Core Insights - The article discusses the significant economic policy shift in China initiated by the "924" policies, which aimed to stabilize growth, promote consumption, and support the real estate and stock markets [2][5][7]. Policy Overview - The "924" policies were introduced on September 24, 2024, and included measures such as interest rate cuts, reserve requirement ratio reductions, and new financial tools to support the economy [5][6]. - These policies marked a transition from a "stable" to a "moderately loose" economic policy approach, reflecting a change in macroeconomic thinking [5][8]. Economic Impact - Following the implementation of the "924" policies, the Shanghai Composite Index rose significantly, and GDP growth improved, with a year-on-year increase from 4.6% in Q3 to 5.4% in Q4 2024 [6][11]. - Consumer spending and investment also showed positive trends, although there were signs of slowing growth in 2025, raising questions about the need for new policies [4][11]. Future Policy Considerations - Experts suggest that new policies may be necessary to address ongoing economic challenges, particularly in the real estate sector and to enhance coordination between monetary and fiscal policies [4][12][13]. - Recommendations for future policies include targeted measures to stimulate consumption, such as subsidies for service consumption and direct cash transfers to low-income groups [13][14]. Structural Reforms - There is a consensus among researchers that deeper structural reforms are needed alongside short-term policy adjustments to address fundamental economic issues [4][9]. - Suggested reforms include improving income distribution, enhancing public services, and streamlining the relationship between central and local governments [4][9].