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The prefix of "more active" fiscal policy last year was "active" fiscal policy, so a comparison is a progressive relationship;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.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.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.If you carefully understand these changes in wording, you can feel the great difference.

Overall, this is a good thing for A shares.Fiscal policy and monetary policy are important ways to regulate the economy.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.