进入新时代，中国经济航船闯激流险滩、战艰难险阻，向着一个又一个胜利笃定前行。 "党中央集中统一领导是做好经济工作的根本保证，在关键时刻、重要节点，党中央及时研判形势、作 出决策部署，确保我国经济航船乘风破浪、行稳致远。" 关键时刻必有关键抉择。 彼时，中国经济增速从两位数滑落至8%以下，与此同时发展粗放、环境污染问题逐步显现，"速度焦 虑""转型迷茫"互相交织。中国经济将向何处去？未来发展之路怎么走？一时间众说纷纭。 "我国发展仍处于重要战略机遇期，我们要增强信心，从当前我国经济发展的阶段性特征出发，适应新 常态，保持战略上的平常心态。" 那次河南之行，习近平总书记首次公开提出"新常态"概念，深刻指明我国当前和今后一个时期经济发展 的大逻辑。 "速度再快一点，非不能也，而不为也""不能简单以生产总值增长率论英雄""经济发展动力正从传统增 长点转向新的增长点"…… 习近平总书记的一系列重要论述，直指长期存在的片面政绩观，指引行至关键阶段的中国经济校准航 向，牢牢掌握新时代发展的历史主动。 新时代以来的这些年极不寻常、极不平凡，改革发展稳定任务之艰巨世所罕见、史所罕见。一路风雨兼 程，一路劈波斩浪，我们的信心更强 ...

Core Viewpoint - The report emphasizes that "stability" is the primary objective for China's economy, which is projected to exceed 130 trillion yuan in 2024, amidst changing internal and external environments [1][11]. Policy Direction - The policy governance goal has shifted from "six stabilizations" to "four stabilizations" (stabilizing employment, enterprises, markets, and expectations), reflecting continuity and precision in policy focus [2][12]. - "Stabilizing employment" remains the top priority, with over 17.7 million new urban laborers and 12.22 million college graduates expected in 2025, indicating unprecedented employment pressure [2][12]. - The new policy framework integrates "stabilizing finance" into "stabilizing enterprises" and "stabilizing markets," focusing on the micro-foundations of economic operations [2][13]. Economic Operation - In the first half of the year, the economy achieved a growth rate of 5.4%, driven by export effects, infrastructure investment from local debts, and consumption subsidy policies [3][15]. - Exports from January to May increased by 6% year-on-year, supported by a rise in non-U.S. exports and a "grab export" effect [3][17]. - The economy faces multiple pressures in the second half, including weakened export momentum due to tariff uncertainties and sluggish recovery in the real estate market [3][35]. Key Areas: Export, Investment, and Consumption - Export enterprises are under pressure from policy uncertainties and challenges in transitioning from export to domestic sales [4][46]. - Investment remains necessary despite export pressures, with high savings supporting high investment, particularly in high-tech and infrastructure sectors [4][48]. - Consumption is a long-term issue, requiring measures to increase income and address consumption bottlenecks, with significant potential for service consumption growth [4][46]. Recommendations - To stabilize exports, the government should address information asymmetries and support enterprises in transitioning to domestic sales [5][46]. - For consumption and investment, enhancing the direct effectiveness of consumption subsidies and stabilizing the real estate and capital markets are crucial [5][46]. - Strengthening the internal economic momentum through policies that improve living standards and facilitate urbanization is essential [5][46].