一是实施更加积极有为的宏观政策，着力稳定经济运行。年初我们就做好了应对复杂多变局面的充分准备，一季度经济起势有力、开局良好。二季度以后，针对经济运行中的新情况特别是美国加征关税冲击，充分发挥存量政策作用，加力推出稳就业稳经济等一系列新举措，有力对冲了经济下行压力，保障了全年主要目标实现。实施更加积极的财政政策和适度宽松的货币政策，扩大财政支出规模，加强重点领域财力保障，下调政策利率和存款准备金率，持续降低社会综合融资成本。加力扩围实施消费品以旧换新，带动商品销售额超过2.6万亿元，文旅体等服务消费潜力加快释放，社会消费品零售总额突破50万亿元。围绕扩大有效投资，加强“两重”项目建设，加快设备更新资金拨付使用，设备购置投资增长11.8%，设立新型政策性金融工具补充重点项目资本金。持续用力稳楼市，合理控制新增房地产用地供应，因城施策调减限制性措施，下调个人住房公积金贷款利率，“保交房”任务全面完成。综合施策稳股市，资本市场回稳回暖、交易活跃。深入实施一揽子化债方案，有序置换地方政府存量隐性债务，持续压减融资平台数量，地方债务结构不断优化。一体推进地方中小金融机构风险处置和转型发展，高风险机构数量大幅下降，风险化解成效明显。
1. We implemented more proactive and effective macro policies and worked to maintain stable economic performance.
Early in the year, we took all necessary steps to prepare for emerging complex and volatile situations. China's economy was thus well-placed to get off to a good start and build strong momentum in the first quarter. From the second quarter on, in response to new developments facing the economy, particularly the impact of US tariff hikes, we fully leveraged policies already in place and introduced a range of more robust measures to maintain employment and economic stability. These steps effectively cushioned downward economic pressure and ensured the fulfillment of major objectives for the year.
We pursued a more proactive fiscal policy and an appropriately accommodative monetary policy. Government spending was increased to strengthen fiscal support for key areas, while policy interest rates and required reserve ratios were cut to further reduce overall financing costs. Consumer goods trade-in programs were ramped up and extended to more items, resulting in over 2.6 trillion yuan in commodity sales. Consumption potential was unlocked at an accelerated pace in culture, tourism, sports, and other service sectors, with total retail sales of consumer goods topping 50 trillion yuan. To boost effective investment, we stepped up efforts to implement major national strategies and enhance security capacity in key areas. Funding for equipment upgrades was allocated and put to use more quickly, driving an 11.8-percent increase in investment in equipment purchase. New types of policy-backed financial instruments were introduced to replenish capital for major projects.
We continued to take effective steps to stabilize the real estate market. We kept the supply of land for new real estate projects at an appropriate level, introduced city-specific policies to adjust and reduce property transaction restrictions, and cut interest rates on mortgages granted through individual housing provident funds. The task of ensuring timely delivery of housing projects was completed across the board.
Thanks to coordinated measures taken to keep the stock market stable, the capital market steadily rebounded and transactions became brisk. We continued to implement a package of measures to address debt risks. As hidden local government debts were replaced in a well-ordered way and the number of financing platforms was further reduced, the structure of local government debts continued to improve. We also took well-coordinated steps to defuse risks in small and medium local financial institutions and to promote their transformation and development. As a result, the number of high-risk financial institutions fell considerably, and notable progress was secured in risk mitigation.
