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Then there is "improving investment efficiency". I want to tell you here that improving investment efficiency is not to improve investment yield, and we can't draw an equal sign directly. There is only one sentence directly related to the stock market in the full text:Implement a more active fiscal policy and a moderately loose monetary policy.Therefore, consumption is our focus for a long time to come, and it is also often said: to open up the big cycle of domestic consumption. Next year, we will issue 1 trillion special treasury bonds and make a fuss about consumption.

The prefix of "more active" fiscal policy last year was "active" fiscal policy, so a comparison is a progressive relationship;This is very close to the time when the full draft of the meeting was released. Let me show you some of the contents:

After the terminal consumption, it has an obvious pulling effect on the middle industry, and the PMI in October and November has also returned to above 50.Therefore, consumption is our focus for a long time to come, and it is also often said: to open up the big cycle of domestic consumption. Next year, we will issue 1 trillion special treasury bonds and make a fuss about consumption.If you carefully understand these changes in wording, you can feel the great difference.