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Implement a more active fiscal policy and a moderately loose monetary policy.The prefix of "moderately loose" monetary policy was "prudent" last year, and the prefix of "moderately loose" was adopted last time in 2010, which has not been used for more than ten years, so it is rare.If you carefully understand these changes in wording, you can feel the great difference.

The market fluctuated slightly, but after the A-shares closed at 3 o'clock, the Hong Kong stocks that closed at 4 o'clock started a surge mode: Hang Seng Technology rose by 4.3%, Hang Seng Index rose by 2.76%, and the rising time was around 15: 20.Steady is the key word. Our goal is not to stimulate the stock market, but to develop the economy and transmit it to the economy.Then there is "improving investment efficiency". I want to tell you here that improving investment efficiency is not to improve investment yield, and we can't draw an equal sign directly. There is only one sentence directly related to the stock market in the full text:

Promote the integrated development of scientific and technological innovation and industrial innovation, stabilize the property market and stock market, and prevent and resolve risks and external shocks in key areas.Therefore, consumption is our focus for a long time to come, and it is also often said: to open up the big cycle of domestic consumption. Next year, we will issue 1 trillion special treasury bonds and make a fuss about consumption.Fiscal policy and monetary policy are important ways to regulate the economy.