China’s Finance Minister Lan Fo'an published an article today, calling for: - accelerate lagging spending; - make coordinated use of ultra-long-term special treasury bonds and local special bonds; - expand interest-subsidy policies; - issue RMB 300 billion of special treasury bonds to recapitalize central financial institutions, - introduce measures such as using the remaining local government debt limit to support investment. Yesterday, the government announced a mortgage subsidy for first-time homebuyers. It looks like such an interest subsidy will expand to other sectors. In the first half, China has been slow to spend the fiscal budget planned this year. Sure, China’s fiscal spending tends to accelerate in the second half. It's now or never. I continue to expect more policies after the long holiday.