People's Daily Zhong Caiwen: China's Macro Policy Toolkit Ample, Counter-Cyclical Adjustment Space Still Large, Conditioned to Introduce Pragmatic Incremental Policies as Conditions Evolve

The article points out that, compared with some economies that rely on high debt and high deficits to stimulate growth, China has not followed a path of excessive reliance on strong policy stimulus. Aggregate policies remain proactive and effective, while structural policies target specific areas with precision, avoiding the formation of a "policy dependency." Overall, the supporting conditions and fundamental trends for China's long-term economic growth remain unchanged. The macro policy toolkit is ample, and the space for counter-cyclical adjustment is still large. China is well-positioned to introduce pragmatic and effective incremental policies in response to changing circumstances and is capable of achieving the year's economic and social development goals and tasks.