Economic Outlook - The meeting emphasized the need to maintain strategic determination and focus on domestic issues amidst increasing international uncertainties[13] - China's GDP grew by 5.3% year-on-year in the first half of 2025, indicating a resilient economic performance despite structural challenges[15] - The overall goal for the next five years is to achieve qualitative improvements and reasonable quantitative growth, promoting comprehensive development and common prosperity[14] Policy Implementation - The focus for the second half of 2025 will be on "four stabilizations": stabilizing employment, enterprises, markets, and expectations[17] - Policies will prioritize the effective implementation of existing measures rather than introducing new incremental policies[17] - Emphasis on enhancing the flexibility and predictability of macroeconomic policies while maintaining continuity and stability[18] Consumer and Investment Strategies - The government plans to boost consumer demand through direct subsidies and expanding basic public services, particularly in education and childcare[20] - Fixed asset investment is projected to grow at a cumulative year-on-year rate of 2.8% in Q2 2025, reflecting ongoing investment challenges[19] Capital Market Focus - The meeting highlighted the importance of enhancing the attractiveness and inclusivity of the domestic capital market to sustain its recovery[25] - The capital market has shown resilience, rebounding since September 2024, and is expected to continue improving with supportive policies[26]

Core Viewpoint - The Shandong provincial government has released a new policy package aimed at stabilizing the economy and promoting high-quality development, consisting of 26 measures across four main areas, marking the second batch of policies for the year [1] Group 1: Policy Focus - The primary focus of the policy package is on "stability," emphasizing the importance of stabilizing employment, supporting enterprises, boosting market demand, and optimizing expectations [1] - The policy package prioritizes employment, particularly in light of the ongoing graduation season, with initiatives aimed at enhancing job services for graduates and supporting enterprises as key employment providers [1] - Specific measures include targeted support for foreign trade enterprises affected by tariffs, demonstrating Shandong's commitment to stabilizing foreign trade and promoting growth [1] Group 2: Policy Continuity - The policy package exhibits strong continuity and alignment with national macroeconomic policies, particularly the "Four Stabilities" proposed by the Central Political Bureau [3] - The measures are designed to complement existing national policies, with detailed actions outlined to ensure effective implementation and proactive research on upcoming policies [3] - The continuity of the policies is highlighted by the further development of the "Ru Hui Tong" policy platform, which aims to enhance policy execution [3] Group 3: Practical Impact - The effectiveness of the policy package will ultimately be judged by its ability to enhance the experience and satisfaction of enterprises and the public [4] - Key initiatives include clearing overdue payments to enterprises, standardizing administrative law enforcement, and expanding loan support for small businesses and individual entrepreneurs [4] - The goal is to instill confidence in the market and society, thereby promoting high-quality development [4] Group 4: Implementation Assurance - The policy package emphasizes the need for coordinated implementation, with responsible units required to develop supporting measures and enhance policy communication [6] - Regular evaluations and frontline research will be conducted to address any obstacles in policy execution, ensuring effective implementation [6] - The proactive approach aims to provide a safety net for the successful rollout of policies, reflecting the province's commitment to economic stability [7] Group 5: Economic Outlook - Shandong's economy has shown positive signs in the first quarter, with key indicators performing better than national averages, but challenges remain due to a complex external environment [7] - The focus is on stabilizing pressured industries, accelerating the development of emerging sectors, and enhancing the contribution of the service industry [7] - The policy package reflects a determination to address uncertainties and leverage stable policies to drive economic growth [7]

超大规模市场的需求优势是中国经济的底气所在。稳预期是基础和关键。只有居民和企业的预期稳定 了、信心增强了，消费需求和投资需求不足的问题才能随之减轻，来自需求侧和供给侧的矛盾才能得到 逐步化解，巩固经济回升向好的态势才会有坚实的基础和保障。 4月25日召开的中共中央政治局会议深入分析研究了当前经济形势和经济工作，释放了"着力稳就业、稳 企业、稳市场、稳预期，以高质量发展的确定性应对外部环境急剧变化的不确定性"的强烈信号。4月30 日，习近平总书记在上海主持召开部分省区市"十五五"时期经济社会发展座谈会，会议再次强调要"多 措并举稳就业、稳企业、稳市场、稳预期"。着力抓好"四稳"的重要表述，为进一步做好今年经济工作 指明了方向、坚定了信心、展现了底气，这种信心和底气来自中国经济的强大韧性和活力：一季度，面 对纷繁复杂的外部形势，中国经济同比增长5.4%，比去年全年增速加快0.4个百分点，较去年一季度增 速加快0.1个百分点。 面对压力和困难，唯有迎难而上、顶压前行。一要加力重点领域、重点行业、城乡基层和中小微企业岗 位挖潜扩容，支持高校毕业生、农民工等重点群体就业创业。二要落实贷款优惠、税收优惠和培训补 贴、岗位 ...