财政部发布会点评

Policy Measures - The Ministry of Finance plans to expand the scope of special bonds to support various projects, including the acquisition of existing residential properties for affordable housing[1] - A significant increase in the debt limit is proposed to replace local government hidden debts, marking the largest support measure for debt resolution in recent years[1] - Special government bonds will be issued to help state-owned commercial banks replenish their core tier one capital[2] Market Impact - The bond market is expected to experience reduced volatility following the announcement of these policies, aligning with market expectations[1] - The issuance of special bonds has accelerated, particularly in non-priority provinces, reflecting a shift in focus towards areas with weaker economic conditions[2] - Credit bond yields are anticipated to stabilize and potentially decline, with high-grade short-term bonds providing sufficient yield protection[2] Economic Outlook - The overall economic recovery is expected to continue, with the government maintaining its growth targets, indicating ongoing possibilities for counter-cyclical adjustments[2] - The net financing scale of perpetual bonds is projected to be lower than in previous years due to high repayment levels, although issuance may marginally increase[2] - Investors are advised to remain cautiously optimistic, as the potential for further policy measures exists[2]