Hong Kong stocks extended gains in the afternoon, with the Hang Seng TECH Index surging by more than 5%

Hong Kong stocks expanded their gains in the afternoon, with the Hang Seng TECH Index surging by more than 5%:

The Central Political Bureau of the Communist Party of China held a meeting to analyze and study the current economic situation and economic work.

The meeting pointed out that the basic fundamentals of China's economy, the broad market, strong economic resilience, and great potential have not changed. At the same time, some new situations and problems have emerged in the current economic operation. It is necessary to comprehensively, objectively, and calmly view the current economic situation, face difficulties, strengthen confidence, and effectively enhance the sense of responsibility and urgency in doing economic work. It is important to focus on key areas, take proactive actions, effectively implement existing policies, intensify the introduction of new policies, further enhance the targeted and effective measures, and strive to achieve the annual economic and social development goals.

The meeting emphasized the need to increase the countercyclical adjustment of fiscal and monetary policies, ensure necessary fiscal expenditures, and effectively carry out grassroots "three guarantees" work. It is necessary to issue and use ultra-long-term special national bonds and local government special bonds well, better leverage the role of government investment. It is important to reduce the reserve requirement ratio, implement effective interest rate cuts. Efforts should be made to stabilize the real estate market, strictly control the increase in new commercial housing, optimize existing stock, improve quality, increase lending for "white-listed" projects, and support the revitalization of idle land. Responding to public concerns, adjusting housing purchase restrictions, lowering interest rates on existing housing loans, urgently improving land, fiscal, tax, financial, and other policies, and promoting the development of a new model for real estate development. Efforts should be made to boost the capital market, actively guide medium and long-term funds into the market, remove barriers for social security, insurance, wealth management, and other funds to enter the market. Support should be provided for the merger and reorganization of listed companies, steadily promote the reform of public funds, and study and introduce policy measures to protect small and medium investors.

The meeting stressed the need to help enterprises overcome difficulties, further regulate law enforcement and regulatory actions related to enterprises. It is necessary to introduce a law to promote the development of the private economy and create a favorable environment for the development of the non-public sector economy. Combining consumption promotion with benefiting the people, promoting income growth for middle and low-income groups, and improving consumption structure. Cultivating new consumption formats. Supporting and regulating the development of social forces in the elderly care and childcare industries, urgently improving the policy system for supporting childbirth. Increasing efforts to attract and stabilize foreign investment, accelerating the implementation of reform measures such as foreign access in the manufacturing sector, and further optimizing a first-class market-oriented, rule-of-law, internationalized business environment