Economic Work Guidelines - The overall tone for the second half of the year emphasizes "stability while seeking progress," aiming to effectively promote domestic and international dual circulation [4][10][47] - The meeting acknowledged previous economic achievements while also addressing ongoing risks and challenges, highlighting the need for a proactive approach to leverage development opportunities [9][10] Macro Policy - The macro policy will focus on "sustained efforts and timely enhancements," indicating that fiscal and monetary policies still have room for maneuvering [10][11] - Fiscal policy will accelerate government bond issuance and improve fund utilization efficiency, particularly in infrastructure projects [11][12] - Monetary policy aims to maintain ample liquidity and support sectors like technology innovation, consumption, and small enterprises [18][19] Demand-Side Expansion - The meeting stressed the importance of effectively releasing domestic demand potential, with a focus on expanding consumption and fostering new growth points in service consumption [20][21] - Policies will be directed towards improving living standards and expanding consumption demand, including potential measures like "child-rearing subsidies" [22] Supply-Side Reform - The meeting highlighted the need for further regulation of "involutionary" competition and the orderly exit of backward production capacity in key industries [23][28] - Emphasis will be placed on deepening reforms and promoting a unified national market to optimize market competition [27][30] External Opening - The meeting called for expanding high-level opening-up and stabilizing the fundamentals of foreign trade and investment, with a focus on supporting foreign trade enterprises [34][35] - Policies will include optimizing export tax rebate policies and enhancing cross-border e-commerce development [36][37] Risk Prevention - The meeting outlined strategies for preventing and mitigating risks in key areas, including high-quality urban renewal and managing local government debt risks [39][41] - Emphasis will be placed on maintaining the stability of the capital market and preventing new hidden debts [40][44]

Economic Outlook - The July Politburo meeting maintained a "seeking progress while maintaining stability" approach, with a more positive assessment of the economic situation compared to April[2] - The meeting emphasized the importance of achieving the annual economic growth target of 5% and noted that major economic indicators performed well, with exports growing by 5.9% year-on-year in the first half of the year[2] - The focus is shifting towards enhancing internal capabilities and promoting high-quality development in response to international trade uncertainties[2] Fiscal Policy - The meeting called for a more proactive fiscal policy, with an emphasis on accelerating local government special bond issuance and improving fund utilization efficiency[4] - In the first half of the year, broad fiscal expenditure (general public budget + government funds) increased by 8.9%, surpassing the nominal GDP growth rate of 4.3%[4] - There may be room for increased fiscal spending in the second half of the year, particularly in Q3 to Q4[4] Monetary Policy - The monetary policy remains "moderately loose" with a focus on maintaining ample liquidity, but there was no mention of potential interest rate cuts[4] - As of Q1 this year, the net interest margin of commercial banks fell to 1.43%, limiting the scope for further rate cuts[4] - Structural monetary policy tools will likely be emphasized to support technology innovation, consumption, and small enterprises[4] Consumption and Industry Upgrades - Policies to promote consumption will continue, with a focus on improving living standards and expanding service consumption[5] - The introduction of a national childcare subsidy system is expected to positively impact total consumption, accounting for approximately 0.2% of the 2024 total resident consumption[5] - The government aims to support key industries like photovoltaics and new energy vehicles through capacity management and policy backing[5] Risks - Potential risks include unexpected escalations in US-China trade tensions and lower-than-expected domestic demand recovery[5]

记者了解到，系列现场投教活动的开展，兼具互动性和知识性，通过"互动、宣导、讲解、咨询"等 方式，生动宣传相关知识，进一步提升投教工作质效。 郑商所相关负责人表示，下一步，郑商所将深入贯彻落实"新国九条"政策要求和《关于加强监管防 范风险促进期货市场高质量发展的意见》，牢牢把握"防风险、强监管、促高质量发展"的工作主线，坚 守"金融为民"初心，持续创新投教工作形式，深化与行业各方的协同联动，继续深入群众开展期货知识 普及和投资者教育工作，增强市场参与者风险防控意识，维护中小交易者合法权益，切实增强投资者理 性交易、依法维权意识，为期货市场高质量发展营造良好氛围。 联合浙江证监局、浙江期货行业协会等17家单位，郑商所在杭州市运河广场举办"法律+金融+教 育"相结合的户外市民体验活动，通过趣味活动与知识讲解传递"理性投资、防范风险"理念，吸引了约 千名市民参与。 结合全国公安机关打击和防范经济犯罪宣传日，郑商所联合郑州市公安局、河南证监局在南阳市参 加河南分会场活动，现场向公众普及防范非法期货知识。 5月19日，记者从郑州商品交易所（下称"郑商所"）获悉，围绕落实"5·15全国投资者保护宣传 日"和全国防范非法证券 ...