Leaders, here is a briefing on the key points of the July ZZJ meeting:

English summary

Conclusion: The policy tone is positive, but it still follows the sequence of existing measures first, followed by incremental ones. Going forward, implementation needs to be tracked to avoid 'empty promises.' The statement on supporting the capital market is placed under the risk prevention section, which is not particularly proactive. 1) The July ZZJ meeting set a relatively objective tone on the economic situation, emphasizing that high importance should be attached to the difficulties and challenges in economic operations. 2) The policy guidance is broadly consistent with the Premier's symposium, with a more proactive tone: in addition to emphasizing existing policies, it also proposed to 'timely plan and launch pragmatic and effective incremental policies, and strengthen counter-cyclical adjustment.' The counter-cyclical tone is more proactive than the 'counter-cyclical and cross-cyclical' tone of the Central Economic Work Conference at the end of last year. ...