After this round of policies, Wang Tao, Director of Asian Economic Research and Chief China Economist at UBS, believes that further policy tightening is necessary in the coming months to ease the downward pressure on the real estate market and stabilize economic growth. To make significant progress in destocking real estate, Wang Tao believes that the government and the central bank need to substantially increase financial support and reduce funding costs. He also believes that there is a need to further expand the 'white list' mechanism to support property transactions. In addition, it is necessary to accelerate the pace of national debt issuance and fund disbursement, as well as support local governments by to some extent relaxing the control of implicit local debts. UBS still expects the government to introduce more effective fiscal support measures in the coming months to stabilize economic growth. UBS continues to maintain its forecast of GDP growth at 4.6% in 2024 and 4.0% in 2025.