张明：财政可以加大对家庭部门的直接补贴

Core Viewpoint - The article emphasizes the importance of addressing debt issues in China to stabilize the economy and the real estate market, suggesting measures such as debt restructuring and capital replenishment for micro-entities [2][3]. Group 1: Debt Issues - The "debt-deflation" theory indicates that high debt burdens can harm the balance sheets of micro-entities, leading to reduced consumption and investment, which exacerbates price declines [2]. - To break the low-price cycle, it is crucial to lower debt and repair the balance sheets of micro-entities [2]. Group 2: Policy Recommendations - Five policy suggestions are provided to stabilize the economy: 1. Set a nominal GDP growth target of around 7% by stabilizing economic growth at 5% and targeting inflation at 2% [5]. 2. Emphasize expansionary fiscal policy alongside monetary policy, focusing on improving low-income group incomes and helping local governments manage debt [5]. 3. Promote counter-cyclical management of debt, allowing for higher tolerance of debt issues during economic pressure [5]. 4. Stabilize the real estate market by relaxing purchase and loan restrictions in major cities and providing support to key real estate companies [6]. 5. Encourage further reform and opening up, particularly in the service sector, to attract high-quality foreign direct investment [6]. Group 3: Market Dynamics - The current positive sentiment in the stock market is attributed to liquidity, and the need to stabilize the real estate market is highlighted to amplify the wealth effect from the stock market [3][4]. - Regulatory measures are being strengthened to improve the quality of listed companies and promote long-term investment [4].