11.8全国人大常委会办公厅发布会点评：化债思路根本转变，激发地方发展动能

Core Insights - The report highlights a significant shift in the approach to debt resolution, emphasizing the importance of local government debt replacement to stimulate economic development [5][6] - The total debt resolution plan amounts to 12 trillion yuan, marking the largest effort in recent years to address local government hidden debts [2][5] - The anticipated fiscal policies for the upcoming year are expected to be more robust, focusing on enhancing economic growth and addressing local government debt issues [2][5] Summary by Sections Debt Resolution Plan - The plan includes a total of 12 trillion yuan for local government debt replacement, with a new debt limit of 6 trillion yuan, implemented over three years at 2 trillion yuan per year [2] - The scheme aims to reduce the hidden debt burden from 14.3 trillion yuan to 2.3 trillion yuan by 2028, significantly lowering the annual debt resolution requirement from 2.86 trillion yuan to 460 billion yuan [2][5] Fiscal Policy Expectations - The report indicates that future fiscal policies will be aligned with the economic and social development goals for the coming year, with a focus on utilizing available deficit space and expanding the issuance of special bonds [2][5] - There is an emphasis on supporting major strategic initiatives and enhancing investment in key areas such as technology innovation and public welfare [2][5] Market Implications - The report suggests a bullish outlook on A-share core assets, driven by the new debt replacement initiatives and a favorable macroeconomic environment [6] - It highlights the potential benefits for emerging technologies, green economy, and high-end manufacturing sectors from the anticipated policy easing and recovery [6]