Tianfeng Securities Interpretation of the Ministry of Finance Conference: Top Policy Support

On October 12, Tianfeng Securities' macro research team released a research report saying that from the policy content announced at the press conference, it is almost the top policy support that can be given within the authority of the Ministry of Finance. The most important thing is not the specific scale of several trillion yuan, but the establishment of a signal from contractionary finance to expansionary finance. Tianfeng Securities believes that the market still has some doubts about the Ministry of Finance's failure to give the specific amount of government bonds, but the policy of this press conference is already the best answer that can be given within the authority of the Ministry of Finance. The issuance of government bonds involves budget adjustments and must be approved by the Standing Committee of the National People's Congress, otherwise it will violate legal procedures. The Ministry of Finance can give notices and hints before the process is completed, and the attitude is obviously positive, and the signal is of great significance. From the quota point of view, last year's fiscal gap 798.10 billion yuan, 500 billion yuan of the additional 1 trillion yuan of treasury bonds were used last year, accounting for about 63% of last year's fiscal gap. < b > According to the same proportion, this year's fiscal gap is about 3 trillion, and it is expected that this year may need to issue about 2 trillion yuan of treasury bonds .