Wang Jingwen, director of the Macro Research Center of the Minsheng Bank Research Institute, said that compared with the previous one, the strength of this round of policies has clearly been strengthened, the pace has accelerated markedly, and the scope has increased markedly. First, the supervisory authorities played a positive role in boosting confidence and reversing expectations through measures such as lowering interest rates, reducing stock mortgage interest rates and down payment ratios, and boosting the capital market. Immediately after that, supporting policies were followed up as a whole, the countercyclical adjustment of macroeconomic policies was stepped up, and economic fundamentals were further consolidated, so as to finally form a virtuous growth cycle. Due to transmission time delays, the macroeconomic boost from this round of policies is not fully reflected in the data, but it has clearly played a positive role in improving market expectations and increasing market activity.

Wang Jingwen, director of the Macro Research Center of the Minsheng Bank Research Institute, said that compared with the previous one, the strength of this round of policies has clearly been strengthened, the pace has accelerated markedly, and the scope has increased markedly. First, the supervisory authorities played a positive role in boosting confidence and reversing expectations through measures such as lowering interest rates, reducing stock mortgage interest rates and down payment ratios, and boosting the capital market. Immediately after that, supporting policies were followed up as a whole, the countercyclical adjustment of macroeconomic policies was stepped up, and economic fundamentals were further consolidated, so as to finally form a virtuous growth cycle. Due to transmission time delays, the macroeconomic boost from this round of policies is not fully reflected in the data, but it has clearly played a positive role in improving market expectations and increasing market activity.