Securities Times: It is necessary to continue to maintain the strength of macroeconomic policies in the second quarter

On April 10th, an article stated that some market participants are concerned that due to the economic recovery, macroeconomic policies in the second quarter may be generally cautious. For example, the recent first quarter meeting of the Monetary Policy Committee of the People's Bank of China proposed to "pay attention to changes in long-term returns", which has sparked speculation in the market about whether the central bank will change its monetary policy orientation and even actively guide market interest rates to rise in the future. It should be noted that maintaining the strength of macroeconomic policies has practical significance. Although the economy started well in the first quarter, credit data shows that residents still have a weak willingness to purchase houses with leverage, and the contradiction of insufficient demand remains prominent. The repair of demand still requires the strengthening of cost reduction tools, and it is necessary to maintain relatively low interest rates. Against the backdrop of accelerating the resolution of local debt risks, financial support for infrastructure investment, increasing investment willingness, and promoting the formation of more physical workload all require fiscal efforts to consolidate.