At the beginning of December, both sides of economic supply and demand were mixed: on the one hand, the decline in the growth rate of real estate sales in 35 cities expanded, while the decline in the growth rate of passenger car sales of China Automobile Association and passenger Federation narrowed; On the other hand, although the decline in the growth rate of steel output of steel enterprises has narrowed, it is still low, the year-on-year growth rate of coal consumption of power plants in the eight coastal provinces has decreased, and the operating rates of major industries such as automobile, steel and chemical industry have also increased or decreased.
Important meetings at the end of the year were held successively. It can be seen that "stability" has become the core demand of the policy in terms of the deployment of next year's economic work, whether it is the Political Bureau meeting or the central economic work conference. On the one hand, the policy force is required to move forward appropriately, which means that in terms of the rhythm of economic operation, the annual economic growth may be high in the front and low in the back, and there may be successive implementation of loose policies at the beginning of next year, including the whole first half of the year; On the other hand, there should also be a "reverse cycle" in the "cross cycle" to realize the coordination and linkage of policies, and the fiscal policy should "ensure the intensity and speed up the progress", while the monetary policy does not mention the task of "stabilizing the macro leverage ratio", but makes it clear that the financing of small, medium-sized and micro enterprises should be "increased, expanded and reduced". With the tightening of monetary policy overseas, especially in the United States, China's policy environment tends to be more relaxed. It is expected to have a "good start" next year!
