国新办财政发布会点评：期待增量政策落地

Policy Announcement - The State Council announced a series of incremental counter-cyclical fiscal policies to be implemented soon, including support for local government debt and special bonds to bolster state-owned banks' core tier one capital[2] - Additional fiscal tools will support the real estate sector and enhance protections for key groups, with several policies already in the decision-making process[2] Debt Management - The plan includes a significant increase in the debt limit to replace local governments' hidden debts, aimed at alleviating local debt risks and improving market sentiment[3] - The initiative is expected to facilitate local governments in allocating more resources for economic development and strengthen basic "three guarantees" and key area protections[3] Real Estate Support - The government will utilize special bonds and funds to stabilize the real estate market, allowing special bond funds to be used for acquiring idle land and existing residential properties[3] - This approach aims to improve the supply-demand balance in the real estate market and relieve liquidity and debt pressures on local governments and real estate companies[3] Special Bonds Utilization - There is a focus on expanding the use of special bonds, including increasing the areas where they can be applied as project capital[3] - The government is also looking to support strategic emerging industries with special bond funding to accelerate the development of new productive forces[3] Risks - Potential risks include delays in policy execution and geopolitical uncertainties that could affect the anticipated outcomes of these fiscal measures[4]