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The prefix of "more active" fiscal policy last year was "active" fiscal policy, so a comparison is a progressive relationship;Steady is the key word. Our goal is not to stimulate the stock market, but to develop the economy and transmit it to the economy.After the terminal consumption, it has an obvious pulling effect on the middle industry, and the PMI in October and November has also returned to above 50.

The prefix of "moderately loose" monetary policy was "prudent" last year, and the prefix of "moderately loose" was adopted last time in 2010, which has not been used for more than ten years, so it is rare.Implement a more active fiscal policy and a moderately loose monetary policy.The fiscal policy mentioned above, the 1 trillion special national debt that we started to issue this year, belongs to fiscal policy. 300 billion yuan has been spent on the trade-in activities of home appliances and cars, and many families should enjoy this preferential treatment, which has an obvious effect on stimulating consumption. The year-on-year growth rate of total retail sales of consumer goods in September and October increased from 2.X to 4.8% in October.

Fiscal policy and monetary policy are important ways to regulate the economy.Then there is "improving investment efficiency". I want to tell you here that improving investment efficiency is not to improve investment yield, and we can't draw an equal sign directly. There is only one sentence directly related to the stock market in the full text:This is very close to the time when the full draft of the meeting was released. Let me show you some of the contents: