报告建议，适度宽松的货币政策再发力，考虑到受价格水平偏低影响实际利率仍较高，后续可根据经济 形势和市场情况，进一步降准降息，降低企业融资成本、降低居民负债压力，进而提升市场需求，同 时，进一步健全市场化利率调控机制，提高货币政策传导效率，有效发挥货币政策稳定物价的功能。此 外，优化信货结构，配合财政政策加大对重点领域的支持。 报告指出，"反内卷"政策初见成效，已成为中国经济结构性调整的关键举措，预计 "十五五"时期将保 持政策的连续性，依据法律法规治理企业的无序竞争行为；避免通过行政手段直接对行业及企业定价进 行干预，转而采用高效的激励办法，实现优质产品对应合理高价的良性循环。 报告还提出，同步推进收入分配、社保、统一大市场等结构性改革，通过改革释放制度红利。例如，加 快打通市场卡点堵点，加快要素市场化改革，完善市场决定要素价格机制，健全要素按贡献決定报酬机 制；加大对医疗、教育、养老、托幼、生育补贴等民生领域支出，缓解居民支出压力与未来不确定性， 增强消费预期。 报告认为，"反内卷"政策推进下，部分能源和原材料行业供需关系改善，带动行业价格水平显著改善， 8月煤炭开采、黑色金属采选冶炼等上游原材料相关环节行 ...

Core Viewpoint - The National Bureau of Statistics emphasizes the need to further coordinate the expansion of domestic demand and deepen supply-side structural reforms to promote a reasonable recovery in prices [1] Group 1: Price Trends - In May, the consumer price index (CPI) for residents decreased by 0.1% year-on-year and fell by 0.2% month-on-month, indicating a shift from an increase to a decrease in prices [1] - The decline in prices is primarily influenced by international input factors and a decrease in food prices [1] Group 2: Policy Implications - The current price situation requires a comprehensive and dialectical view, recognizing both the effects of policies aimed at expanding domestic demand and the low overall price levels that affect corporate profitability and employment growth [1] - The core CPI growth rate is steadily expanding, and positive price changes are accumulating [1] Group 3: Future Directions - Moving forward, there is a need to further coordinate the expansion of domestic demand and deepen supply-side structural reforms [1] - The goal is to leverage the combined effects of macroeconomic policies, regulate market price order, improve supply-demand relationships, and promote a reasonable recovery in prices [1]