当前，我国房地产市场已呈现止跌回稳态势，股市亦呈现回暖迹象，财富效应的边际拉动作用显著增强。2025年《政府工作报告》明确提出系统性政策框架，旨在通过多维度举措夯实经济复苏基础。

社会融资规模指标问世十多年来，受到决策层、市场人士与学术界的广泛关注。2025年政府工作报告指出“要实施适度宽松的货币政策，使社会融资规模、货币供应量增长同经济增长、价格总水平预期目标相匹配”。自2010年12月中央经济工作会议首次指出要“保持合理的社会融资规模”以来，社会融资规模指标已连续15次写进中央经济工作会议文件和政府工作报告。社会融资规模是一定时期内实体经济从金融体系获得的资金额，已成为衡量资金松紧程度、展示融资结构的重要指标。除了决策层面、资本市场等，社会融资规模指标在学术方面的应用也越来越普遍。

On what President Donald Trump has called "Liberation Day", the U.S. has taken a bold step in its trade policy, announcing a universal "baseline" 10% tariff on all imports into the U.S. But the stakes go even higher for certain countries, as they will be hit with even higher tariffs.

This decision, made under national emergency powers, marks one of the most significant escalations in U.S. trade policy in its history. What has "Liberation Day" really liberated? Has it “freed” the U.S. economy from the constraints of international trade, or is it setting the stage for more isolation and uncertainty?