Dean Tian Xuan of the National Institute of Finance at Tsinghua University: In the second half of the year, macroeconomic policies will focus on stabilizing growth and adjusting structure, appropriately increasing efforts when necessary.

The meeting of the Political Bureau of the CPC Central Committee held on July 30th pointed out that macroeconomic policies should continue to exert force and be timely strengthened. It is necessary to implement and elaborate on a more active fiscal policy and moderately loose monetary policy, fully releasing the policy effects. Speed up the issuance and use of government bonds to improve the efficiency of fund utilization. Firmly secure the bottom line of the "three guarantees" at the grassroots level. The monetary policy should maintain adequate liquidity to promote the downward trend of the comprehensive financing cost of society. Make good use of various structural monetary policy tools to support technological innovation, boost consumption, assist small and micro enterprises, stabilize foreign trade, etc. Support economic powerhouses to play a leading role. Strengthen the consistency of macroeconomic policy orientation. Tian Xuan, Dean of the National Institute of Finance of Tsinghua University and Deputy Dean of the Tsinghua University PBC School of Finance, stated that in the second half of the year, macroeconomic policies will focus on stabilizing growth and adjusting structure, and increase policy intensity in a timely manner according to the economic situation. Fiscal policy will continue to strengthen, increase expenditures in key areas such as urban renewal, technological innovation, and industrial upgrading; in terms of monetary policy, it is expected to continue to maintain a moderately loose monetary environment, possibly injecting more liquidity into the market through measures such as lowering the reserve requirement ratio; more structural monetary policy tools will be used, in coordination with fiscal policy, to support technological innovation and industrial upgrading; at the same time, efforts will be intensified to boost consumption, extending subsidy policies from durable consumer goods to sectors such as culture, tourism, and catering, increasing subsidies for residents' consumption to further stimulate market vitality. Additionally, further measures will be taken to strengthen job stability and employment expansion, including increasing employment assistance efforts for key groups such as college graduates and migrant workers, conducting vocational skills training, and enhancing the quality and stability of employment.