Chief economist of CITIC Securities, Ming Ming: Monetary policy no longer mentions "appropriate reserve requirement ratio cuts and interest rate cuts". Quantity tools may still be in the observation period of policy effectiveness.

The meeting of the Political Bureau of the CPC Central Committee held on July 30 pointed out that macroeconomic policies should continue to exert force and timely increase efforts. It is necessary to implement a more proactive fiscal policy and moderately loose monetary policy, fully unleash the policy effects. Ming Ming, chief economist of CITIC Securities, said that the orientation of "moderately loose" monetary policy remains unchanged. Compared to the meeting of the Central Political Bureau held on April 25, this meeting no longer mentions "timely reserve requirement ratio cuts and interest rate cuts" in terms of quantity tools.