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The fiscal policy mentioned above, the 1 trillion special national debt that we started to issue this year, belongs to fiscal policy. 300 billion yuan has been spent on the trade-in activities of home appliances and cars, and many families should enjoy this preferential treatment, which has an obvious effect on stimulating consumption. The year-on-year growth rate of total retail sales of consumer goods in September and October increased from 2.X to 4.8% in October.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.This is very close to the time when the full draft of the meeting was released. Let me show you some of the contents:

Promote the integrated development of scientific and technological innovation and industrial innovation, stabilize the property market and stock market, and prevent and resolve risks and external shocks in key areas.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.Steady is the key word. Our goal is not to stimulate the stock market, but to develop the economy and transmit it to the economy.

If you carefully understand these changes in wording, you can feel the great difference.If you carefully understand these changes in wording, you can feel the great difference.The prefix of "moderately loose" monetary policy was "prudent" last year, and the prefix of "moderately loose" was adopted last time in 2010, which has not been used for more than ten years, so it is rare.