货币政策宽松已到位，财政刺激将如何发力？

Monetary Policy - The central bank announced a 50 basis points reserve requirement ratio (RRR) cut, releasing approximately CNY 1 trillion in long-term liquidity[5] - A 20 basis points reduction in the 7-day reverse repo rate is expected to lower loan market quoted rates (LPR) and deposit rates by 0.2 to 0.25 percentage points[5] - Further RRR cuts of 25-50 basis points and an additional interest rate cut of 20 basis points are anticipated in the fourth quarter[5] Real Estate Policy - The central bank's measures include reducing existing mortgage rates by an average of 0.5 percentage points, benefiting around 50 million households and saving approximately CNY 150 billion in annual interest payments[6] - The minimum down payment for second homes has been lowered from 25% to 15% nationwide, with cities like Guangzhou and Shanghai implementing further easing measures[6] - The central bank will increase the proportion of funding for affordable housing refinancing from 60% to 100% to enhance market incentives[7] Fiscal Policy - The government is expected to announce an additional CNY 2-3 trillion in special bonds to stimulate consumption and address local government debt risks during the upcoming National People's Congress meeting[8] - Tax and social security incentives are being considered to increase disposable income for low- and middle-income groups, supporting consumption growth[9] - The emphasis on issuing and utilizing long-term special bonds and local government bonds will remain a policy focus to stabilize investment[9]