今年4.30政治局会议肯定了开年以来的经济表现，认为积极因素增多、实现良好开局，但仍然保持了积极的政策基调，并未因一季度经济数据“开门红”而出现政策转向

如何在规范的基础上实现高质量发展，就成为新“国九条”要破解的核心课题

金融体系的每一次变化，看似跟随政策起伏波动，但事实上每一轮金融周期穿透到底层，都是经济周期

新“国九条”标志着资本市场进入强监管周期，稳为基调，严字当头是新一轮监管周期的特征。随着1+N政策配套体系出台，全方位、立体化的资本市场监管体系将逐步落地，其中上市公司全链条监管是重中之重

当资本利用套利机会发展时，收益与风险的平衡关系被破坏，表现出低风险高收益的特性，出现金融资本空转、脱实向虚的特征。这种收益与风险的不匹配、不公平发展就是资本的无序扩张

央行要求银行做好内控管理和投资者适当性管理，为个人、企业和中小金融机构提供与其风险承受能力相匹配的投资交易券种和交易方式；银行主要会放开一些低风险债券品种

• China aims for about 5% economic growth in 2024, supported by improved economic environment, unleashing domestic demand potential, and favorable macroeconomic policies. Challenges include insufficient effective demand, weak social expectations, and various risks.
• Key reforms for enhancing internal demand, optimizing structure, boosting confidence, ensuring livelihoods, and mitigating risks include improving long-term mechanisms for expanding domestic demand, accelerating the construction of a unified national market, implementing "two unwaverings" systems for state-owned and private enterprises, and advancing scientific innovation and financial reforms.
• Innovations are crucial for high-quality development; however, China's innovation capability faces challenges such as an unsuitable talent cultivation system, inadequate incentive mechanisms in research institutions, the limited role of enterprises in innovation, an unfit financial system for innovation funding, and micro-mechanisms that do not support innovation.

改革发展面临新的形势，在一定程度上，不深化改革就难以构建新发展格局、推动高质量发展

不同行业、企业、岗位间的工资水平存在显著差异，当前工资增速受到经济下行压力和物价低迷影响

• China's economy aims for a 5% GDP growth in 2024, maintaining the same target as in 2023, with an emphasis on job creation and income growth. The government plans to focus on stimulating economic vitality, managing risks, and improving social expectations to sustain recovery momentum.
• Fiscal policy will moderately increase with a deficit rate set at 3%, matching the previous year's initial budget. Special long-term sovereign bonds worth 1 trillion yuan will be issued for major national projects and security capacity building. Monetary policy will ensure that the scale of social financing and money supply matches economic growth and price level targets.
• Reforms to enhance internal vitality include promoting private enterprise development, accelerating the construction of a unified national market, and planning a new round of fiscal and tax system reforms. These efforts aim to address challenges such as insufficient effective demand and weak social expectations while supporting high-quality development.

• The government work report at the 14th National People's Congress emphasized a prudent monetary policy that is flexible, precise, and effective, focusing on improving the transmission mechanism of monetary policy and strengthening both total and structural regulation.
• The People's Bank of China (PBOC) has shifted its focus towards revitalizing inefficient financial resources, reallocating funds to support areas like technology innovation, green development, and small businesses, indicating a profound change in the monetary policy framework.
• The PBOC introduced new evaluation metrics for financial support to the real economy, emphasizing the effectiveness of interest rate reductions, meeting the demand in key areas, and considering broader financing scales over time.

【本文系数据通用户提前专享】财政发力以中央显性加杠杆为主，支出更多向民生、科技领域倾斜，改革重点逐渐明确

【本文系数据通用户提前专享】货币、信贷增量指标究竟如何变化？涵盖“直接融资”的社会融资规模和拉长时间观察的“累计增量、余额增速”呈现怎样的势头？这些问题将成为一段时间内各方关注的焦点

货币、信贷增量指标究竟如何变化？涵盖“直接融资”的社会融资规模和拉长时间观察的“累计增量、余额增速”呈现怎样的势头？这些问题将成为一段时间内各方关注的焦点

财政发力以中央显性加杠杆为主，支出更多向民生、科技领域倾斜，改革重点逐渐明确

调整住房供应重心、改善土地供应结构、优化资金支持方式、积极调动居民购房需求，实现住房、土地、资金、居民四者之间的关系重构，满足住有所居的期待

2024年3月7日（星期四）上午9时，全国政协十四届二次会议举行第二次全体会议（大会发言）

本次报告有诸多新内容：强调政策抉择面临两难多难问题明显增加，强调涉企政策要注重与市场沟通、回应企业关切。赤字率保持在3.0%，新增赤字全部由中央承担，中央赤字占比82.3%，为近年来最高水平，中央加杠杆明显