July Politburo meeting to analyze the current economic situation and set out priorities for the second half of this year

The Politburo met today to “to analyze the current economic situation and set out priorities for the second half of this year”.

There is only the full Chinese readout at this point so I thought some of you might find an English translation useful. An official English translation will probably come out in a few hours.

Much of the language we have seen before, including in the recent Plenum Resolution. There will be “incremental policy measures” coming at the macro policy level:

The meeting pointed out that macro policies should continue to exert force and be more effective. We must strengthen counter-cyclical adjustments, implement proactive fiscal policies and prudent monetary policies, accelerate the comprehensive implementation of determined policy measures, and timely introduce a batch of incremental policy measures.

It may be interesting that for the tasks laid out boosting consumption came first:

1. The meeting emphasized that expanding domestic demand should focus on boosting consumpti…