Regular report on investment strategy: Interpretation of Politburo meeting: steady growth has entered a critical period

We will firmly stabilize the economy and strive to achieve the expected goals of economic and social development throughout the year. The Politburo meeting pointed out that the covid-19 pneumonia epidemic and the crisis in Ukraine have led to an increase in risks and challenges, an increase in the complexity, severity and uncertainty of China's economic development environment, and new challenges in stabilizing growth, employment and prices. It is very important to do a good job in economic work and effectively ensure and improve people's livelihood. We should strengthen confidence, overcome difficulties and ensure that the major policies of the Party Central Committee are implemented in place. The epidemic situation should be prevented, the economy should be stabilized and development should be safe, which is the clear requirement of the Party Central Committee. Party committees and governments at all levels should unite and lead the cadres and the masses to make concerted efforts and work tenaciously, and take practical actions to welcome the victory of the 20th CPC National Congress.

We believe that since the first quarter of this year, the overall economic operation has been in a more complex stage of cyclical downturn. At the same time, the outbreak of the epidemic in some cities in economically developed areas has had a wide impact on Residents' consumption, enterprise operation and factory construction. While doing a good job in epidemic prevention and control, we need to focus on economic construction, strengthen policies for steady growth, explore and innovate feasible ways to liberate and develop social productivity under normalized epidemic prevention and control, continue to expand the economic scale and improve people's living standards.

We should pay close attention to planning incremental policy tools and make good use of various monetary policy tools. The Politburo meeting pointed out that we should implement tax rebate, tax reduction and fee reduction policies and make good use of various monetary policy tools. We should pay close attention to planning incremental policy tools, strengthen camera regulation, and grasp the advance and redundancy of policies under the guidance of objectives. We believe that to strengthen the steady growth policy, monetary policy should respond in a timely manner, pay attention to full, accurate and forward force, so as to stabilize market expectations, enhance the confidence of market participants, improve and expand aggregate demand, strengthen support for key areas and weak links of the national economy, and improve the ability of financial services to the real economy; We should attach great importance to the new challenges faced by county and district finance under the background of normalization of epidemic prevention and control, sink financial resources to the greatest extent, and make every effort to ensure the smooth operation of county and district finance.

We will comprehensively strengthen infrastructure construction and give play to the leading role of consumption in the economic cycle. This Political Bureau

The meeting pointed out that giving play to the key role of effective investment, strengthening the guarantee of land, energy use and environmental impact assessment, and comprehensively strengthening infrastructure construction.

Give play to the traction and driving role of consumption on the economic cycle.

We believe that infrastructure construction is crucial and the space is still large. The focus is on comprehensive three-dimensional transportation network, distributed smart grid, green and low-carbon energy base, oil and gas pipeline network, national water network, industrial upgrading infrastructure such as information, technology and logistics, urban infrastructure, agricultural and rural infrastructure, national security infrastructure, etc. Appropriately advance and improve the overall level of infrastructure, which is not only the need to solve the problem of unbalanced and insufficient development, but also the need to enhance development resilience and improve national security capacity.

Risk warning: the global economy is down; Global epidemic recurrence; Overseas geopolitical disputes.

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