如何解读2025年7月政治局会议︱重阳问答

Core Viewpoint - The meeting of the Political Bureau on July 30 emphasized a focus on stabilizing the economy rather than stimulating it, indicating that the policy direction will prioritize implementation over new initiatives, while remaining open to adjustments if unexpected situations arise [2][3]. Economic Policy Focus - The meeting highlighted that the economic performance in the first half of the year was positive despite external challenges, with major economic indicators showing good results and a strong resilience in the economy [2]. - The real estate sector will focus on high-quality urban renewal as the main strategy, with further observation needed from policymakers to promote stabilization [2]. - The concept of "anti-involution" has gained importance, with a shift in language from "promoting the orderly exit of backward production capacity" to "advancing capacity governance in key industries," indicating a move towards market-oriented solutions [2]. Capital Market Insights - A new emphasis on "enhancing the attractiveness and inclusiveness of the domestic capital market" was introduced, aiming to attract both domestic and foreign investors while broadening financing channels for technology-driven enterprises [2]. - Continued high-level attention to the capital market suggests that support from state-owned entities will be more sustainable moving forward [2]. Strategic Planning for the 14th and 15th Five-Year Plans - The 15th Five-Year Plan is positioned as a critical period for achieving decisive progress in socialist modernization, with a focus on proactive measures in various policy areas including openness, industrial policy, and distribution policy [3]. - The meeting underscored the need for active adaptation to changes and competition in the international arena, marking a shift from foundational planning to actionable breakthroughs [3]. - The emphasis on consolidating the economic foundation and activating development momentum is crucial for ensuring strategic breakthroughs in modernization efforts [3].