■This easing cycle is different, along the dimensions of:
■这一宽松周期的不同之处在于：
a. As clearly communicated in the Sep Politburo readout, policy objective has turned from containing risk to upholding growth;
a. 正如9月政治局会议明确传达的那样，政策目标已经从控制风险转变为支持增长；
b. Policy responses are coordinated and delivered in a package form as opposed to a piecemeal manner;
b. 政策响应是协调一致并以一揽子形式交付，而不是“零敲碎打”的方式；
c. Increasing policy focus on demand-side measures, and hence the policy multiplier effects could be more domestic-oriented with lower external spillovers;
c. 政策越来越关注需求侧措施，因此政策乘数效应可能更倾向于国内，外部溢出效应较小；
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