中国经济 - 定向宽松政策出台；福利改革有迹象-China Economics-Targeted Easing Announced; Welfare Reform Indicated
2025-09-30 02:22
September 29, 2025 10:56 AM GMT China Economics | Asia Pacific Targeted Easing Announced; Welfare Reform Indicated Key Takeaways Policy calibration to cushion near-term growth: The government's Rmb500bn in "new policy-based financial instruments" will replenish seed capital for local infrastructure capex. As seed capital accounts for 20-25% of total investment, we estimate the additional funding could leverage at least Rmb2trn over a multi-year construction period. Official FYP preview – nuanced shift: The ...