川财证券：研究所晨报-20241014

Core Insights - The report emphasizes the need for increased counter-cyclical fiscal policies to promote high-quality economic development in China [4][20][36] - It highlights the importance of supporting local governments in managing debt risks and increasing debt limits to alleviate financial pressures [24][26][28] - The report suggests that the real estate market is expected to stabilize with coordinated efforts from various departments to implement supportive policies [30][35] Economic Policies - The Ministry of Finance plans to introduce a series of targeted incremental policy measures to support economic growth, expand domestic demand, and mitigate risks [6][19] - Specific measures include supporting local governments in resolving hidden debt issues and enhancing the capital base of state-owned commercial banks [6][36] - The report indicates that there is significant room for increasing fiscal deficits and borrowing to support economic initiatives [36] Real Estate Market - The report discusses measures to stabilize the real estate market, including the recovery of idle land and the acquisition of existing properties for affordable housing [30][31] - It notes that recent policies, such as lowering mortgage rates and down payment requirements, aim to promote market recovery [35][36] Consumer Confidence and Inflation - The report mentions that the U.S. consumer confidence index for October has decreased, indicating potential economic concerns [5] - It also highlights that China's CPI rose by 0.4% year-on-year in September, while PPI fell by 2.8%, reflecting mixed economic signals [6][8]