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<Research>Broker Lists Content of Recent Yrs' Macro Policies at Meetings of Political Bureau of CPCCC (Table)
The meeting of the Political Bureau of the CPC Central Committee studied economic work for 2025 and propounded the implementation of a more proactive fiscal policy and a modestly l...
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<Research>Broker Lists Content of Recent Yrs' Macro Policies at Meetings of Political Bureau of CPCCC (Table)
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The meeting of the Political Bureau of the CPC Central Committee studied economic work for 2025 and propounded the implementation of a more proactive fiscal policy and a modestly loose monetary policy. The HSI narrowed its upswing after hitting 21,000 once this morning (10th). Guosen Securities released a report listing the contents of the macroeconomic policies of recent meetings of the Political Bureau of the CPC Central Committee:

(1) A list of the contents of the “macro policies” of the Politburo meetings in December since 2021

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Politburo meeting in December 2024
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In 2025, China must adhere to progress while maintaining stability; promote stability through progress; uphold integrity and innovation, establish systems before breaking them; coordinate and cooperate systematically; implement a more proactive fiscal policy and a modestly accommodative monetary policy; enrich and improve the policy toolbox; strengthen non-conventional countercyclical adjustments; and enforce a “combo of policies” to improve the forward-looking, targeted and effective nature of macroeconomic regulation.

Politburo meeting in December 2023
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China must strengthen the countercyclical and cross-cyclical adjustment of macro policies and continue to implement proactive fiscal policies and prudent monetary policies. Proactive fiscal policies should be appropriately fortified, improved in quality and efficiency, and prudent monetary policies should be flexible, appropriate, precise and effective. China must enhance the consistency of macro policy orientation and strengthen economic publicity and public opinion guidance

Politburo meeting in December 2022
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China must continue to implement proactive fiscal policy and prudent monetary policy; strengthen the coordination and cooperation of various policies; optimize epidemic prevention and control measures; and form a joint force to promote high-quality development. Proactive fiscal policy should increase efficiency, and prudent monetary policy should be precise and effective.

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Politburo meeting in December 2021
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Macro policies must be stable and effective, and proactive fiscal policies and prudent monetary policies must continue to be enforced. Proactive fiscal policies must improve efficiency with more attention to being precise and sustainable. Prudent monetary policies must be flexible and appropriate, and liquidity must be maintained at a reasonably sufficient level

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Guosen Securities also listed the contents of the “domestic demand policy” of the Politburo meetings in December since 2021

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(2) List of contents of the “domestic demand policy” of the Politburo meetings in December since 2021

Politburo meeting in December 2024
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Efforts should be made to bolster consumption and improve the effectiveness of investment, and domestic demand should be expanded in an all-round way

Politburo meeting in December 2023
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Efforts should be made to amplify domestic demand and create a virtuous cycle of mutual promotion between consumption and investment

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Politburo meeting in December 2022
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China must strive to expand domestic demand and give full play to the fundamental role of consumption and the crucial role of investment

Politburo meeting in December 2021
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China must implement a strategy to expand domestic demand, promote the sustained recovery of consumption, actively expand effective investment, and enhance the endogenous driving force for development

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(3) Overview of the content of the “real estate policy” of the Politburo meetings in December since 2021

Politburo meeting in December 2024
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Stabilize the property market and stock market

Politburo meeting in December 2021
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It is necessary to promote the construction of affordable housing; support the commodity housing market to better meet the reasonable housing needs of home buyers; and promote the healthy development and a virtuous cycle of real estate industry

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