Core Viewpoint - The Ministry of Finance has released a report on the implementation of China's fiscal policy for the first half of 2025, emphasizing the need to continuously prevent and resolve risks in key areas [1] Group 1: Fiscal Policy Measures - The report outlines the continuation of a comprehensive debt reduction policy, focusing on the steady advancement of hidden debt replacement while addressing new hidden debt behaviors promptly and holding accountable those responsible [1] - It highlights the importance of strengthening fiscal operation analysis and dynamic monitoring, as well as enhancing cash flow management and emergency response [1] Group 2: Support for Local Governments - The report stresses the need to solidify the "three guarantees" bottom line to ensure stable operation of local finances [1] - It mentions the utilization of relevant policy tools to assist in the reform and transformation of financing platforms, risk management of small financial institutions, and the acquisition of existing commercial housing for use as affordable housing [1]

Core Insights - The Ministry of Finance has released a report on the implementation of China's fiscal policy for the first half of 2025, emphasizing the need to prevent and mitigate risks in key areas [1] Group 1: Fiscal Policy Measures - The Ministry will continue to implement a comprehensive debt management policy, focusing on the steady advancement of hidden debt replacement while addressing new hidden debt behaviors promptly and holding accountable those responsible [1] - There will be a strengthened analysis and monitoring of fiscal operations, with enhanced cash flow management and emergency response measures [1] Group 2: Support for Local Governments - The Ministry aims to solidify the "three guarantees" bottom line to ensure stable operations of local finances [1] - Relevant policy tools will be utilized to assist in the reform and transformation of financing platforms, risk management of small financial institutions, and the acquisition of existing residential properties for affordable housing [1]