政策双周报：买断式逆回购靠前操作，系列育儿补贴措施出台-20250808

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - A series of policies have been introduced across various sectors, including macro - economic, fiscal, monetary, financial regulatory, real estate, and tariff policies, aiming to promote economic stability, adjust industry structures, and manage international trade relationships [1][2][3] - The focus is on implementing existing policies, with an emphasis on policy continuity and stability, while also promoting new initiatives to support emerging industries and address social issues such as population growth [11][12][13] Summary According to Relevant Catalogs 1. Macro - Tone - A package of parenting subsidies and fertility support measures have been introduced. From 2025, a parenting subsidy of 3,600 yuan per child per year will be provided until the child is 3 years old. Free preschool education for the last year in public kindergartens will start in the fall of 2025, benefiting about 12 million people this fall and increasing government expenditure by about 20 billion yuan [11][16] - The Politburo meeting emphasized policy continuity and stability, mainly focusing on implementing existing fiscal and monetary policies. The "moderately loose" monetary policy tone continues [12] - The list of "two - major" construction projects has been fully released. The third batch of 69 billion yuan for consumer goods trade - in has been issued, and the fourth batch of 69 billion yuan will be issued in October. New policy - based financial instruments are to be established and launched soon [13] 2. Fiscal Policy - Use a more proactive fiscal policy, establish a debt - service reserve fund system to prevent risks, and accelerate the issuance and use of government bonds [17] - Starting from August 8, 2025, VAT will be restored on the interest income of newly issued national, local, and financial bonds. Natural persons with a monthly quota of no more than 1 million yuan will enjoy a VAT exemption until the end of 2027 [18] - The Ministry of Finance reported six typical cases of local government implicit debt accountability, and some provinces have exited the high - risk area list [18][19] 3. Monetary Policy - Continue to implement a moderately loose monetary policy, coordinate treasury management and national debt issuance and redemption with the fiscal department [21] - Seven departments including the central bank jointly issued a document to support the improvement of science and technology finance efficiency, and support the cultivation of emerging industries and forward - looking layout of future industries [22] - In August, the 3 - month term buy - back repurchase was operated earlier, and a second 6 - month operation may occur in the middle of the month, reflecting the coordination between monetary and fiscal policies [23] 4. Financial Supervision - The maximum预定 interest rate of insurance products has been lowered. Ordinary insurance products decreased by 50BP to 2.0%, dividend - type insurance products decreased by 25BP to 1.75%, and universal insurance products decreased by 50BP to 1.0% [25] - The second batch of 12 new floating - rate funds have been approved, with the fee level linked to product returns [26] - Guotai Junan Asset Management initiated the absorption and merger of Haitong Asset Management [26] 5. Real Estate Policy - Coordinate to resolve real - estate enterprise bond default risks, improve real - estate financial macro - prudential management, and support the construction of a new real - estate development model [29] - Harbin increased the housing provident fund loan limit for "trade - in" home - buying families; Beijing strengthened support for multi - child families' housing; Kunming optimized the provident fund withdrawal policy [30] - Shanghai accelerated the "two - old and one - village" renovation, planning to start 25 village renovation projects this year. Some cities promoted the conversion of non - residential properties to rental housing [31][32] 6. Tariff Policy - The third round of Sino - US negotiations ended, and the 24% part of the US reciprocal tariffs and China's counter - measures will be extended for 90 days, reducing export uncertainties [34] - Trump signed an executive order to set "reciprocal tariffs" for multiple countries, with rates ranging from 10% to 41%, effective August 7 [35] - The US will impose a 50% tariff on imported semi - finished copper products and a 100% tariff on chips and semiconductors starting from August 1 and August 6 respectively [35]