伊朗迈赫尔通讯社1月5日报道，伊朗财经部长马达尼扎德在政府-私营部门对话委员会会议上表示，政 府的主要目标是循序渐进地推进经济政策改革，而不是一蹴而就。马达尼扎德提出的经济政策改革举措 主要如下：保障民生方面，政府将根据物价变化不断调整补贴，以维持民众购买力。政府将调查汇率调 整对基本商品物价上涨的影响情况，并确定维持民众购买基本商品所需的适当补贴金额，以尽可能地维 持民众购买力，这些补贴会根据实际情况进行调整。政府已向民众账户存入首期四个月的补贴款项，用 于购买基本商品。企业营运资金方面，央行和商业银行将支持企业获得所需营运资金，首要任务是保障 基本商品供应，其次是工业品。政府债务方面，财经部已决定对所有债务进行全面审计，确保其透明 化，并制定具体的偿还计划，政府必将履行其偿还义务。单一汇率方面，央行已合并外汇交易中心的不 同汇率，并将向自由市场汇率逐步迈进。（驻伊朗使馆经商处） ...

Summary of Key Points from Conference Call Industry Overview: Chinese Real Estate Market Current Market Conditions - The Chinese real estate market is experiencing a rapid decline, particularly in first-tier cities, with 70% of second-hand housing prices showing accelerated month-on-month declines since May 2023, marking the third such downturn since the second half of 2021 [1][4] - Beijing has seen the most significant drop in second-hand housing prices, with a consistent month-on-month decline of over 1% for five consecutive months starting from April 2023 [1][4] Market Sentiment - The market sentiment towards the real estate sector is predominantly pessimistic, with most institutions predicting a further decline of over 30% in the next three years [1][7] - Historical data suggests that first-tier cities may require a 4 to 5-year adjustment period, while second and third-tier cities may need 7 to 9 years [1][9] Rental Yield and Housing Demand - Current rental yields across major cities are approximately 2.38% to 2.4%, which is below actual mortgage rates. A 10% drop in housing prices could push rental yields above public housing loan rates, potentially stimulating home-buying demand [1][10][11] - Signs of market stabilization include renters transitioning to buyers, sellers opting to rent instead of sell, and an increase in investment buyers [1][14] Developer Challenges - Frequent crises among real estate companies, such as the Evergrande incident, may indicate the end of the current downturn cycle, as many firms have either cleared their debts or shifted their business models [1][17] - The inability of developers to reduce inventory will hinder cash flow, affecting their ability to acquire land, which in turn impacts land premiums and the Producer Price Index (PPI) [1][16] Policy Implications - The government is shifting its focus from stimulating price increases to improving housing quality, indicating a low likelihood of large-scale stimulus policies [1][18][19] - Future economic policies will emphasize reforms in the household registration system and marketization of factors, aiming to enhance public service levels and stimulate demand through improved supply [1][29] Economic Outlook - The economic policy direction for 2026 will prioritize consumer demand and investment in human capital, with a growth target of around 5% [1][21][22][23] - The government aims to balance fiscal and monetary policies to promote economic development, focusing on direct fiscal measures to increase residents' income [1][27][28] Comparative Analysis - Compared to international cities, China's real estate market remains relatively stable, with first-tier cities showing an average rental yield of 1.8% and a national average of 2.4% [1][13] Conclusion - The Chinese real estate market is currently in a challenging phase, with significant price declines and a pessimistic outlook. However, potential signs of stabilization and government policy shifts may provide a foundation for future recovery. The focus on quality over quantity in housing, along with broader economic reforms, will be crucial in shaping the market's trajectory moving forward [1][29]