People's Daily commentary says macro policy should act decisively to raise
effectiveness. Continue a more proactive fiscal stance and a moderately
accommodative monetary policy. Treasury daily average balances were relatively
large in 1H, suggesting abundant fiscal available funds; accelerate fiscal
spending and use of bond proceeds to generate real output. Strengthen fiscal-run
monitoring and treasury fund scheduling and safeguard basic grassroots funding.
Adjust and deploy monetary policy tools as needed to keep liquidity ample,
ensure smooth policy transmission and sustain low social financing costs. Use
structural monetary tools to support expanded domestic demand, tech innovation
and SMEs. Coordinate fiscal and financial measures to amplify demand — fiscal
guidance, financial leverage and market implementation — and assess macro-policy
consistency; major policy changes affecting firms should allow reasonable
transition periods.
