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I pay special attention to four important meetings these days.Second, high deficit, special national debt and special debt quota. The fiscal policy in 2025 will be more active and promising, and it is expected to increase the deficit ratio, special national debt and special debt quota. In 2024, the fiscal deficit ratio will be arranged at 3%, and the scale of ultra-long-term special bonds will be 1 trillion yuan, and the amount of new special bonds for local governments will be 3.9 trillion yuan. It is estimated that the government's borrowing will increase significantly in 2025.

Third, moderately loose monetary policy, timely RRR cuts and interest rate cuts. Politburo meeting of the Chinese Communist Party proposed to implement a moderately loose monetary policy, which is the policy tone put forward again after many years. It is expected that there will be greater interest rate cuts and RRR cuts next year. The adjustment of the expression of monetary policy from "steady" to "moderately loose" means that China will continue to adhere to a supportive monetary policy stance and maintain a reasonable and sufficient liquidity.After more than a decade, it will be relaxed, which shows the directional measures to ease the economic pressure.The decision-makers have firm and clear confidence in the stability of the property market and the stock market.

While resolving the crisis, local governments have much to offer.While resolving the crisis, local governments have much to offer.The decision-makers have firm and clear confidence in the stability of the property market and the stock market.