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Judging the intensity of fiscal policy through deficit ratio analysisweb3gamingstudio, the order of priority is broad fiscal deficit rate, narrow fiscal deficit rate, target deficit rate and broader deficit rate. Attention should be paid to risks such as invalid deficit ratios and incomplete UIC debt data.

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[Financial Observation: Deficit Rate as a Weaker of Fiscal Strength] When analyzing fiscal policy, the target deficit rate is combined with actual fiscal expenditure to provide investors withweb3gamingstudioA key judgment indicator is provided.

The target deficit rate may be abstract at first glance, but in fact it reveals the attitude and direction of fiscal policy. The target deficit ratio value announced at the beginning of the year provides investors with forward-looking signals to predict the direction of fiscal policy throughout the year. At the same time, the actual deficit rate reflects the actual implementation of fiscal policies.

Since 2018, with the increasing importance of government fund budgets in stable economic growth, the broad fiscal deficit rate has gradually exceeded the narrow fiscal deficit rate, reminding investors to consider a more comprehensive perspective when evaluating fiscal policies.

When the calculation of the deficit ratio includes interest-bearing liabilities of urban investment, the deficit ratio is affected by multiple factors such as policies and debt reduction. In this broader perspective, although the total deficit of the general public budget and government fund budget still accounts for half of the total deficit, the change in interest-bearing liabilities of the city investment accounts for more than 30%, which makes the change in the deficit ratio also closely related to debt management.

When assessing the intensity of fiscal policy, investors should follow a certain order of priority: broad fiscal deficit rate, narrow fiscal deficit rate, target deficit rate, and broader deficit rate. This order helps them more accurately grasp the trend of fiscal policy.

However, risk factors cannot be ignored. The signal of the target deficit ratio may expire under special circumstances, the data on URIC's interest-bearing liabilities may be incomplete, and the items included in quasi-fiscal instruments may not be comprehensive. Investors need to be vigilant about these potential risk factors when using deficit ratios for analysis.