政策半月观：2025年财政赤字率有望史上最高

Policy Focus - Recent policies emphasize stabilizing growth, real estate, and market confidence, with a focus on market value management and special bond storage[2] - The State Council meeting on November 22 highlighted the promotion of platform economy to support domestic demand, employment, and the real economy[3] Economic Measures - The Ministry of Finance has allocated a debt limit of CNY 6 trillion to local governments, with plans to advance part of the 2025 special bond quota[8] - The general deficit rate for 2025 is projected to exceed 4%, potentially reaching a historical high of nearly 9% for the overall deficit rate[3] Real Estate Policies - Major cities have eliminated the distinction between ordinary and non-ordinary housing, with Guangzhou expanding housing vouchers to cover the entire city[11] - Recent tax policy adjustments, including reductions in deed tax and value-added tax, aim to lower housing costs and alleviate cash flow pressures for real estate companies[9] Trade and Foreign Relations - The Ministry of Commerce introduced nine measures to stabilize foreign trade, addressing external trade restrictions and potential tariffs from the U.S.[4] - The government is prepared to engage in dialogue with the U.S. regarding trade disputes, emphasizing internal resilience against external shocks[3] Corporate Governance - The China Securities Regulatory Commission (CSRC) released guidelines on market value management, outlining seven methods for companies to enhance their market value[8] - Emphasis on improving corporate governance and operational efficiency to reflect the true value of listed companies[38]