4月政治局会议解读：加紧加快，加大加力

Economic Outlook - The April Politburo meeting signals a focus on maintaining economic stability amid external shocks, particularly from U.S. tariffs, with an emphasis on strategic planning and flexible domestic policies[2] - The meeting highlights the importance of "Four Stabilities," prioritizing employment stability as the primary goal, indicating a proactive approach to counteract potential job losses from tariff impacts[2] Monetary Policy - A moderately loose monetary policy is expected, with potential interest rate cuts of around 20 basis points and reserve requirement ratio reductions of 25-50 basis points anticipated in the coming months[3] - New structural monetary policy tools are likely to be introduced to support key sectors such as technology, consumption, and foreign trade, aiming to enhance credit expansion[3] Fiscal Policy - The government aims to accelerate the issuance and utilization of local government special bonds, with progress reaching 40% by mid-April, potentially completing the issuance by July-August[3] - Emphasis on increasing fiscal support for consumption and investment, particularly through special bonds and addressing local government debts[3] Consumption and Employment - Policies to boost consumption include subsidies for replacing old products, with over 120 million people benefiting and sales exceeding 720 billion yuan since the policy's implementation[4] - The meeting underscores the need to protect employment, especially in sectors heavily reliant on exports to the U.S., with an estimated impact of 200,000 jobs and a potential 0.3 percentage point increase in the unemployment rate due to tariffs[4] Real Estate and Infrastructure - The meeting calls for increased high-quality housing supply and optimization of existing property acquisition policies, with over 280 billion yuan in land acquisition plans announced[4] - Focus on urban renewal and improving living conditions through the renovation of old neighborhoods and villages, which is expected to create more quality housing supply[4] Trade and Export - The meeting emphasizes the integration of domestic and foreign trade to mitigate the impact of U.S. tariffs, with measures to simplify domestic certification processes for exported goods[4] - Financial support for export-oriented enterprises is highlighted, with new policy tools aimed at stabilizing foreign trade and enhancing domestic sales channels[4]