Zheng Houcheng, chief macroeconomist at Yingda Securities, said the primary tone of monetary policy in 2024 is likely to be "stability with a slight easing", 21st Century Business Herald reported on Monday.

Zheng said such a viewpoint is based on key observations, such as the Central Financial Work Conference in October emphasized maintaining the prudence of monetary policy, focusing more on cross-cycle and countercyclical adjustments.

The conference's strong indication of "loosening" suggests a likelihood that the recent meeting also intends to adopt a "moderately loose" stance.

The meeting emphasized "increasing macro-control intensity" and "promoting stability through progress", signaling a proactive approach, Zheng said.

Furthermore, he anticipates that the proactive stance in fiscal policy during the first half of 2024 will exceed that of the latter half of the year.