四季度宏观政策适时加力，5000亿新型工具将加快投放

Core Viewpoint - The Chinese government is preparing to implement a series of macroeconomic policies to stabilize growth in response to weakening economic data in July and August, with a focus on the introduction of a new policy financial tool worth 500 billion yuan to support project capital [1][6]. Group 1: Economic Context - Economic data for July and August showed signs of weakening, leading to increased expectations for enhanced growth stabilization policies in the fourth quarter [1]. - The National Development and Reform Commission (NDRC) highlighted ongoing risks and challenges in the economy, emphasizing the need for further consolidation of the recovery foundation [1][7]. - Fixed asset investment growth was only 0.5% year-on-year from January to August, indicating a need for measures to boost investment [6]. Group 2: New Policy Financial Tool - The new policy financial tool has a total scale of 500 billion yuan, aimed exclusively at supplementing project capital [2][3]. - This tool is designed to alleviate initial funding pressures for projects, particularly in emerging industries and infrastructure, including digital economy, artificial intelligence, and green low-carbon initiatives [3][4]. - The tool is expected to enhance the overall financing structure of companies, reduce financing costs, and improve capital efficiency [3][4]. Group 3: Implementation and Impact - The NDRC is working to expedite the allocation of the new financial tool to specific projects, with an emphasis on accelerating project commencement to generate tangible work output [1][2]. - The application of the 500 billion yuan tool is seen as a crucial measure for counter-cyclical adjustment and financial linkage, potentially leading to increased bank loans and social capital participation [5][6]. - The tool's deployment is expected to support both traditional infrastructure projects and emerging industries, thereby promoting balanced regional and industrial development [4][5]. Group 4: Future Outlook - The government is committed to maintaining economic stability and achieving annual targets, with ongoing monitoring and timely policy adjustments based on economic conditions [1][8]. - Experts suggest that the focus should not only be on the scale of fiscal policies but also on the execution and performance of related projects throughout their lifecycle [8]. - There is a call for further measures to stimulate demand and restore the enthusiasm of local governments, residents, and enterprises, particularly in the context of a challenging economic environment [8].