高盛：中国两会评论 2：财政扩张在稳增长中发挥主要作用

Main points: China: Two Sessions Comment 2: Fiscal expansion to do (most of) the heavy lifting for stabilizing growth Bottom line: The 2025 fiscal targets unveiled during the "Two Sessions" imply the total amount of government bond net issuance quota will increase to RMB11.9tn in 2025 from RMB9.0tn in 2024. According to the 2025 budget report proposal, the MOF expects fiscal revenue growth to slow, but fiscal expenditure growth to increase, both by a moderate degree. We see downside risk to the MOF projecti ...