Securities Times: Expenditure "catching up with the progress", fiscal policy will be strengthened in the second half of the year.

Since the beginning of this year, our country has implemented a more proactive fiscal policy, with steady progress in fiscal expenditure and a relatively slow pace of issuing bonds, leaving a large amount of fiscal funds available for use. In the second half of the year, the necessity of strengthening and improving the effectiveness of fiscal policy has increased in order to consolidate the positive economic trend and achieve the annual budget goals. Wang Feng, associate professor at the School of Finance and Taxation of Shanghai University of Finance and Economics, predicts that the third quarter will see a peak in the issuance of special bonds, with monthly issuance volumes expected to significantly increase compared to the first half of the year; the issuance pace of ultra-long-term special national bonds will continue to remain relatively stable. Yuan Chuang, chief economist of Caixin Securities, stated that it is expected that new types of policy-based financial instruments will be introduced intensively in the third quarter of this year. Conservatively estimated, these financial instruments worth 800 billion yuan could drive a total investment scale of over 8 trillion yuan. Taking into account the multi-year construction period of projects, it is expected that there will be approximately 1 trillion yuan worth of physical work and effective investment increment within the year, which will effectively support investment stabilization and become an important pillar of support for the macro economy.