4.25政治局会议精神解读：加紧发力充足储备，以夯实国内大循环抵御外部风险

Economic Outlook - The Central Political Bureau meeting on April 25 highlighted a positive economic trend with a 5.4% growth in Q1 2024, driven by fiscal expansion and export preemption[4] - External uncertainties, particularly from U.S. tariff policies, pose significant risks to the global supply chain and domestic economic stability[4] Policy Measures - The government plans to accelerate the issuance and utilization of government bonds, with expectations to increase the total scale of consumer subsidies from 300 billion to 500 billion RMB[8] - Monetary policy is expected to include a slight interest rate cut of approximately 20 basis points in Q2, maintaining an overall reduction of 100-150 basis points for the year[9] Support for Enterprises - Comprehensive support for foreign trade and struggling enterprises will be enhanced, including increased unemployment insurance fund returns to stabilize employment and supply[5] - Measures to assist difficult enterprises will include improved financing support and addressing local government debts owed to businesses[5] Real Estate Market Stability - Policies to stabilize the real estate market will be reinforced, including an estimated 800 billion RMB allocated for purchasing existing residential properties and improving housing supply quality[10] - Urban renewal and renovation projects are expected to accelerate, contributing to a more stable real estate environment[13] Risk Considerations - The report emphasizes that external uncertainties may exceed expectations, necessitating robust contingency plans[14]