Sou Hu Cai Jing·2025-09-20 01:53Core Viewpoint - The report from CITIC Securities indicates that the resolution of local government hidden debts may be achieved by the end of the 14th Five-Year Plan or the beginning of the 15th Five-Year Plan, but local government leverage remains high, necessitating the central bank to maintain low interest rates in an uncertain revenue environment [1] Group 1: Economic Outlook - The focus of new policy financial tools will be on eight key areas: digital economy, artificial intelligence, low-altitude economy, infrastructure in consumer sectors, green and low-carbon transition, agriculture and rural development, transportation and logistics, as well as municipal and industrial parks [1] - There is a high demand for incremental fiscal support, suggesting that the dual expansion of fiscal and monetary policies will continue in the future [1]