Core Viewpoint - The Ministry of Finance has demonstrated its capability to introduce incremental policies in response to changing circumstances, particularly through tax incentives to encourage foreign investment in China [1][2]. Group 1: Fiscal Policy and Bond Issuance - The Minister of Finance, Lan Fang'an, emphasized the importance of issuing and utilizing ultra-long-term special bonds and special bonds as part of the 2024 central budget report, indicating strong support for stabilizing growth initiatives [1]. - The issuance schedule for ultra-long-term special bonds has been adjusted, with four bonds being issued earlier than planned, reflecting the central government's commitment to enhancing domestic demand and stabilizing growth [1]. - The issuance of special bonds reached a record high in June, indicating a shift in focus from debt replacement to expanding domestic demand and stabilizing growth in the second half of the year [1]. Group 2: Future Bond Issuance and Policy Tools - There remains over 2 trillion yuan in special bond quotas and 745 billion yuan in ultra-long-term special bond quotas available for issuance in the second half of the year, with expectations for concentrated issuance in the third quarter [2]. - The establishment of new policy financial tools by the National Development and Reform Commission is in preparation, which is expected to further support project construction and boost infrastructure investment in conjunction with special bonds [2]. - The Ministry of Finance's recent tax incentives for foreign investment indicate a proactive approach to policy adjustments, with expectations for more robust fiscal measures to be introduced to stabilize employment, enterprises, markets, and expectations [2].

Group 1 - The Ministry of Finance emphasizes the importance of early issuance and utilization of ultra-long-term special government bonds and special bonds to support economic growth initiatives [1] - The issuance schedule for four ultra-long-term special government bonds has been advanced by 7 to 14 days, indicating a proactive approach to boost local consumption through the "old-for-new" policy [1] - Since June, the issuance pace of special bonds and ultra-long-term special government bonds has accelerated, with special bond issuance reaching a record high for the year [1] Group 2 - There remains over 2 trillion yuan in special bond quotas and 745 billion yuan in ultra-long-term special government bond quotas available for issuance in the second half of the year [2] - The establishment of new policy financial tools by the National Development and Reform Commission is in preparation, which is expected to further support project construction and boost infrastructure investment [2] - The Ministry of Finance is capable of introducing timely incremental policies in response to changing circumstances, with expectations for more robust fiscal measures to stabilize employment, enterprises, markets, and expectations [2]