Since the beginning of this year, facing a complex environment, China's economy has withstood pressure and operated steadily, demonstrating strong resilience and vitality. The latest data released by the National Bureau of Statistics on June 16th shows that from January to May, the production index of the service industry and the total retail sales of consumer goods increased by 5.9% and 5% respectively year-on-year, both accelerating from the year-on-year growth rate in the first quarter. During the same period, the added value of industries above designated size also achieved a rapid growth of 6.3%. From a monthly perspective, in May, the added value of industrial enterprises above designated size increased by 5.8% year-on-year, continuing to maintain rapid growth; The total retail sales of consumer goods increased by 6.4% year-on-year, with a growth rate 1.3 percentage points faster than in April; The production index of the service industry increased by 6.2% year-on-year, with a growth rate 0.2 percentage points faster than in April. In May, driven by a package of stock policies and incremental policies, the overall economic operation remained stable. ”Ma Hong, a senior researcher at Guangkai's Chief Industry Research Institute, stated in an interview with reporters that the "dual" and "two new" policies continue to be effective, and the demand for durable consumer goods in key areas is accelerating. According to Wen Bin, Chief Economist of Minsheng Bank, based on the situation in May, consumption supported by policies has become the biggest highlight. Retail sales of consumer goods in May increased by 6.4% year-on-year, significantly exceeding market expectations. Overall, despite the drastic changes in the external economic and trade environment, residents' consumption in May still showed strong resilience under the support of consumption promotion policies. ”Feng Lin, Executive Director of the Research and Development Department of Dongfang Jincheng, believes that in recent months, the retail sales of goods within the scope of the trade in policy have grown rapidly, indicating that the subsidy policy has a significant boosting effect on the consumption of related goods, and also reflecting the high demand for consumer subsidies among residents. The overall operation of the national economy in May was stable and steady with progress. ”Fu Linghui, spokesperson for the National Bureau of Statistics and director of the Department of Comprehensive Statistics of the National Economy, said at a press conference held by the State Council Information Office on June 16. Fu Linghui stated that from the perspective of the next stage, the long-term positive fundamentals of China's economy have not changed. The characteristics of stable foundation, multiple advantages, strong resilience, and great potential are obvious, which provide a foundation, guarantee, and support for promoting stable economic operation. From a macro policy perspective, Fu Linghui stated that since the beginning of this year, China has implemented more active and proactive macro policies, increased countercyclical adjustments, accelerated the construction of the "dual" and "new" industries, effectively enhanced consumer vitality, driven production growth, promoted transformation and upgrading, and fully demonstrated the important role of macro policies in stabilizing economic operation. From the next stage, it can be seen that China has sufficient policy toolbox reserves and macro policies have follow-up measures. They can dynamically adjust and actively respond to changes in the situation, and will continue to safeguard the stable operation of the economy. It is worth mentioning that in early June, Ding Lin, Deputy Director of the Comprehensive Department of the National Development and Reform Commission, stated that the commission will continuously improve its policy toolbox for stabilizing employment and the economy, strengthen the systematic integration and collaborative cooperation of various tools, and timely promote their implementation as needed. Song Xiangqing, Vice President of the China Society of Business Economics, stated in an interview with reporters that the toolbox of stable employment and economic policies is constantly improving and accelerating its implementation. For macroeconomics, it is not only a "booster" for stabilizing economic growth, but also a "timely rain" for optimizing economic structure. Improving the policy toolbox and strengthening policy coordination have sent positive signals to the market, and also enhanced the confidence of enterprises and residents. The policy of stabilizing growth will not be relaxed in the future. ”Feng Lin predicts that the central bank is expected to continue cutting interest rates in the second half of the year, and fiscal policy may also introduce new incremental measures to support trade in programs. Ma Hong stated that it is not ruled out that a new round of incremental policies to support stable economic development may be launched at the end of the second quarter or the beginning of the third quarter. It is expected that in the next stage, the implementation speed of various project funds will accelerate, the investment demand for local infrastructure construction is expected to be boosted, and domestic demand may remain stable overall. Wen Bin believes that all parties will continue to advance according to the relevant arrangements of the Politburo meeting of the CPC Central Committee held on April 25th. Fiscal policy focuses on accelerating the issuance of government bonds and converting them into tangible work as soon as possible; Monetary policy focuses on providing liquidity to the market and ensuring that the effects of reserve requirement ratio cuts and interest rate cuts are evident. Song Xiangqing suggested that in the implementation of subsequent policies, it is necessary to strengthen coordination and cooperation among departments to form a working force. At the same time, it is also necessary to establish an effective supervision and evaluation mechanism, timely track the effectiveness of policy implementation, and adjust and improve policies according to actual situations. (New Society)