CITIC Securities: First Proposed to "Stabilize the Real Estate and Stock Markets" and Make Stabilizing the Stock Market One of the Key Tasks for Next Year's Economic Work

On December 9th, Jinshi Data reported that Ming Ming, chief economist of CITIC Securities, believes that the Political Bureau meeting has released multiple important signals: first, the macro policy is “more proactive and effective,” once again proposing “moderately loose monetary policy,” and for the first time proposing to “strengthen extraordinary countercyclical adjustments”; second, for the first time, it proposes to “stabilize the real estate and stock market,” making stabilizing the stock market one of the key tasks for next year’s economic work; third, it places “vigorously stimulating consumption” in a more prominent and important position. The space for monetary easing has opened up, more proactive fiscal policies, and attention to expanding domestic demand in all areas, with the possibility of extraordinary countercyclical adjustment policies being introduced. For the stock market, the Political Bureau meeting has basically set a positive tone for next year’s policies, and market risk appetite is expected to remain high. With clear economic recovery trends and the dual promotion of policy expectations and economic trends, the stock market is expected to continue its volatile upward trend. Government and corporate investment will pay more attention to efficiency, and debt issues and overcapacity are expected to be eased. Further comprehensive deepening of reforms, playing a leading role in economic system reform, and promoting the implementation of landmark reform measures.