Group 1: Economic Confidence and International Trade - The central government shows increased confidence in international trade, with China's trade surplus exceeding $1 trillion for the first time in 2025[6] - China's export share reached 15.1% in the 12 months leading up to July 2025, up from 14.9% in 2024, indicating a recovery in global competitiveness[6] Group 2: Domestic Demand and Consumption - The focus remains on expanding domestic demand, with a shift towards service consumption and innovative products in subsidy policies for 2026[8] - The meeting emphasized the need to optimize the implementation of "two new" policies, indicating a potential shift in consumption subsidies towards sectors like elderly products and smart vehicles[9] Group 3: Investment and Infrastructure - The meeting highlighted the need to stabilize investment, with measures including increasing central budget investments and optimizing local government bond usage[9] - New policy financial tools are expected to be introduced to stimulate private investment, with a focus on digital economy and urban renewal projects[10] Group 4: Macro Policy Adjustments - The macro policy direction has shifted to "quality improvement and efficiency enhancement," indicating a more cautious approach compared to last year's focus on stability[12] - The fiscal deficit rate is projected to remain at 4% for 2026, with an increase in special bonds to support key projects[12] Group 5: Real Estate Market Stability - The government aims to stabilize the real estate market by controlling supply and encouraging the purchase of existing homes for affordable housing[16] - Reforms to the housing provident fund are proposed to broaden its usage and improve access for first-time buyers[17] Group 6: Supply-Side Optimization - The meeting acknowledged the prominent contradiction of strong supply versus weak demand, emphasizing the need for supply-side reforms[19] - The focus on "anti-involution" aims to stabilize market expectations and prevent rapid price declines in key industries[20]