"From the currency policy execution report, we can see a shift in macroeconomic policy thinking."

On May 9th, the People's Bank of China released the first quarter report of the monetary policy implementation in 2025. Several columns in the report reflect the change in macroeconomic policy thinking from different perspectives. The direction of macroeconomic policy has shifted from a focus on investment in the past to a balance between consumption and investment, with a greater emphasis on consumption.