CITIC Securities: Fiscal Enters Accelerated Strengthening Period

Jinshi data news on November 19th, CITIC Securities research report stated that the decrease in government fund income has narrowed, and the expenditure side has rebounded significantly. It is expected that in the future, under the driving force of concentrated use of special bonds, support for the accelerated implementation of ‘double’ special national bonds, the general fiscal expenditure in the fourth quarter will accelerate significantly. In addition, there will be 2 trillion yuan for debt-to-equity special refinancing issuance in November and December, and debt-to-equity itself will also have certain spillover effects on the real economy, helping local governments to free up more space to stabilize and rise, benefiting people’s livelihoods. Therefore, we believe that the significant efforts of the general fiscal in the fourth quarter will drive the continued improvement of economic operation.