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The audit authority of local government special debt projects may be delegated to the provincial level, and 12 provinces are expected to land, which may affect the financial operation and investment projects of local governments.Macroeconomic policies:

Analysts believe that although there are downward trend pressures, annual line pressures and early lock-up pressures in technology, the market trend is strong, and these pressures may be broken if incremental funds enter the market.The activity of the stock market has recovered, both the Shanghai Composite Index and the Entrepreneurship Index are on the rise, and the market as a whole is in a state of bullish momentum.Foreign exchange reserves and gold reserves:

Stock market performance and outlook:Xinhua News Agency commented that the central government has a large room for borrowing and deficit improvement. Looking forward to the closing year of the 14 th Five-Year Plan in 2025, the space for fiscal policy development has attracted much attention.Capital market dynamics: