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Implement a more active fiscal policy and a moderately loose monetary policy.Steady is the key word. Our goal is not to stimulate the stock market, but to develop the economy and transmit it to the economy.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 prefix of "more active" fiscal policy last year was "active" fiscal policy, so a comparison is a progressive relationship;Promote the integrated development of scientific and technological innovation and industrial innovation, stabilize the property market and stock market, and prevent and resolve risks and external shocks in key areas.

Then there is "improving investment efficiency". I want to tell you here that improving investment efficiency is not to improve investment yield, and we can't draw an equal sign directly. There is only one sentence directly related to the stock market in the full text:Implement a more active fiscal policy and a moderately loose monetary policy.If you carefully understand these changes in wording, you can feel the great difference.