Zhongtai Securities Yang Chang: The deficit rate is 3.More than 6 draws a line and space

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Zhongtai Securities Yang Chang: The deficit rate is 3.More than 6 draws a line and space

Zhongtai Securities Yang Chang: “The deficit rate is 3.”More than 6” draws a line and space
The relevant statements in the government work report include: (1) Active fiscal policies should be more active and promising.Including the following aspects: First, the deficit.The deficit rate increased to 3.More than 6%; the scale of the fiscal deficit increased by 1 trillion compared with last year, and 1 trillion special anti-epidemic government bonds were issued; second, the expenditure structure was optimized.Basic people’s livelihood expenditures will only increase but not decrease, expenditures in key areas will be effectively guaranteed, and general expenditures will be firmly reduced.(2) A sound monetary policy should be more flexible and appropriate.The growth rate of the general money supply and social financing scale was significantly higher than last year.(3) Employment priority policies should be comprehensively strengthened.We believe that fiscal policy is the focus of efforts, and monetary policy is well supported to ensure that employment is the main task this year.Zhongtai Securities Yang Chang commented: The deficit rate is “3.The expression “above 6” indicates that the deficit rate still has an upwardly flexible space; in terms of currency, since the growth rate of M2 and social financing in the first four months of this year are “significantly higher than last year”, it is key to ensure that the monetary policy is well secured.Editor Yue Caizhou

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