tianfeng Securities macro team interprets the Ministry of Finance press conference on October 12, stating that this conference did not explicitly provide the specific scale of incremental policies expected by the market, as it still requires waiting for the relevant approval procedures. However, more important than the specific scale is the shift in policy orientation - fiscal policy is actively exerting efforts within its jurisdiction, adjusting the mindset of debt reduction. This allows local governments to hope to transition from the "tight balance" focused mainly on addressing debt pressure, to a "expansive" fiscal policy primarily focused on maintaining growth.