Core Viewpoint - The article emphasizes the need for a combination of macroeconomic, industry, and reform policies to stabilize growth in the face of persistent downward pressure on China's economy [1][4][10]. Macroeconomic Policies - Macroeconomic policies, including monetary and fiscal measures, are essential for counter-cyclical adjustments during economic downturns. The focus should be on monetary easing and fiscal expansion to stimulate growth [4][10]. - Continuous reliance on macroeconomic policies over extended periods is unsustainable, highlighting the need for a balanced approach [4][10]. Industry Policies - Industry policies are crucial as certain sectors lose competitiveness due to rising costs and changing market conditions. This necessitates the entry of emerging industries to support economic growth [4][5]. - The real estate sector's ongoing decline poses significant challenges for overall economic stability, as it heavily influences both investment and consumption [5][7]. - There is a need to create a conducive environment for emerging industries while stabilizing critical sectors like real estate in the short term [7][8]. Reform Policies - Reform policies are vital for improving the business environment as China transitions from an input-driven growth model to an innovation-driven one. This includes enhancing resource allocation efficiency and boosting the confidence of private enterprises [8][10]. - Private enterprises play a significant role in driving innovation and economic growth, necessitating the effective implementation of policies that support them [8][10]. Current Policy Recommendations - The article suggests that the current policy response should be proactive, considering potential economic downturns. It highlights the importance of preparing for risks and adjusting policies based on economic performance [10][11]. - The recent increase in U.S. tariffs poses challenges for Chinese exports, necessitating decisive macroeconomic policies to stabilize growth and expand domestic demand [12][13]. - Targeted measures should be designed to assist industries and workers directly affected by external shocks, such as tariffs, to mitigate their impact on the economy [12][13].

Group 1 - The article emphasizes the need for a coordinated approach involving macroeconomic, industry, and reform policies to address economic downward pressure and achieve stable growth [3][9][10] - Macroeconomic policies are primarily suitable for short-term counter-cyclical adjustments, with a focus on monetary and fiscal easing to stimulate the economy [6][10] - Industry policies are crucial to address structural challenges during industrial upgrades, particularly in stabilizing key sectors like real estate while fostering emerging industries [7][8][9] Group 2 - The article highlights the importance of reform policies to improve the operating environment for private enterprises and enhance market resource allocation efficiency [8][9] - Recent U.S. tariff increases are expected to have a significant economic impact, necessitating targeted measures to support affected businesses and workers [11][12][13] - The government has already implemented various measures to support consumption, including policies aimed at urbanizing migrant workers, which can help expand domestic consumption [14]

Group 1: Macroeconomic Policy - Macroeconomic policy involves counter-cyclical adjustments through monetary and fiscal policies, focusing on easing policies to stimulate the economy during downturns [1][4] - Continuous reliance on policy easing over extended periods is unsustainable, highlighting the need for a balanced approach [1] Group 2: Industry Policy - The real estate sector's ongoing decline poses significant challenges for economic stability, as it heavily influences both investment and consumption [2] - Industry policy is crucial for creating a favorable environment for emerging industries while stabilizing key sectors like real estate that have substantial economic impacts [2][3] - Current emerging industries, such as electric vehicles, lithium batteries, and photovoltaic products, are not yet large enough to drive the next phase of economic growth [3] Group 3: Reform Policy - Transitioning from factor-driven growth to innovation-driven growth necessitates improvements in the business environment, particularly for private enterprises [3] - Recent policies aimed at enhancing the environment for private enterprises are essential for boosting innovation and supporting future economic growth [3] Group 4: Economic Indicators and Future Outlook - Following the implementation of a package of incremental policies, economic indicators showed significant improvement, indicating the effectiveness of macroeconomic policies [4] - The government is preparing for potential downward risks in the economy, emphasizing the need for proactive fiscal and monetary policies [4][5] - Targeted measures may be necessary to stabilize sectors directly impacted by external factors, such as increased tariffs from the U.S. [5]