邢自强：打破低物价循环风险：政策“三部曲”迈出思维定式新步伐

Core Viewpoint - The Shenzhen Stock Exchange 2025 Global Investor Conference highlighted investment opportunities in China, focusing on the theme of "New Quality Productivity: Investment Opportunities in China - Open Innovation in the Shenzhen Market" [1] Group 1: Economic Policies and Reforms - The Chinese government has implemented a series of policies since last year to break the low-price cycle risk, forming a "three-part series" centered on "debt restructuring, boosting consumption, and reforming to stabilize confidence" [1][2] - The first step involves debt restructuring to solidify the economic foundation, including a plan for local government hidden debt replacement to alleviate fiscal pressure and signal a commitment to risk prevention [1] - The second step focuses on increasing fiscal spending to stimulate consumption, with a substantial rise in the fiscal deficit ratio this year, directing more funds towards consumer support areas such as expanding social security coverage and optimizing consumption subsidy policies [1] Group 2: Market Confidence and Private Sector Activation - The third step aims to stabilize market expectations through institutional reforms, including recent meetings with private enterprises, enhancing transparency in the supervision of technology innovation companies, and introducing regulations related to the private economy [2] - These measures are designed to invigorate the private economy and technology innovation enterprises, thereby solidifying the foundation for economic growth from a microeconomic perspective [2]