Luo Zhiheng, chief economist of Yuekai Securities: Improving deficit ratio's firm determination to release the central government to stabilize the economy is conducive to stabilizing expectations. The Central Economic Work Conference proposed to implement a more active fiscal policy. Improve the fiscal deficit ratio, and ensure that the fiscal policy will continue to exert more efforts. Luo Zhiheng, chief economist of Yuekai Securities, said that the fiscal policy continued the general tone of "positive", which reflected the stability and continuity of the policy, but emphasized "more positive", which was mainly reflected in the increase of deficit ratio and the scale of special bonds and ultra-long-term special government bonds. It is expected that the scale of fiscal expenditure will be significantly increased and the growth rate of fiscal expenditure will be increased next year. The generalized deficit ratio probability in 2025 is higher than that in 2024. In his view, the narrow sense of deficit ratio has a high probability of exceeding 3%, and the improvement of deficit ratio has special significance, which can achieve triple effects. First, the increase in deficit ratio means a further increase in the deficit scale, which is conducive to expanding expenditure, strengthening the ability of fiscal countercyclical adjustment, better preventing risks, benefiting people's livelihood and stabilizing growth. Second, deficit ratio is different from other financial instruments, and the public pays great attention to deficit ratio and its changes. Therefore, fiscal policy should use limited "bullets" to stabilize expectations, and the same fiscal stimulus scale should be reflected in deficit ratio as much as possible. Deficit ratio can better convey policy intentions and has strong policy signal significance; Improving deficit ratio's firm determination to release the central government to stabilize the economy is conducive to stabilizing expectations. Third, the high probability of deficit is still dominated by central government bonds. The form of transfer payment can better ensure the stability of grassroots financial resources and increase the disposable degree of local financial resources, which is conducive to the local government's "three guarantees" work. (SSE)Zhu Keli, executive director of China Information Association: Boosting consumption ranks first in the key work next year. Zhu Keli, executive director of China Information Association and founding president of the National Research Institute of New Economics, told reporters that boosting consumption is the top priority of economic work next year, ranking first in the key work next year, which is based on the new changes and new demands of the current economic situation. Among the specific measures to boost consumption, the highlights include the implementation of the special action to boost consumption, the implementation of the "two new" policy, and greater support for the "two new" projects. These measures are aimed at promoting consumption growth in an all-round way by optimizing the consumption environment, increasing consumption supply and improving consumption quality. (SSE)Tian Xuan, Dean of Tsinghua University National Institute of Finance and Professor of Finance: Comprehensive measures are taken to promote sustained and stable economic growth and high-quality development. The Central Economic Work Conference proposed that next year, we should persist in striving for progress while maintaining stability, promoting stability through progress, maintaining integrity and innovation, making innovations before breaking, systematically integrating and cooperating, enriching and improving the policy toolbox, and improving the foresight, pertinence and effectiveness of macro-control. In this regard, Tian Xuan, dean of Tsinghua University National Finance Research Institute and professor of finance, said that the meeting clarified the core strategy of economic work next year, emphasized the innovation, systematicness and coordination of policies, and reflected the decision-makers' accurate judgment on the economic situation and positive attitude towards new changes and challenges. Tian Xuan said that compared with the past, the current policy orientation is more positive, such as "moderately loose monetary policy" and "more active fiscal policy", paying more attention to innovation, while adhering to the basic principles and bottom line, exploring new working ideas, paying more attention to the systematic nature of policies, considering the mutual influence and synergistic effect between various policies and the coordination and cooperation between different departments and policies, and maximizing the policy effect through comprehensive policies to solve the outstanding problems currently facing and promote the economy. (SSE)
European Central Bank President Lagarde: The European Central Bank will pay attention to the impact of the exchange rate on the economy. European Central Bank President Lagarde: The European Central Bank will pay attention to the impact of the exchange rate on the economy.According to statistics, on December 12th, as of press time, five A-share listed companies including Alaide, Zhongzhong Technology, Yiwang Yichuang, Crystal Optoelectronics and Decai Co., Ltd. disclosed their holdings.The gap between Italian and German government bond yields widened to 111 basis points, the highest level in a week.
Nasdaq Golden Dragon China Index rose by 1%, popular Chinese stock Yum! China rose by 2.8%, bilibili and Baidu rose by over 1.2%, Ali, New Oriental, Ideality, Pinduoduo and Netease rose by at most 1%, and YINN rose by 1.6%.Wal-Mart Nuclear Materials: 224G high-speed communication line products have been delivered stably in batches, and Wal-Mart Nuclear Materials has released a record of investor relations activities. The company's demand for high-speed communication line orders continues to grow, and the machines are running at full capacity. It is expected that a number of key equipment will arrive in 2025. The 224G high-speed communication line products of Le Ting Zhilian, a subsidiary, have been delivered to direct customers in batches. In addition, the company's subsidiary has established a long-term and stable supply cooperation relationship with Huawei and signed a confidentiality agreement with it.US National Security Adviser Sullivan: Sweden is conducting in-depth consultations with Israel on the Syrian issue.
Strategy guide
Strategy guide 12-13
Strategy guide
Strategy guide
12-13