The Central Economic Work Conference proposed to implement a moderately loose monetary policy, while last year's Central Economic Work Conference proposed a prudent monetary policy that should be flexible, moderate, precise, and effective. How can we understand this change? Experts suggest that the Central Economic Work Conference has set the tone for the 2025 monetary policy to be "moderately loose," based on an analysis of the current economic situation and full consideration of external uncertainties, as well as planning for next year's economic work. Dong Ximiao, Chief Researcher of China Merchants Association: After more than a decade, the monetary policy orientation has once again returned to "moderate easing", further conveying a positive and clear signal, effectively boosting confidence from all parties and stabilizing market expectations. A moderately loose monetary policy also better reflects a supportive monetary policy stance, continuing to reduce the comprehensive financing costs of enterprises and residents, and providing financial support for the sustained recovery and improvement of the economy. The Central Economic Work Conference pointed out that next year, it is necessary to timely reduce reserve requirement ratios and interest rates, maintain sufficient liquidity, and increase the scale of social financing and money supply to match the expected targets of economic growth and overall price levels. Dong Ximiao, Chief Researcher of China Merchants Association: This means that the money supply will be reasonably abundant, interest rates will be at a low level, the credit environment will be comprehensively optimized, and more resources will be guided to invest in fields such as technological innovation, green development, and consumer finance, better stimulating the endogenous power and innovation vitality of the whole society. Finance will further increase its support and services for major strategies, key areas, and weak links. The Central Economic Work Conference proposed to improve the overall effectiveness of policies by implementing effective policy combinations next year. Experts say that this will provide strong policy guarantees for high-quality economic development. The Central Economic Work Conference proposed to improve the effective communication, consultation and feedback mechanism among departments, unify economic policies and non economic policies into the macro policy orientation consistency evaluation, and enhance the overall effectiveness of policies. Dong Ximiao, Chief Researcher of Zhaopin: We will continue to use a combination of policies to accelerate the implementation of monetary, fiscal, industrial, regulatory, and employment policies. We will maintain the continuity of stock increment and consistency of incremental policies. The package of policies will pay more attention to coordination, cooperation, and synergy, and maximize the integrated effect of policies. Experts suggest that a more proactive fiscal policy and moderately loose monetary policy in 2025 will demonstrate stronger foresight, with greater emphasis on coordination and collaboration to continue boosting confidence and expanding demand, providing strong policy guarantees for high-quality economic development. (New Society)