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First, implement more active and promising macro policies to stabilize the property market and stock market. The Central Economic Work Conference clearly stated that more active and promising macro policies should be implemented next year to expand domestic demand and stabilize the property market and stock market. This shows that the government will improve the effectiveness of macro-control through unconventional countercyclical adjustment of fiscal and monetary policies.Fourth, vigorously boost consumption, improve investment efficiency and expand domestic demand in all directions. The meeting stressed the need to vigorously boost consumption, improve investment efficiency and expand domestic demand in all directions. This includes the implementation of special actions to boost consumption, efforts to expand the scope of implementation of the two new policies, greater support for the two projects, and strengthening financial and financial cooperation.I pay special attention to four important meetings these days.

Third, moderately loose monetary policy, timely RRR cuts and interest rate cuts. Politburo meeting of the Chinese Communist Party proposed to implement a moderately loose monetary policy, which is the policy tone put forward again after many years. It is expected that there will be greater interest rate cuts and RRR cuts next year. The adjustment of the expression of monetary policy from "steady" to "moderately loose" means that China will continue to adhere to a supportive monetary policy stance and maintain a reasonable and sufficient liquidity.I pay special attention to four important meetings these days.The implementation of these policies aims to stabilize expectations, stimulate vitality, promote sustained economic recovery, continuously improve people's living standards and maintain social harmony and stability. Through these measures, the government hopes to promote economic growth, improve people's quality of life, and lay a solid foundation for achieving a good start in the Tenth Five-Year Plan.

While resolving the crisis, local governments have much to offer.Second, high deficit, special national debt and special debt quota. The fiscal policy in 2025 will be more active and promising, and it is expected to increase the deficit ratio, special national debt and special debt quota. In 2024, the fiscal deficit ratio will be arranged at 3%, and the scale of ultra-long-term special bonds will be 1 trillion yuan, and the amount of new special bonds for local governments will be 3.9 trillion yuan. It is estimated that the government's borrowing will increase significantly in 2025.