4月政治局会议学习体会：储备充足，蓄势待发

Economic Overview - In Q1 2025, China's GDP grew by 5.4% year-on-year, matching the high point of Q4 2024[4] - The industrial GDP growth rate reached 6.3%, the highest since 2023, indicating strong performance in technology and innovation sectors[4] - Domestic demand (consumption + investment) contributed 3.3% to GDP growth, still below historical averages[5] Trade and External Factors - Exports in Q1 2025 increased by 5.8% year-on-year, with March showing a significant rise of 12.4%[6] - Import growth was negative at -7.0%, highlighting a substantial room for domestic demand recovery[6] - The trade environment is expected to face challenges due to tariff increases announced by the U.S. government, impacting export expectations[9] Policy Measures - The April Politburo meeting emphasized timely implementation of incremental reserve policies and counter-cyclical adjustments to stabilize the economy[3] - Fiscal policy remains proactive, with a focus on accelerating the issuance of local government special bonds and maintaining necessary fiscal spending intensity[19] - Monetary policy is expected to remain moderately loose, with potential for a 50 basis point reserve requirement ratio cut in Q2 2025[28] Real Estate Sector - The government aims to enhance high-quality housing supply and stabilize the real estate market, with significant ongoing urban renewal projects[12] - Real estate investment in Q1 2025 showed a year-on-year decline of 9.9%, although the drop is less severe than previous periods[12] Risk Management - Continuous efforts are being made to mitigate risks in key sectors, including addressing local government debt and overdue payments to enterprises[20] - The government plans to implement a comprehensive debt resolution policy to stabilize high-risk provinces and municipalities[20]