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10 trillion debt-for-equity swap, real estate tax policies will be introduced in the near future... One article to understand the NPC press conference
Starting from 2024, China will allocate 800 billion yuan from the annual increase in local government special bonds for five consecutive years, specifically for debt restructuring, with a cumulative potential to replace 4 trillion yuan in hidden debt. In addition, with the 6 trillion yuan debt ceiling approved by the National People's Congress Standing Committee this time, it will directly increase local debt resources by 10 trillion yuan.
How will the large-scale debt of 10 trillion affect the market? Institutions and public funds interpret it for the first time.
①Is the debt-to-equity policy meeting expectations? ②Institutions believe that large-scale debt restructuring is necessary and very timely; ③Improved liquidity is driving bond and pro-cyclical asset performance; ④There is still room for future incremental policies.
Express News | In October, China's PPI fell by 2.9% year-on-year.
Express News | In October, the CPI in China increased by 0.3% year-on-year.
What is the impact on the economy after the new debt-for-equity swap policy is implemented?
For residents, after reducing the pressure of local government debt repayment, more fiscal resources will be available to tilt towards people's livelihood, which helps restore residents' confidence.
In October, the retail sales of new energy vehicles hit a new high, with a consecutive four-month market share exceeding 50%. China Association of Automobile Manufacturers: It is expected to grow by nearly 40% for the whole year.
①Caixin reporter's statistics show that in October, 14 A/H-listed vehicle companies achieved year-on-year growth, with 10 companies accounting for over 70%. ②Cui Dongshu predicts that the domestic sales volume of new energy passenger vehicles in the fourth quarter is expected to be 3.55 million units, a 39% year-on-year increase. The cumulative sales volume in 2024 is expected to be 10.68 million units, a 38% year-on-year increase.