用"百颗子"下好"一盘棋"，没有全局意识不行。消除误差要对标对齐，朝着一个目标奋进。以战略思维 和全局视野统筹谋划经济工作，与各种不确定性抢时间，看准了就一次性给足，可以有效放大政策效 应。去年9月以来，我国推出了一揽子增量政策，"两重""两新"加快推进，化债"组合拳"为地方减负， 建立支持小微企业融资的协调机制……财政政策与货币政策共同发力，助市场活跃度快速回升、企业经 营预期较快改善、内需潜力有效激发。加强顶层设计，瞄准一致目标，各项政策积极有为、合力作为， 推动政策效能充分释放，将为高质量发展注入更多确定性。 使"千根线"拧成"一股绳"，没有系统观念不行。把经济政策和非经济性政策统一纳入一致性评估， 以"扩列"提升精度；加强重点事项统筹协调，明确职责分工，强化条块联动，以"组团"提升效率；中央 财政安排超长期特别国债资金支持"两新"，省级财政部门制定资金分配方案，市县财政部门细化具体项 目和单位，以"串联"落实执行……既在纵向上"一竿子插到底"，也在横向上"打好组合拳"，让各项政策 环环相扣、融为整体，发展之势才能不断向上。 以战略思维和全局视野统筹谋划经济工作，与各种不确定性抢时间，看准了就一次性给足 ...

今年上半年最终消费对经济增长的贡献率达到52%，其中二季度贡献率为52.3%，较一季度提高0.6个百 分点，较去年同期提高4.4个百分点。 以战略思维和全局视野统筹谋划经济工作，与各种不确定性抢时间，看准了就一次性给足，可以有效放 大政策效应 经济增长的"第一引擎"动力澎湃，离不开政策合力助推：安排3000亿元超长期特别国债资金支持消费品 以旧换新；批量调整存量房贷利率，为居民节省利息支出；发放就业补助资金，促进高质量充分就业， 提高就业的质量；深入实施"人工智能+"行动，扩容消费场景……多项政策同向而行、环环相扣，形成 了提升消费能力、提振消费意愿、拓展消费场景、扩大消费供给的政策合力。 化"资源池"为"及时雨"，还要强化动态调整。为确保政策同向发力和高效执行，要坚持监督评估、不断 纠偏，实时收集地方在政策执行中遇到的问题，形成动态反馈链条。因为部分条款与国家政策要求存在 不一致，妨碍市场公平竞争，黑龙江哈尔滨市政府废止《哈尔滨市支持对外贸易发展的若干政策》。因 部分政策过时、与国家调控要求不符，辽宁沈阳市房产局废止房地产市场领域8个文件。自2023年以 来，各地区、各部门清理妨碍全国统一大市场建设和公平竞 ...

使"千根线"拧成"一股绳"，没有系统观念不行。把经济政策和非经济性政策统一纳入一致性评估， 以"扩列"提升精度；加强重点事项统筹协调，明确职责分工，强化条块联动，以"组团"提升效率；中央 财政安排超长期特别国债资金支持"两新"，省级财政部门制定资金分配方案，市县财政部门细化具体项 目和单位，以"串联"落实执行……既在纵向上"一竿子插到底"，也在横向上"打好组合拳"，让各项政策 环环相扣、融为整体，发展之势才能不断向上。 化"资源池"为"及时雨"，还要强化动态调整。为确保政策同向发力和高效执行，要坚持监督评估、不断 纠偏，实时收集地方在政策执行中遇到的问题，形成动态反馈链条。因为部分条款与国家政策要求存在 不一致，妨碍市场公平竞争，黑龙江哈尔滨市政府废止《哈尔滨市支持对外贸易发展的若干政策》。因 部分政策过时、与国家调控要求不符，辽宁沈阳市房产局废止房地产市场领域8个文件。自2023年以 来，各地区、各部门清理妨碍全国统一大市场建设和公平竞争的政策措施逾4000件，有力释放了市场活 力。 以战略思维和全局视野统筹谋划经济工作，与各种不确定性抢时间，看准了就一次性给足，可以有效放 大政策效应 今年上半年最终消费对 ...

Monetary Policy Actions - In Q2 2025, the central bank lowered the re-lending rate by 0.25 percentage points and increased the re-lending quota for agriculture and small enterprises by CNY 300 billion each[2] - The central bank also reduced the policy interest rate by 0.1 percentage points and the reserve requirement ratio by 0.5 percentage points for most financial institutions[2] - The one-year Loan Prime Rate (LPR) was set at 3.0%, and the five-year LPR at 3.5%, both down by 10 basis points[2] Economic Outlook - The report indicates a cautious stance on the external economic environment, highlighting weakened global growth and increased trade barriers[2] - Domestic economic conditions are described as stable, with strengths in market size, industrial systems, and talent resources, emphasizing the need for strategic focus[2] - The policy goals include maintaining stability in employment, enterprises, markets, and expectations, aligning with the "14th Five-Year Plan" objectives[2] Future Policy Directions - The emphasis on "implementing and refining" the moderately loose monetary policy suggests a shift towards more precise and effective policy measures[3] - Structural monetary policy tools are expected to be enhanced to support technology innovation, consumption, and small enterprises[2] - The report anticipates that the monetary policy will remain moderately loose in the second half of 2025, influenced by domestic fiscal policies and the stability of financial institutions[2] Risk Factors - Potential risks include a resurgence of overseas inflation, rapid economic downturns in Europe and the U.S., and increasing complexity in international relations[2]

政府债券加快发行使用，经济运行获得更多动能。近期，中央向地方下达了今年第三批690亿元超长期 特别国债支持消费品以旧换新资金，并明确将继续加强统筹协调、强化跟踪调度、完善实施机制，平稳 有序推进消费品以旧换新工作。此外，今年8000亿元"两重"建设项目清单已全部下达完毕。一系列措 施，对巩固拓展经济回升向好势头将发挥出重要作用。 财政政策的重要发力点，还在于更多地"投资于人"，扎实做好民生保障工作，兜牢基层"三保"底线。近 期，育儿补贴、免费学前教育等一系列重要政策发布，获得社会一致点赞。这些惠及千家万户的民生政 策，背后是大规模财政资金的有力支持。其中，育儿补贴政策是新中国成立以来首次大范围、普惠式、 直接性向群众发放的民生保障现金补贴。中央财政将设立共同财政事权转移支付项目"育儿补贴补助资 金"，今年初步安排预算900亿元左右。中国式现代化，民生为大。下半年更加积极财政政策的实施，必 须更多地围绕民生做文章，在更大力度惠及百姓的同时，提振消费、拉动内需。 "持续发力、适时加力"，在于我国宏观政策有较大空间，工具箱储备充足，针对各种情况留有后手。从 人民银行创设新的结构性货币政策工具，到一系列重要民生政策的 ...

Group 1 - The National Development and Reform Commission (NDRC) held a meeting to report on the development and reform situation for the first half of the year, emphasizing the need to focus on major changes, important indicators, and significant issues for effective analysis and assessment [1] - The meeting highlighted the importance of stabilizing employment and expanding domestic demand as key priorities for policy preparation and reserve [1] - The NDRC stressed the need to strengthen the consistency of macroeconomic policy orientation [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Politburo meeting on July 30, 2025, emphasized the key node of the "15th Five - Year Plan" and continued the "Four Stabilities" policy line. The macro - policy was updated to "continue to exert force and add force in a timely manner", and for the first time proposed to "strengthen the consistency of macro - policy orientation" [1]. - Fiscal policy continued with a more proactive stance, with a more precise requirement on the pace of force exertion. The fiscal acceleration had shown multi - dimensional boosting effects on the economic fundamentals, and the GDP growth rate in the second quarter reached 5.2%. Monetary policy maintained a "moderately loose" stance and focused on precise investment through structural policy tools [2]. - In terms of domestic demand, it emphasized the linkage between people's livelihood and consumption and the cultivation of new growth points in service consumption. In the aspect of deepening reform, it continued to focus on "anti - involution" and related work. The meeting's tone on the bond market was focused on policy continuity and structural optimization, and the 10 - year Treasury bond yield was expected to return to rationality, possibly back to the 1.7% central level [1][3]. 3. Summary by Related Catalogs 3.1 Policy Background and General Tone - The meeting on July 30, 2025, not only deployed the economic work for the second half of the year but also emphasized the key node of the "15th Five - Year Plan". It continued the "Four Stabilities" policy line of the April meeting and emphasized maintaining policy continuity and stability. The macro - policy was updated from "continue to exert force and be more powerful" to "continue to exert force and add force in a timely manner" and proposed to strengthen the consistency of macro - policy orientation [1]. 3.2 Fiscal Policy - Continued the "more proactive fiscal policy" tone, and required to speed up the issuance and use of government bonds and improve capital use efficiency. From January to June 2025, the national issuance of new local government bonds was 2.6 trillion yuan, of which 2.16 trillion yuan was special bonds; the total issuance of local government bonds was 5.49 trillion yuan, of which 4.31 trillion yuan was special bonds. The progress of the 4.4 - trillion - yuan special bond quota arranged in the "Government Work Report" had exceeded 90%. The fiscal acceleration had boosted the economic fundamentals, and the second - quarter GDP growth rate reached 5.2% [2]. 3.3 Monetary Policy - Maintained a "moderately loose" stance, aiming to keep liquidity abundant and drive down the comprehensive social financing cost, especially supporting industries such as "technological innovation, boosting consumption, small and micro - enterprises, and stabilizing foreign trade". This year, it relied more on structural policy tools for more precise investment [2]. 3.4 Domestic Demand and Reform - In terms of domestic demand, it emphasized the linkage between people's livelihood and consumption, and the need to "cultivate new growth points in service consumption". In the aspect of deepening reform, it continued to focus on "anti - involution", requiring in - depth promotion of the construction of a unified national market, improvement of market competition order, and governance of disorderly competition among enterprises and over - capacity in key industries [3]. 3.5 Impact on the Bond Market - The meeting's tone was focused on policy continuity and structural optimization, and the incremental stimulus layout met market expectations. The short - term expectation disturbance to the bond market might come to an end, and the 10 - year Treasury bond yield was expected to return to rationality. Without new interest - rate cut expectations, it might return to the 1.7% central level, or even be in the range of 1.65% - 1.7% when funds were loose [3].

Core Viewpoint - The draft law on national development planning aims to enhance the macroeconomic governance system, promote high-quality development, and modernize the national governance system and capacity [1][3]. Group 1: Legislative Purpose and Framework - The draft consists of 4 chapters and 31 articles, addressing the formulation, implementation, and relationship of national development planning with other plans [1]. - The legislation is intended to standardize and ensure the scientific formulation and effective execution of national development plans [3][8]. - The draft law aims to resolve issues in the current planning system, such as uncoordinated goals and policy tools, by clarifying the roles and functions of various plans [4][6]. Group 2: Implementation and Coordination - The draft emphasizes the need for consistency in macroeconomic policy orientation, integrating economic and non-economic policies into a unified assessment [1][6]. - It outlines that the State Council will organize the implementation of national development plans, with specific departments responsible for drafting implementation plans [7]. - The legislation includes provisions for dynamic monitoring and evaluation of the implementation of national development plans, enhancing coordination among various levels of planning [7][8]. Group 3: Expert Insights - Experts believe that the legislation will help improve the scientific nature of planning and reduce randomness and uncertainty in the planning process [4][8]. - The law is expected to strengthen the guiding role of national development planning in resource allocation and market behavior, thereby promoting high-quality development [4][6].