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Third, the tone of monetary policy has been adjusted from "steady" to "moderately loose", and China will implement a "moderately loose" monetary policy. This is the first time that high-level officials have put forward this statement since 2011, and it is also the first time after the world financial crisis;Fourth, "strengthening counter-cyclical adjustment" is upgraded to "strengthening unconventional counter-cyclical adjustment". The "extraordinary" counter-cyclical adjustment in 2025 may be reflected in many aspects such as more active policy thinking, richer tools, greater operation, more pertinence and comprehensiveness.Second, the tone of fiscal policy has been changed from "active" to "more active". At this Politburo meeting, the expression "more" was added before "active fiscal policy" for the first time, indicating the determination and intensity of fiscal expansion and policy overweight, and the subsequent fiscal efforts can be expected;

The Political Bureau of the Communist Party of China (CPC) Central Committee held a meeting on December 9th, and the Politburo meeting mainly released six heavy signals.First, the main objectives and tasks of economic and social development throughout the year will be "successfully completed";Second, the tone of fiscal policy has been changed from "active" to "more active". At this Politburo meeting, the expression "more" was added before "active fiscal policy" for the first time, indicating the determination and intensity of fiscal expansion and policy overweight, and the subsequent fiscal efforts can be expected;

Fourth, "strengthening counter-cyclical adjustment" is upgraded to "strengthening unconventional counter-cyclical adjustment". The "extraordinary" counter-cyclical adjustment in 2025 may be reflected in many aspects such as more active policy thinking, richer tools, greater operation, more pertinence and comprehensiveness.