10月12日财政部新闻发布会点评：财政政策有望持续发力

Group 1: Fiscal Policy Measures - The first step of fiscal policy focuses on effectively reducing systemic risks in the real economy and financial system[1] - Significant increases in debt quotas and the issuance of special government bonds are planned to address local government debt and stabilize the financial system[1] - Four key policies include supporting local government debt resolution, issuing special bonds for state-owned banks, stabilizing the real estate market, and enhancing support for key groups[1] Group 2: Economic Outlook - The Minister emphasized that the fundamentals of China's economy remain strong, with a broad market and significant resilience[2] - National general public budget revenue growth is expected to fall short of expectations, but fiscal resilience is sufficient to achieve annual budget goals[2] - There is a potential for a GDP growth rebound in Q4 due to accelerated use of special bonds, with a total of CNY 2.3 trillion available for allocation in the last three months[2] Group 3: Future Policy Directions - Future policies will likely focus on economic growth and sustainability, with additional tools under consideration beyond the four announced measures[2] - The central government has significant room for increasing debt and deficits, pending approval from the National People's Congress[2] - The relationship between local fiscal sustainability and economic growth will be a key focus in upcoming fiscal reforms[2]