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Implement a more active fiscal policy and a moderately loose monetary policy.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.If you carefully understand these changes in wording, you can feel the great difference.

Overall, this is a good thing for A shares.Therefore, consumption is our focus for a long time to come, and it is also often said: to open up the big cycle of domestic consumption. Next year, we will issue 1 trillion special treasury bonds and make a fuss about consumption.

The prefix of "more active" fiscal policy last year was "active" fiscal policy, so a comparison is a progressive relationship;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.