10月12日财政部新闻发布会点评：四维度部署增量政策，中央财政仍有空间

Policy Measures - The Ministry of Finance plans to implement a series of targeted incremental policies to support local governments in addressing debt risks, significantly increasing debt limits[3] - Special government bonds will be issued to support state-owned commercial banks in replenishing their core Tier 1 capital, enhancing their risk resistance and credit capacity[3] - Local government special bonds, special funds, and tax policies will be utilized to stabilize the real estate market and prevent further declines[3] Debt Management - A one-time large-scale increase in debt limits will be implemented to replace local governments' hidden debts, easing their debt pressure and allowing more resources for economic development[4] - In 2024, a debt limit of CNY 1.2 trillion will be allocated to support local governments in resolving existing hidden debts and settling overdue payments to enterprises[12] - The central government will increase fiscal transfers to local governments, with CNY 400 billion allocated this year to enhance local financial capacity[12] Economic Growth - The incremental policies focus on stabilizing growth, expanding domestic demand, and mitigating risks, with special bonds being a key tool for infrastructure investment and real estate market adjustments[5] - The measures aim to improve real estate investment and reduce the drag on fixed asset investment, contributing to steady economic growth[5] - The government emphasizes the importance of maintaining necessary fiscal expenditures to ensure basic livelihood protections, known as the "three guarantees" (basic livelihood, wages, and operational stability)[4] Risk Considerations - Potential risks include worsening geopolitical events, changes in international financial conditions, and unexpected shifts in China's monetary policy[19]