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The prefix of "more active" fiscal policy last year was "active" fiscal policy, so a comparison is a progressive relationship;We should vigorously boost consumption, improve investment efficiency and expand domestic demand in all directions.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.

If you carefully understand these changes in wording, you can feel the great difference.We should vigorously boost consumption, improve investment efficiency and expand domestic demand in all directions.This is very close to the time when the full draft of the meeting was released. Let me show you some of the contents:

The market fluctuated slightly, but after the A-shares closed at 3 o'clock, the Hong Kong stocks that closed at 4 o'clock started a surge mode: Hang Seng Technology rose by 4.3%, Hang Seng Index rose by 2.76%, and the rising time was around 15: 20.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.The prefix of "more active" fiscal policy last year was "active" fiscal policy, so a comparison is a progressive relationship;