财政部新闻发布会点评：增量财政政策的七大关注

Group 1: Fiscal Policy Measures - The Ministry of Finance announced a package of targeted incremental policies to support local governments in addressing debt risks, with a significant increase in debt limits expected to exceed the previous 1.5 trillion yuan special refinancing bond scale[2] - Special government bonds will be issued to supplement the core Tier 1 capital of state-owned commercial banks, enhancing their risk defense and lending capacity[1] - The use of local government special bonds and tax policies will be intensified to stabilize the real estate market[1] Group 2: Debt Management and Economic Support - The current core issue of local debt risks is liquidity, and debt management aims to maintain sustainable debt levels rather than eliminate them entirely[3] - By replacing existing hidden debts with local government bonds, the short-term repayment pressure on local governments and financing platforms can be alleviated, boosting market confidence[3] - As of the end of 2023, the balance of hidden debts included in the government debt information platform has decreased by 50% compared to 2018, with further reductions expected from the new round of debt replacement[3] Group 3: Real Estate Market Stabilization - The fiscal policy emphasizes the importance of stabilizing the real estate market, allowing special bonds to be used for land reserves and the acquisition of existing housing for affordable housing projects[6] - The government aims to optimize tax policies related to residential properties to reduce transaction costs and alleviate the tax burden on real estate companies, thereby boosting market confidence[7] - The central government has indicated that further policies will be coordinated to ensure the real estate market stabilizes and recovers[7] Group 4: Consumer Support and Economic Growth - Increased support for key groups, including one-time living allowances for low-income individuals, is aimed at enhancing overall consumption capacity[8] - The government plans to strengthen the "three guarantees" (basic livelihood, wages, and operations) to alleviate pressure on local finances and stimulate economic growth[9] - The multiplier effect of consumption on GDP is significantly higher than that of fixed asset investment, making consumer support a primary focus for expanding domestic demand[9]