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Fourth, "strengthening counter-cyclical adjustment" is upgraded to "strengthening unconventional counter-cyclical adjustment". The "extraordinary" counter-cyclical adjustment in 2025 may be reflected in many aspects such as more active policy thinking, richer tools, greater operation, more pertinence and comprehensiveness.Second, the tone of fiscal policy has been changed from "active" to "more active". At this Politburo meeting, the expression "more" was added before "active fiscal policy" for the first time, indicating the determination and intensity of fiscal expansion and policy overweight, and the subsequent fiscal efforts can be expected;

Sixth, further put forward the idea of "stabilizing the property market and stock market" to promote the sustained economic recovery. This is following the Politburo meeting of the Chinese Communist Party's announcement on September 26th that "the real estate market should stop falling and stabilize" and "efforts should be made to boost the capital market". This meeting once again put forward the idea of "stabilizing the property market and stock market", and the high-level officials attached great importance to it.Second, the tone of fiscal policy has been changed from "active" to "more active". At this Politburo meeting, the expression "more" was added before "active fiscal policy" for the first time, indicating the determination and intensity of fiscal expansion and policy overweight, and the subsequent fiscal efforts can be expected;

Second, the tone of fiscal policy has been changed from "active" to "more active". At this Politburo meeting, the expression "more" was added before "active fiscal policy" for the first time, indicating the determination and intensity of fiscal expansion and policy overweight, and the subsequent fiscal efforts can be expected;Third, the tone of monetary policy has been adjusted from "steady" to "moderately loose", and China will implement a "moderately loose" monetary policy. This is the first time that high-level officials have put forward this statement since 2011, and it is also the first time after the world financial crisis;Sixth, further put forward the idea of "stabilizing the property market and stock market" to promote the sustained economic recovery. This is following the Politburo meeting of the Chinese Communist Party's announcement on September 26th that "the real estate market should stop falling and stabilize" and "efforts should be made to boost the capital market". This meeting once again put forward the idea of "stabilizing the property market and stock market", and the high-level officials attached great importance to it.