At the end of October, there were frequent macroeconomic benefits in China, and the Central Bank released the "State Council Report on Financial Work" on the 21st. Central Bank Governor Pan Gongsheng stated in his report that efforts will be made to maintain the stable operation of the financial market, further promote the implementation of policy measures to activate the capital market and boost investor confidence, and continuously stimulate market vitality. On October 24, the sixth meeting of the Standing Committee of the 14th National People's Congress voted to approve the resolution of the Standing Committee of the National People's Congress on approving the issuance of additional treasury bond by the State Council and the central budget adjustment plan for 2023. The central government will issue an additional 1 trillion yuan of 2023 treasury bond in the fourth quarter of this year. All the additional treasury bond was distributed to the local governments through transfer payment, focusing on supporting post disaster recovery and reconstruction and making up for the shortcomings in disaster prevention, mitigation and relief, so as to improve China's ability to withstand natural disasters as a whole. Of the 1 trillion yuan of additional treasury bond issued, 500 billion yuan will be used this year, and another 500 billion yuan will be used next year. This transfer payment can reduce the debt burden of local governments, increase investment capacity, and achieve the goal of expanding demand and stabilizing growth.
Post time: Oct-31-2023