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While resolving the crisis, local governments have much to offer.After more than a decade, it will be relaxed, which shows the directional measures to ease the economic pressure.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.

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.The decision-makers have firm and clear confidence in the stability of the property market and the stock market.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.

The implementation of these policies aims to stabilize expectations, stimulate vitality, promote sustained economic recovery, continuously improve people's living standards and maintain social harmony and stability. Through these measures, the government hopes to promote economic growth, improve people's quality of life, and lay a solid foundation for achieving a good start in the Tenth Five-Year Plan.I pay special attention to four important meetings these days.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.