The National Bureau of Statistics unveiled China's economic report card for the first half of 2025 on July 15. Ming Ming, Chief Economist at CITIC Securities, observed that the economy demonstrated stable growth with optimized structure during this period. The 5.3% expansion rate notably surpassed market forecasts. Ming Ming highlighted that over the past two years, China consistently deployed aggregate policy expansions in the latter half to bolster growth. Given this year's robust H1 macroeconomic performance and near-exhaustion of annual policy funding quotas, H2 incremental measures might originate from innovative policy instruments. These novel tools would primarily target existing economic vulnerabilities through key transmission channels, including sectors requiring sustained support like real estate acquisitions, service industries, consumer spending, and the transition between the 14th and 15th Five-Year Plans. Such strategic focal points could ultimately shape the deployment of groundbreaking policy mechanisms.