11月8日人大会议新闻发布会点评：一揽子财政政策尚未结束，增量政策可期

Fiscal Policy Insights - A new debt limit of 6 trillion yuan will be implemented over three years to address local government hidden debt, easing liquidity pressure[2] - The total hidden debt at the end of 2023 is estimated at 14.3 trillion yuan, with the new policy expected to reduce this to 2.3 trillion yuan by 2028[3] - The government plans to allocate 8 billion yuan annually from new local government bonds specifically for debt replacement, totaling 40 trillion yuan over five years[3] Economic Growth and Sustainability - Current fiscal policies focus on liquidity issues rather than directly increasing local government revenues, indicating a need for future incremental policies[4] - The government debt ratio stands at 67.5%, significantly lower than the G20 average of 118.2%, suggesting room for increased borrowing[5] - Future policies are expected to emphasize sustainable economic growth and the relationship between local finance and economic development[7] Market Confidence and Risks - The central government's debt replacement strategy is anticipated to boost market confidence and indirectly alleviate non-official debt pressures[3] - Ongoing fiscal measures aim to stabilize local government and real estate debts, with a focus on reducing systemic risks in the financial system[4] - Potential risks include rising trade tensions, which could impact economic stability[7]