国新办发布会宣布一系列政策稳经济、支持房地产和资本市场

Economic Policy Measures - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio, releasing approximately CNY 1 trillion in long-term liquidity into the financial market[1] - The 7-day reverse repurchase rate was lowered by 0.2 percentage points to 1.5%, with expectations that the Loan Prime Rate (LPR) and deposit rates will decrease by 0.2-0.25 percentage points[1] - The average reduction in existing mortgage rates is expected to be 0.5 percentage points, benefiting around 50 million households and reducing annual interest expenses by approximately CNY 150 billion[1] Real Estate Support - The minimum down payment for second homes was reduced from 25% to 15% nationwide, aimed at boosting housing sales[1] - The central bank's support for affordable housing re-loans will increase from 60% to 100%, enhancing market incentives for banks and acquisition entities[1] - Policies to support the acquisition of existing land from real estate companies and the extension of financial policies until the end of 2026 were also announced[1] Capital Market Support - The central bank introduced two major policy tools to support the stock market, with an initial funding scale of CNY 800 billion[2] - A special re-loan for stock repurchases and increases was set at CNY 300 billion, with an interest rate of 1.75% to guide banks in providing loans to listed companies[2] - The expansion of the pilot program for bank-affiliated financial asset investment companies to 18 cities was announced, with relaxed investment limits[2] Market Outlook - The scale of the announced measures exceeded market expectations, indicating a strong government commitment to stabilize economic growth in Q4[2] - Further policy support is anticipated, particularly in fiscal and real estate sectors, to enhance consumer spending and manage real estate inventory[2] - The report highlights potential risks including local government deleveraging, weak consumption recovery, and ongoing trade tensions with the U.S.[3]