财政部新闻发布会简评：稳定预期，着眼长远

Fiscal Policy Insights - The central government has the capacity to meet the annual budget goals despite facing a revenue-expenditure imbalance[1] - A significant local hidden debt replacement policy will be introduced, marking the largest effort in recent years[1] - Approximately 2.3 trillion yuan of special bond funds are available for issuance and use in the next three months[2] Debt Management - The hidden debt balance has decreased by 50% compared to the 2018 baseline, indicating manageable debt risks[3] - In 2024, a debt limit of 1.2 trillion yuan has been allocated to support the resolution of hidden debts and government arrears to enterprises[3] - The anticipated scale of debt support for 2024 may exceed 2.2 trillion yuan, higher than in 2023[3] Real Estate Sector Support - The government aims to stabilize the real estate market by supporting local governments in utilizing special bonds for idle land recovery[4] - Special bonds will be used to acquire existing residential properties for affordable housing projects[4] - Adjustments to tax policies related to residential and land value-added taxes are planned to enhance cash flow for real estate companies[4] Social Welfare Focus - In 2024, the central government will allocate 66.7 billion yuan for employment subsidies and increase basic pension levels by 3%[5] - There is a notable lack of emphasis on consumer subsidies, reflecting a stronger focus on social welfare for vulnerable groups[5] - Local governments will have the autonomy to implement cash subsidies and consumption vouchers to stimulate spending[5]