Key investment points:
Key points of Politburo meeting: seeking progress while maintaining stability and strengthening financial risk prevention and control
(1) make progress while maintaining stability and strengthen the implementation of macro-control policies: strengthen the implementation of macro-control policies and stabilize the overall economic market. We will unswervingly deepen reform and stimulate the vitality of market players. Further implement the innovation driven development strategy. We will firmly implement the strategy of expanding domestic demand and promote coordinated regional development and new urbanization. Vigorously grasp agricultural production and promote the all-round revitalization of rural areas. We will open wider to the outside world at a high level and promote the steady development of foreign trade and foreign investment. We will continue to improve the ecological environment and promote green and low-carbon development. Prevent and resolve financial risks and hold the bottom line of no systemic risks. We will effectively ensure and improve people's livelihood and strengthen and innovate social governance. We will strive to achieve the goals and tasks of economic and social development throughout the year.
(2) strengthen financial risk prevention and control, punish financial corruption and maintain the overall situation of financial stability: strengthen financial risk prevention and control and resolutely maintain the overall situation of financial stability. We will carry out special rectification on typical common problems such as violating the spirit of the eight point provisions of the central government and the "revolving door" of politics and business, and promote the integrated promotion of not daring to rot, not wanting to rot. We should innovate and improve the power supervision system and the discipline and law enforcement system, so that the punishment of corruption in the financial field and the disposal of financial risks can be promoted at the same time, the serious accountability and the recovery of stolen goods and losses can be promoted at the same time, and the establishment and strengthening of systems can be promoted at the same time. We should further promote reform in the financial sector and constantly improve the modernization of the financial governance system and governance capacity.
(3) highlight problem orientation and give full play to the role of inspection and comprehensive supervision: there are still many outstanding problems in implementing the party's comprehensive leadership, strengthening Party building and comprehensively and strictly administering the party. We should highlight the problem orientation, adhere to the no restricted area of inner-party supervision, and solidly complete the task of full coverage of inspection. We should earnestly implement the opinions on strengthening inspection and rectification and the application of achievements, improve the rectification mechanism and strengthen the implementation of rectification responsibilities. We should continue to deepen the linkage work pattern of inspection and give full play to the comprehensive supervision role of inspection.
The currency is wide, the fiscal front, and steady growth continues to advance
With the improvement of the growth rate of M2 and social finance, the deployment of monetary tone in the monetary policy implementation report in the fourth quarter was slightly adjusted. While "maintaining the stable growth of the total amount of money and credit", the deployment of structural credit policy was more prominent, "giving full play to the dual functions of the total amount and structure of monetary policy tools" and "stable total amount and excellent structure". On the whole, it is still in the transmission period from wide money to wide credit. Before credit stabilizes, the monetary tone is still loose. However, with the approach of the total target, it is expected that the monetary policy will withdraw marginally and be more guided by the optimization of credit structure. Judging from the recent open market operation, Omo is in large volume and MLF is in excess. The central bank is still maintaining the stability of the capital price center, which is in line with the loose tone.
At present, there are abundant financial funds. Minister of government Liu Kun said: this year, we will implement more large-scale tax cuts and fee reductions, maintain appropriate expenditure intensity, and focus on supporting key scientific and technological research, ecological and environmental protection, basic people's livelihood, major regional strategies, modern agriculture and major projects of the national 14th five year plan. According to the latest local government special debt financing data, the net financing in January and February was significantly higher than that in the same period last year, and the fiscal policy is still accelerating. At the same time, the capital construction landing rate also continued to rise to nearly 80%, and the fiscal expenditure showed the front-end characteristics.
Risk tip: monetary easing or gradual withdrawal, and the international political situation continues to fluctuate
