Group 1 - The core viewpoint of the article highlights that from January to June this year, fiscal expenditure from both central and local governments increased by 8.9% year-on-year, a significant improvement compared to the -2.8% in the same period last year, positively impacting economic stability [1][9][32] - The new type of policy financial tools, with an initial scale of 500 billion yuan, aims to provide capital support for key investment projects in various sectors, including digital economy, artificial intelligence, and green transformation [2][18][19] - The new policy financial tools are expected to have a significant impact on supporting "quasi-fiscal" expansion if implemented quickly in the third quarter, potentially leading to a broad credit expansion of approximately 4.4 trillion yuan [4][27][28] Group 2 - The quasi-fiscal system in China includes central and local governments, local platforms, and policy banks, which can all contribute to fiscal expansion through various financing methods [10][11] - The new policy financial tools differ from the previous PSL (Pledged Supplementary Lending) in that they may have a faster disbursement rate and lower financing costs, but their credit expansion effect may not be as strong as PSL [3][22][23] - The effectiveness of the new policy financial tools can be evaluated by tracking changes in social financing growth, credit expansion, and infrastructure investment indicators [30][31]