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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.I pay special attention to four important meetings these days.After more than a decade, it will be relaxed, which shows the directional measures to ease the economic pressure.

Four important messages from important meetings are the most powerful support for the slow bull market in the stock market.Four important messages from important meetings are the most powerful support for the slow bull market in the stock market.The decision-makers have firm and clear confidence in the stability of the property market and the stock market.

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.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.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.