Core Viewpoint - The upcoming political bureau meeting at the end of April is expected to adopt a more proactive and expansive policy stance, focusing on stabilizing expectations, growth, foreign trade, employment, stock market, and real estate, while also introducing new incremental policies [1][5][9]. Economic Outlook - The economic situation is anticipated to be acknowledged as stable with a good start in Q1, but challenges will be highlighted, particularly the complex external environment and insufficient domestic demand growth [3][5]. - The GDP growth rate for Q1 is reported at 5.4%, but indicators like CPI and PPI suggest weak demand characteristics remain unchanged, necessitating policy adjustments [5][9]. Policy Direction - The policy tone is expected to be more aggressive and expansive, with a focus on "real money" measures to stabilize various economic sectors [5][9]. - There is an emphasis on implementing existing policies while also introducing new measures to address external uncertainties [5][9]. Key Focus Areas - Specific areas of focus include central leverage, stabilizing foreign trade and employment, expanding domestic demand, promoting consumption, stabilizing the stock market and real estate, and enhancing industrial reform [9][10]. - Potential measures may include interest rate cuts, increased fiscal stimulus, and adjustments to the use of funds for existing policies [9][12]. Trade and Employment - The government is expected to emphasize support for foreign trade enterprises and employment, with significant backing for transitioning exports to domestic sales [11][15]. - The stock market may see increased support, with actions from central financial institutions to stabilize market confidence [11][15]. Infrastructure and Reform - More infrastructure projects are likely to be launched, focusing on urban renewal and water conservancy [12]. - Long-term reform efforts will continue, with attention to national market unification and state-owned enterprise reforms [12][13]. Recent Developments - Recent government actions include high-level visits to Southeast Asian countries to strengthen cooperation, and responses to increased tariffs from the U.S. [13][14]. - The government is actively supporting the transition of foreign trade enterprises to domestic markets through various platforms and initiatives [15][16].

稳定股市是资本市场当前的关键词。日前召开的国务院常务会议提出"持续稳定股市"，延续了此前中央 政治局会议、中央经济工作会议、2025年政府工作报告等重要会议和政策中的表述，体现了国家层面对 股市的呵护之意。方正证券（601901）首席经济学家燕翔认为，在当前时点提出"持续稳定股市"意义重 大，美国所谓的"对等关税"冲击全球金融市场，我国各项措施"组合拳"快速出击、强而有效，有力稳住 了股票市场。未来我国资本市场改革将着力于吸引中长期资金入市，持续完善稳市举措，保持股市稳 定，中国市场有望成为全球资金"避风港"，为全球市场带来更多确定性。(证券时报) ...

稳股市提法多次出现 4月18日召开的国务院常务会议提出"持续稳定股市"，与2025年政府工作报告中"稳住股市"的表述形成 呼应。实际上，2024年下半年以来，"资本市场""股市"的提法多次进入中央文件，去年9月中央政治局 会议提出"努力提振资本市场"，去年12月召开的中央经济工作会议和2025年的政府工作报告中均提 出"稳住股市"。 稳定股市是资本市场当前的关键词。日前召开的国务院常务会议提出"持续稳定股市"，延续了此前中央 政治局会议、中央经济工作会议、2025年政府工作报告等重要会议和政策中的表述，体现了国家层面对 股市的呵护之意。 方正证券首席经济学家燕翔认为，在当前时点提出"持续稳定股市"意义重大，美国所谓的"对等关税"冲 击全球金融市场，我国各项措施"组合拳"快速出击、强而有效，有力稳住了股票市场。未来我国资本市 场改革将着力于吸引中长期资金入市，持续完善稳市举措，保持股市稳定，中国市场有望成为全球资 金"避风港"，为全球市场带来更多确定性。 南开大学金融发展研究院院长田利辉建议，类"平准基金"需从临时性安排向制度化框架升级，丰富多元 化资金来源，实现透明化运作，从而提升资本市场内生"稳定性"。 " ...