宏观政策系列二：四中全会时间确定，新型政策性金融工具落地

Report Industry Investment Rating - Not provided Core Views - The date of the Fourth Plenary Session of the 20th Central Committee has been set, which is from October 20th to 23rd, and it will review the "Proposal of the Central Committee of the Communist Party of China on Formulating the 15th Five - Year Plan for National Economic and Social Development". Market expectations continue to improve, and the impact of macro - policies is gradually shifting from "removal" on the supply - side to "stability", with the incremental demand on the demand - side being the focus for the future [3]. - The National Development and Reform Commission announced 500 billion yuan of new policy - based financial instruments. Based on the project capital ratio of 20% and the new policy - based financial instrument ratio of 50%, it can drive investment projects worth 5 trillion yuan. Attention should be paid to the stabilization and recovery of the economic cycle in the fourth quarter. There are differences between internal and external expectations, with external negative impacts on global total demand rising and internal positive impacts on the economy rising [4]. Summary by Related Content Event Information - The Political Bureau of the CPC Central Committee decided on September 29th that the Fourth Plenary Session of the 20th Central Committee will be held from October 20th to 23rd in Beijing. The National Development and Reform Commission announced on September 29th that the scale of new policy - based financial instruments is 500 billion yuan, all used to supplement project capital [2]. Policy Background and Impact - The new policy - based financial instruments were first proposed at the Political Bureau meeting on April 25th, 2025, aiming to solve the problem of insufficient project capital and supporting funds, with the direction of "supporting scientific and technological innovation, expanding consumption, stabilizing foreign trade, etc." [4].