Group 1 - The central government emphasizes the need to consolidate and expand the positive momentum of economic recovery, with GDP growth of 5.3% in the first half of the year, indicating strong vitality and resilience in the economy [2][3] - The meeting highlighted the importance of maintaining policy continuity and stability while enhancing flexibility and foresight, focusing on stabilizing employment, enterprises, markets, and expectations [2][3] - Macro policies will continue to play a crucial role in stabilizing economic operations, with a call for more proactive fiscal policies and moderately loose monetary policies [3][4] Group 2 - The meeting stressed the need to effectively unleash domestic demand potential, especially in the context of a complex external environment, with final consumption contributing 52% to economic growth in the first half of the year [6][7] - There is a focus on implementing special actions to boost consumption, particularly in expanding goods consumption and cultivating new growth points in service consumption [8][9] - Investment is identified as a key driver for expanding domestic demand, with an emphasis on high-quality infrastructure construction and stimulating private investment [10] Group 3 - The meeting underscored the necessity of deepening reforms to drive economic growth, with a focus on technological innovation, optimizing market competition, and improving the business environment for private enterprises [11][12] - High-level opening-up is emphasized to stabilize foreign trade and foreign investment, with measures to support foreign trade enterprises and enhance their competitiveness [12][13] Group 4 - Continuous efforts are required to prevent and mitigate risks in key areas, including local government debt and capital market stability, to ensure sustainable economic development [14][16] - The meeting highlighted the importance of ensuring social welfare and employment, particularly for key groups such as recent graduates and migrant workers, while maintaining safety in production and food supply [17]

7月政治局会议的召开，既是对上半年经济运行情况的全面复盘，也是对下半年经济形势的精准部署。 据新华社消息，7月30日中共中央政治局会议召开。在做好下半年经济工作时，会议指出，宏观政策要 持续发力、适时加力。要落实落细更加积极的财政政策和适度宽松的货币政策，充分释放政策效应。加 快政府债券发行使用，提高资金使用效率。兜牢基层"三保"底线。 同时会议提出，货币政策要保持流动性充裕，促进社会综合融资成本下行。用好各项结构性货币政策工 具，加力支持科技创新、提振消费、小微企业、稳定外贸等。支持经济大省发挥挑大梁作用。强化宏观 政策取向一致性。 华夏时报记者 刘佳 北京报道 在多位受访人士看来，7月政治局会议部署的各项政策精准务实、力度适中，既体现了政策的连续性和 稳定性，又具有很强的针对性和可操作性。随着各项政策的落地见效，必将推动下半年经济持续稳定恢 复，为实现全年经济社会发展目标奠定坚实基础。 宏观政策持续发力、适时加力 "今年以来，我国经济运行稳中有进，高质量发展取得新成效。主要经济指标表现良好，新质生产力积 极发展，改革开放不断深化，重点领域风险有力有效防范化解，民生兜底保障进一步加强，我国经济展 现强大活力 ...

值得注意的是，本次会议未强调国际经贸环境带来的挑战。"未来90天内，中美双边关税水平有望保持 稳定，外部经贸环境不确定性下降。不过，本次会议仍强调，下半年要稳住外贸外资基本盘。帮助受冲 击较大的外贸企业，强化融资支持，促进内外贸一体化发展。"王青表示，这意味着下半年我国出口可 能面临一定下行压力，宏观政策将对遇到困难的出口企业给予定向支持。 宏观政策"持续发力" 预留加码空间 从会议对宏观政策的定调来看，下半年宏观政策仍将保持稳增长取向。会议指出"宏观政策要持续发 力、适时加力""要落实落细更加积极的财政政策和适度宽松的货币政策"等。 据新华社消息，2025年7月30日，中共中央政治局召开会议，决定于10月召开二十届四中全会，重点研 究"十五五"规划建议，并系统部署下半年经济工作。 业内人士认为，此次会议既是对当前经济形势的精准把脉，也是对未来5年现代化建设路径的战略谋 划，释放出"稳中求进、以进促稳"的鲜明政策信号，为资本市场、实体经济及社会民生注入了确定性预 期。 经济形势"稳中有进" 会议对当前经济形势的表述较为积极，提到今年以来"我国经济运行稳中有进，高质量发展取得新成 效""我国经济展现强大活力和韧 ...

Group 1 - The core viewpoint of the meeting is to analyze the current economic situation and deploy economic work for the second half of the year, emphasizing the continuation and enhancement of macro policies to support economic recovery [1] - The meeting highlighted the need for a more proactive fiscal policy and moderately loose monetary policy, aiming to fully release the effects of these policies [2][3] - There is an expectation for the acceleration of the issuance and utilization of special government bonds and local government bonds to improve fund utilization efficiency [2][3] Group 2 - The meeting emphasized maintaining reasonable liquidity and promoting a decline in the overall financing costs in society through structural monetary policy tools [4] - Experts predict that new incremental measures, such as interest rate cuts and reserve requirement ratio reductions, may be introduced based on actual conditions in the second half of the year [4] - The People's Bank of China will continue to implement a moderately loose monetary policy, closely monitoring the transmission and effectiveness of previously implemented policies [4]

Group 1: Economic Policy Overview - The Central Political Bureau of the Communist Party of China emphasized the need for macro policies to continue to exert force and to be adjusted as necessary, indicating a stable growth orientation for the second half of the year [1] - The meeting highlighted the importance of implementing a more proactive fiscal policy and a moderately loose monetary policy to fully unleash policy effects [1] Group 2: Fiscal Policy Measures - The Ministry of Finance announced a more proactive fiscal policy, ensuring that fiscal policies remain effective and robust, with a focus on the issuance and utilization of government bonds [2] - As of June 30, the central government had transferred 9.29 trillion yuan to local governments, and over 90% of the central budget investment had been allocated [2] - The issuance of special government bonds is expected to accelerate, with a total of 27.776 billion yuan in new special bonds issued this year, representing a 56.5% increase compared to the same period last year [3] Group 3: Monetary Policy Outlook - The monetary policy will maintain a "moderately loose" stance, with an emphasis on ensuring ample liquidity and reducing the overall financing costs for society [4] - The central bank is expected to utilize various structural monetary policy tools to support key areas such as technological innovation, consumption, small and micro enterprises, and stabilizing foreign trade [5] - There is a possibility of further interest rate cuts, although the extent may be limited due to the narrowing net interest margins of commercial banks [5]

Group 1 - The meeting held by the Central Committee aimed to gather opinions on the current economic situation and work for the second half of the year, emphasizing the need for stability and progress in economic policies [1][2] - Key leaders from various democratic parties and organizations expressed their support for the Central Committee's analysis of the economic situation and provided suggestions on promoting technological and industrial innovation, enhancing service consumption, and improving social security for flexible employment groups [2][3] - Xi Jinping highlighted the importance of recognizing risks and challenges in the economy while leveraging development opportunities and advantages to sustain economic recovery [3][4] Group 2 - Xi Jinping called for a unified understanding among democratic parties and organizations regarding the Central Committee's economic analysis and urged them to promote high-quality development by utilizing their strengths and resources [4][5] - The meeting underscored the need for continuous macroeconomic policy support, expansion of domestic demand, and deepening reforms to foster innovation and safeguard livelihoods [3][4]

Core Viewpoint - The Central Political Bureau of the Communist Party of China has decided to hold the Fourth Plenary Session of the 20th Central Committee in October, focusing on the formulation of the 15th Five-Year Plan for national economic and social development, while analyzing the current economic situation and deploying economic work for the second half of the year [1] Fiscal Policy - The meeting emphasized accelerating the issuance and utilization of government bonds to improve fund efficiency [1][5] - The focus of fiscal policy will be on the issuance and use of government bonds, with an expected increase in the pace of issuance [6][5] - The total new deficit, special bonds, and ultra-long special bonds for the year amount to 11.86 trillion yuan, with significant progress in issuance by mid-year [6] Monetary Policy - The monetary policy remains moderately loose, with an emphasis on promoting a decline in overall financing costs [1][5] - There is potential for further monetary easing through tools like reverse repos and MLF, with a focus on maintaining liquidity [5][6] - Structural monetary policy tools will continue to support key areas such as technological innovation and small enterprises [5] Domestic Demand - The meeting highlighted the need to effectively unleash domestic demand, with a focus on expanding consumption and fostering new growth points in service consumption [9][11] - The contribution of final consumption to GDP reached 52.3% in the second quarter, indicating a strong recovery in consumer spending [11] - Policies will be implemented to improve the income capacity of low- and middle-income families, thereby boosting consumption [12] Investment and Economic Growth - The meeting called for high-quality promotion of "two重" construction to stimulate private investment and expand effective investment [9][12] - There is an expectation for infrastructure investment to gain momentum in the second half of the year, with a focus on breaking down market barriers and optimizing the business environment [12] - The service sector is identified as a key area for consumption growth, with recommendations for policies to enhance service consumption [14]

会议指出，当前我国经济运行依然面临不少风险挑战，要正确把握形势，增强忧患意识，坚持 底线思维，用好发展机遇、潜力和优势，巩固拓展经济回升向好势头。 中国银河证券首席经济学家、研究院院长章俊解读，一方面，上半年面对外部形势的急剧变 化，GDP同比增速达到5.3%，好于市场预期，经济基本面韧性十足；另一方面，当前经济运 行中存在的有效需求不足、物价低位运行以及贸易冲突中凸显的卡脖子问题等深层次复杂问题 将持续到"十五五"时期甚至更长时间，给我国经济社会发展带来较大挑战。 记者丨 唐婧 编辑丨曾芳 7月30日，中共中央政治局召开会议，决定今年10月召开二十届四中全会，研究关于制定"十五 五"规划的建议。会议分析研究当前经济形势，部署下半年经济工作。 会议对当前经济形势作出判断，认为今年以来我国经济展现强大活力和韧性，同时面临不少风 险挑战，要正确把握形势，增强忧患意识，坚持底线思维，用好发展机遇、潜力和优势，巩固 拓展经济回升向好势头。 会议指出，宏观政策要持续发力、适时加力。要落实落细更加积极的财政政策和适度宽松的货 币政策，充分释放政策效应。会议还对下半年有效释放内需潜力、坚定不移深化改革、稳住外 贸外资基本盘 ...

Core Viewpoint - The article discusses the strategic planning for the next five years and the economic measures for the second half of the year, emphasizing the need for effective implementation of existing policies and the potential introduction of new policies to stimulate economic growth [1][4][5]. Economic Policy Direction - The Central Political Bureau meeting highlighted the need for macroeconomic policies to continue to exert force and to be timely and effective, with a focus on "implementation" and "fully releasing policy effects" [1][5]. - Fiscal policy will prioritize accelerating government bond issuance and improving fund utilization efficiency, while monetary policy aims to lower overall financing costs and utilize structural monetary policy tools effectively [1][6]. Consumer Demand and Investment - The meeting emphasized the importance of effectively releasing domestic demand potential, implementing actions to boost consumption, and fostering new growth points in service consumption [1][10]. - The contribution of final consumption to GDP reached 52.3% in the second quarter, indicating a strong reliance on subsidies for consumption growth, particularly in the "old-for-new" replacement category [11]. Key Focus Areas for the Second Half - Three main tasks were outlined to effectively release domestic demand potential: 1. Implementing actions to boost consumption while fostering new growth points in service consumption [10][11]. 2. Expanding consumption demand through improvements in living standards, particularly for low- and middle-income families [12]. 3. Promoting high-quality infrastructure construction to stimulate private investment and effective investment [13]. Service Consumption Insights - Service consumption is identified as a critical area for boosting overall consumption, with a need for targeted measures to address challenges such as income stability and supply shortages [13][14]. - Specific recommendations include shifting subsidies from goods to services, optimizing labor rights and vacation policies, addressing educational issues for migrant workers' children, and enhancing public investment in service quality [15].

Group 1 - The meeting emphasized the need for macro policies to continue to exert force and be appropriately strengthened, focusing on effective release of domestic demand potential and deepening reforms [1][4] - The current economic situation is characterized by strong resilience, with GDP growth in the first half of the year reaching 5.3%, surpassing market expectations [2] - The meeting highlighted the importance of maintaining policy continuity and flexibility to stabilize employment, enterprises, and market expectations [3] Group 2 - The meeting called for accelerating government bond issuance and improving fund utilization efficiency, with over 2.2 trillion yuan in new local government special bonds issued by the end of June [5] - Emphasis was placed on structural support in monetary policy, particularly for small and micro enterprises, to stabilize employment and residents' income [5][6] - The focus on expanding domestic demand is centered on promoting consumption, particularly in the service sector, which is expected to play a significant role in stabilizing employment and expanding demand [6] Group 3 - The meeting proposed to deepen the construction of a unified national market and optimize market competition order, addressing issues of disorderly competition [7] - There is a need for timely support policies for foreign trade enterprises affected by external uncertainties, including financial support and optimizing export tax rebate policies [8][9] - The meeting emphasized the importance of effectively and orderly addressing local government debt risks and prohibiting the addition of new hidden debts [10] Group 4 - The meeting aimed to enhance the attractiveness and inclusiveness of the domestic capital market, focusing on improving investment return expectations and resource allocation [11] - Suggestions were made to lower operational thresholds for capital market support tools and to create new financial instruments to stabilize the capital market [11]