting emphasizes the need for continuous and flexible macroeconomic policies to address current economic challenges while promoting growth and stability in the second half of the year [1][3][5]. Group 1: Economic Outlook - The meeting assesses that China's economy has shown strong vitality and resilience in the first half of the year, with a GDP growth rate of 5.3%, surpassing market expectations [2]. - However, there are ongoing risks such as insufficient effective demand, low price levels, and challenges from trade conflicts that may persist into the next five-year plan [2][4]. - The economic cycle is still in the destocking phase, necessitating targeted incremental policies to stimulate various sectors [2]. Group 2: Policy Implementation - The meeting calls for sustained and timely macroeconomic policies, focusing on more proactive fiscal policies and moderately loose monetary policies to fully unleash policy effects [5][6]. - Emphasis is placed on the effective implementation of existing policies, with a focus on structural and targeted support rather than broad-based measures [5][6]. - The government aims to accelerate the issuance and utilization of government bonds to enhance funding efficiency, with over 2.2 trillion yuan in new local government bonds issued by mid-2023 [5]. Group 3: Domestic Demand and Consumption - The meeting highlights the importance of effectively releasing domestic demand potential, particularly through boosting consumption and fostering new growth points in service consumption [8]. - Service consumption is identified as a key driver for stabilizing employment and expanding domestic demand, with recent policies aimed at improving living standards to further stimulate consumption [8]. Group 4: Market Competition and Industry Governance - The meeting stresses the need to promote a unified national market and optimize market competition order, addressing issues of disorderly competition and excess capacity in key industries [9][10]. - Specific measures include controlling new capacity in traditional industries and supporting innovation in emerging sectors to avoid administrative overreach [9]. Group 5: Foreign Trade and Investment - The meeting emphasizes the need to stabilize foreign trade and investment, providing support to affected foreign trade enterprises and optimizing export tax rebate policies [11]. - Policies will be introduced to assist foreign trade companies in exploring non-U.S. overseas markets and to facilitate the transition of export goods to domestic sales [11]. Group 6: Local Government Debt Management - The meeting reiterates the importance of managing local government debt risks and prohibits the creation of new hidden debts, aiming for a clear separation between government and enterprise financing [12]. - The focus is on a gradual and effective approach to clearing local financing platforms while ensuring risk control [12]. Group 7: Capital Market Development - The meeting calls for enhancing the attractiveness and inclusiveness of the domestic capital market to support stable growth [13][14]. - Suggestions include improving investment return expectations, increasing financing convenience, and expanding the range of financial tools available to support market stability [13][14].