毕马威：政策聚焦稳需求 助力中国经济增速目标达成

Core Insights - The report by KPMG indicates that China's GDP growth for the first three quarters of 2025 is 5.2%, which is 0.4 percentage points higher than the same period last year, showing good progress towards the annual growth target of around 5% [1] - In the third quarter, the focus of policies shifted towards "anti-involution," resulting in a GDP growth rate of 4.8%, a decline of 0.4 percentage points from the second quarter [1] - The implementation of "anti-involution" policies has limited investment momentum for most enterprises, leading to a contraction in investment demand while controlling supply [1] Economic Support Factors - Two main supportive factors for economic performance in the fourth quarter are identified: the easing of trade tensions, which positively impacts foreign trade performance and business expectations, and a renewed focus on domestic demand in macroeconomic policies to mitigate the effects of "anti-involution" [1] - The fiscal measures include the completion of 500 billion yuan in policy financial tool allocations and an additional 500 billion yuan in local government debt quotas to support project construction and debt repayment [1] - Recent monetary policy actions have included the resumption of bond purchasing operations, indicating a coordinated effort between fiscal and monetary policies to enhance domestic demand, particularly in investment [1]