2024年10月12日财政部新闻发布会点评：抓手明确、空间较大

Fiscal Policy Insights - The government reiterated its commitment to an active fiscal policy aimed at stabilizing growth, expanding domestic demand, and mitigating risks[1] - A comprehensive set of targeted incremental policy measures is expected to be introduced soon, focusing on local government debt, bank capital support, real estate stabilization, and enhancing consumer capacity[1] Budget Execution and Revenue - From January to September 2024, the national general public budget revenue growth was below expectations, leading to overall fiscal expenditure also falling short[1] - The meeting highlighted that there is a sufficient fiscal resilience to achieve revenue-expenditure balance through comprehensive measures[1] Debt Management Strategies - The central government will allocate 400 billion yuan from local government debt limits to support local governments in resolving existing project debts and overdue payments to enterprises[3] - A significant increase in debt limits is planned to help local governments manage hidden debt risks, marking one of the most substantial measures in recent years[3] Support for Banking Sector - Special treasury bonds will be issued to support state-owned commercial banks in replenishing their core Tier 1 capital, enhancing their operational stability and credit capacity[3] Real Estate Market Stabilization - Local governments will be allowed to use special bonds for land reserves and to purchase existing housing for affordable housing projects, aiming to balance supply and demand in the real estate market[3] - Tax policies related to ordinary and non-ordinary residential properties are under review to provide further support to the real estate sector[3] Consumer Support Initiatives - The government plans to enhance support for students through increased scholarships and financial aid, aiming to boost overall consumer capacity[4] - A comprehensive funding system for students will be established, including scholarships, loans, and living allowances[4] Fiscal Reform and Management - The government is accelerating fiscal and tax system reforms, with a preliminary implementation plan being developed to address various reform tasks[4] - Emphasis will be placed on improving project management mechanisms and ensuring effective use of special bonds to stimulate economic growth[4] Risk Considerations - There are potential risks associated with the implementation of growth-stabilizing policies not meeting expectations and geopolitical uncertainties[4]