TF Securities: Local Finance Expected to "Expand Again"

Golden Ten data, October 13th news, Tianfeng Securities analysis stated that, in summary, although this press conference did not clearly give the specific scale of incremental policies expected by the market, it is believed that on the one hand, it may still need to wait for the relevant approval procedures, and on the other hand, more important than the specific scale is the change in policy orientation. Fiscal policy not only does not evade current pressures and difficulties, but also actively exerts efforts within its existing authority, while also adjusting the mindset of debt resolution, making it possible for local governments to shift from a “tight balance” mainly focused on dealing with debt pressure to an “expansive” fiscal policy mainly focused on stability.