The policy meeting did not specify the specific operational details or the targeted data to be achieved, but the general direction is quite clear.
Speaking of my personal focus,The first is to support local government debt, the second is to find ways to stabilize real estate, and the third is to ensure people's livelihood.These directions once again demonstrate the substantial guiding role of domestic policies in the market. As the old saying goes, take care of your own children—when it comes to local debt issues, it is best to solve them locally. Of course, if there is too much debt and the local authorities cannot handle it themselves, there are still solutions and measures available from above.
In essence, this is another warning, but warnings aside, consequences still need to be borne. Such measures have both advantages and disadvantages. The advantage is that ordinary people do not have to worry about local bond defaults for the time being, after all, in those less developed industrial areas, people's livelihoods still rely on these bonds. The disadvantage is that some lessons that should be learned may not have been truly internalized. Looking at the issue from different perspectives leads to different conclusions.
However, I feel that this may be the last time to address local debt issues on such a large scale. The attitude of the meeting is quite resolute: stimulating the economy is definitely a top priority. As a matter of fact, there are still many cards in hand that have not been played yet, it depends on the international situation and the domestic circumstances before slowly revealing them.
The performance of the stock market next Monday may not be very strong in my estimation, but real estate stocks and brokerage stocks may have a chance for a rebound. However, no one dares to guarantee the extent of this increase, so caution should prevail.
Regarding October 2024...