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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.After more than a decade, it will be relaxed, which shows the directional measures to ease the economic pressure.

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.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.This is the reason why consumer stocks have risen.

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.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.This is the reason why consumer stocks have risen.