INVESTMENT FOCUS：CICC RESEARCH WEEKLY SPOTLIGHT

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    　　Comments on October financial data: Implications of a rise in M2 growth and a fall in deposit growth

    　　The most notable aspect of the financial data for October is the recovery in money supply growth. The phenomenon of a rise in M2 growth and a fall in deposit growth provides key insights into China’s money supply in October, in our view. We believe changes in fiscal injections and risk asset allocation were the main factors driving the recovery in money supply growth, and changes in risk asset allocation may have impacted money supply as significantly as fiscal injections from the release of fiscal deposits. The decline in deposit growth also merits attention, and the growth in financing still needs to be improved. Fiscal expansion remains crucial for driving a sustainable improvement in money supply, in our view. ** Peng ZHOU, Wenlang ZHANG, Wenjing HUANG

    　　Stepped-up policies to accelerate recovery in consumption

    　　On November 8, the Standing Committee of the National People's Congress (NPC) approved a State Council bill on raising the ceiling on local government debt to replace existing hidden debts, and held a press conference. Minister of Finance LAN Fo'an said at the press conference that the categories of consumer goods covered by trade-in polices and subsidies would be expanded. We think the large-scale debt swap bodes well for the recovery in consumption by the government, business entities, and other social institutions or organizations, and increased trade-in policy strength will likely accelerate the recovery in the consumer market. ** Haiyan GUO, Mingkai ZHUANG, Runbo YANG

    　　Maintaining trade-in policies in 2025 stabilizes market confidence

    　　On November 8, the Standing Committee of the National People's Congress (NPC) approved a State Council bill on raising the ceiling on local government debts to replace existing hidden debts. At a press conference, Minister of Finance LAN Fo'an stated that China will implement stronger fiscal policies based on the economic and social development goals for 2025, provide greater support for large-scale equipment upgrades, and expand the categories of consumer goods covered by trade-in policies and subsidies. ** Aaron Wei HE, Yawei TANG, Jun CHU

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