Dong Ximiao, chief economist of CMB, said that overall, monetary policy pays more attention to refined operations under a moderately loose framework. While maintaining sufficient liquidity, it also pays more attention to policy transmission efficiency, financial stability and balance of payments, and making forward-looking arrangements to deal with the increasingly complex internal and external environment, reflecting the shift in macro-control from short-term steady growth to equal emphasis on short-term steady growth and long-term structural optimization. Dong Ximiao said that in terms of policy ideas, the conference placed more emphasis on the integrated effects of incremental and inventory policies. Compared with the first-quarter regular meeting, expressions such as “enhancing forward-looking flexibility and pertinence” and “grasping the intensity, pace, and timing of policy implementation” were added. The chief economist of CITIC Securities clearly analyzed that with regard to the operation of the domestic economy, compared to the regular meeting in the first quarter, this conference adjusted the expression “steady and progressive” to “moving forward” on the premise of continuing the “overall stability” statement. This change reflects the gradual transformation of China's economic development from steady growth to structural optimization at this stage. “New” or corresponding to a new quality of productivity, while “excellent” corresponds to the optimization of the economic growth structure. The conference added the expression “enhance the endogenous motivation of economic development, further strengthen the domestic cycle, and improve the domestic and international double cycle”. It was clearly stated that the conference proposed “improving domestic and international dual cycles,” and that the international cycle is also viewed as a driving factor for economic growth, which may mean that the next phase of central bank monetary policy support for entities will also take into account the impact of overseas supply and demand.

Dong Ximiao, chief economist of CMB, said that overall, monetary policy pays more attention to refined operations under a moderately loose framework. While maintaining sufficient liquidity, it also pays more attention to policy transmission efficiency, financial stability and balance of payments, and making forward-looking arrangements to deal with the increasingly complex internal and external environment, reflecting the shift in macro-control from short-term steady growth to equal emphasis on short-term steady growth and long-term structural optimization. Dong Ximiao said that in terms of policy ideas, the conference placed more emphasis on the integrated effects of incremental and inventory policies. Compared with the first-quarter regular meeting, expressions such as “enhancing forward-looking flexibility and pertinence” and “grasping the intensity, pace, and timing of policy implementation” were added. The chief economist of CITIC Securities clearly analyzed that with regard to the operation of the domestic economy, compared to the regular meeting in the first quarter, this conference adjusted the expression “steady and progressive” to “moving forward” on the premise of continuing the “overall stability” statement. This change reflects the gradual transformation of China's economic development from steady growth to structural optimization at this stage. “New” or corresponding to a new quality of productivity, while “excellent” corresponds to the optimization of the economic growth structure. The conference added the expression “enhance the endogenous motivation of economic development, further strengthen the domestic cycle, and improve the domestic and international double cycle”. It was clearly stated that the conference proposed “improving domestic and international dual cycles,” and that the international cycle is also viewed as a driving factor for economic growth, which may mean that the next phase of central bank monetary policy support for entities will also take into account the impact of overseas supply and demand.