Core Viewpoint - The report indicates that the global economy is slowly recovering, and China's economic growth has solid support for stability in the second half of the year, with a moderate rebound in price levels and increasing positive factors [1][3]. Group 1: International Economic Situation - The global economy is showing signs of slow recovery, with developed economies experiencing persistent price stickiness. The second quarter saw a notable rebound in the US economy, but inflation in some economies remains above target levels, leading to concerns about fiscal sustainability due to high public sector debt and high-interest rates [3]. - The uncertainty in the economic recovery process continues, compounded by the impact of US tariff policies and potential volatility in international financial markets [3]. Group 2: Domestic Economic Situation - China's economic growth in the second half of the year is supported by new growth drivers, continuous expansion of total demand, and more proactive macro policies. The report highlights that the construction of a unified national market and regulation of low-price competition will positively impact reasonable price recovery [3]. - The report emphasizes the importance of financial support for consumption, focusing on improving the supply of high-quality services, which is crucial for enhancing consumer spending [4][5]. Group 3: Development of Service Consumption - The report discusses the significance of developing service consumption as a means to enhance public welfare and stimulate consumption. It notes that as income levels rise, the consumption structure shifts from goods to services, with China's service consumption share currently at 46%, indicating substantial growth potential [5][9]. - Key issues in developing service consumption include insufficient supply in high-demand areas such as elderly care and childcare, the need for improved service quality, and challenges in profitability for service providers [9][10]. Group 4: Financial Policy and Support - The report outlines that future financial policies will focus on increasing the supply of high-quality service consumption, with an emphasis on credit support for service sector enterprises. Recent policies have aimed at stimulating consumption from the demand side, while future efforts will prioritize supply-side enhancements [10][19]. - The report highlights the ongoing optimization of credit structures, with approximately 70% of new loans directed towards key sectors, including technology and consumption [12][15]. Group 5: Monetary Policy Outlook - The report emphasizes the need for careful implementation of monetary policy, focusing on stabilizing credit support rather than aggressively increasing credit volume. It aligns with previous statements on maintaining a moderately loose monetary policy while preventing fund misallocation [19][20]. - The report also discusses the importance of enhancing the credit system for small and medium-sized enterprises, indicating that while financing conditions have improved, further enhancements are necessary to support these businesses effectively [17][21].