Recently, many regions have been intensively deploying economic work for the fourth quarter, striving to achieve the main goals and tasks for the whole year. Among them, strengthening support to boost consumption and accelerating the investment and construction of major projects have become the focus. Experts say that in the fourth quarter, key areas such as boosting consumption and expanding effective investment will be closely deployed in various regions, and policy efforts will be more targeted and coordinated. With the accelerated implementation and effectiveness of various measures to stabilize growth, the economy is expected to maintain a steady and progressive trend in the fourth quarter, providing support for achieving the annual economic growth target and laying a solid foundation for a smooth start to the economy next year. Currently, 31 provinces, autonomous regions, and municipalities have released their economic "performance reports" for the first three quarters of the year. The Chief Economist of CITIC Securities clearly stated that in the first three quarters, the local economy continued to maintain a stable and progressive trend, and the role of major economic provinces was highlighted, with the total economic output of multiple provinces reaching a new level. In order to consolidate the momentum of steady progress in the economy and strive to achieve the main goals and tasks for the whole year, many regions have recently deployed intensive economic work for the fourth quarter. On October 21st, Guangdong Province held a provincial fourth quarter economic work deployment meeting, proposing to resolutely fight the economic battle in the fourth quarter and strive to achieve the annual economic and social development goals and tasks. On October 24th, a meeting was held to analyze the economic performance of Hainan Province in the first three quarters of 2025 and to deploy the work for the fourth quarter. It was proposed to comprehensively, objectively, and accurately view the economic situation and make every effort to implement and refine the economic work for the fourth quarter. On October 28th, a press conference was held in Henan Province to launch a campaign for the fourth quarter and resolutely achieve the annual target tasks. It was proposed to guide the entire province to firmly focus on the annual target tasks and not slack off in the next two months, and resolutely achieve the annual target tasks. Yuan Haixia, President of China Chengxin International Research Institute, stated that we are currently in the stage of economic sprint for the whole year, with intensive deployment of tackling tasks in various regions, increasing efforts to stabilize growth, and striving to achieve the expected economic growth target for the whole year. Deploying measures in various regions to provide support for stable economic growth in the fourth quarter. Tu Wenjie, a member of the Dagong International Technical Committee, believes that it is expected that the economy will continue to maintain a stable and progressive tone in the fourth quarter, and the economic growth rate is expected to stabilize and rebound, achieving the expected annual growth target of around 5%. Adapting measures to local conditions and boosting consumption is one of the directions for stabilizing local growth in the fourth quarter. At present, many regions have introduced measures to boost consumption, including the issuance of consumer vouchers, support for key consumption areas, and cultivation of consumer industries. On the one hand, activating consumption vitality through the issuance of consumption vouchers, personal consumption loan interest subsidies, and other means, with catering and other service consumption being the focus of support. Sichuan Province will issue consumption vouchers from October 1, 2025 to March 31, 2026, with a focus on retail, catering and other categories, while implementing personal consumption loan interest subsidies. Hunan Province issued a total of 100 million yuan worth of consumption vouchers from October to December, with a focus on areas such as catering, gas, home services, beauty and hairdressing. Among them, catering consumption vouchers accounted for 65%. Distributing consumption vouchers in the fourth quarter can quickly activate market demand, drive the recovery of the consumption chain, directly drive revenue growth in related industries, promote employment stability, and provide support for achieving annual economic goals. ”Fu Yifu, a special researcher at Suzhou Commercial Bank, said. On the other hand, we will support the development of local consumer industries according to local conditions and improve the level of service consumption supply. Heilongjiang Province has proposed to firmly grasp the characteristics of the quarterly economy, deeply implement the special action to boost consumption, and make great efforts to improve the ice and snow economy. Hainan Province proposes to make good use of new growth points such as tax-free shopping policies, innovate tourism consumption scenarios, attract target groups such as "migratory birds", international tourists, digital nomads, and new economy entrepreneurs, and cultivate new growth points in consumption. Fu Yifu believes that focusing on supporting the development of service consumption such as catering and cultural tourism is not only in line with the trend of upgrading residents' consumption and stimulating "non rigid but strong willingness" consumption behavior, but also can leverage the scenario based linkage effect of service consumption. For example, cultural tourism consumption can drive multi link consumption such as transportation, accommodation, and shopping, and policy support can quickly alleviate the operating pressure of related enterprises and accurately benefit small and medium-sized enterprises. In order to leverage the role of investment in supporting the economy, many places are rushing to invest in key projects and expand effective investment. The fourth quarter investment and project construction promotion conference in Hunan Province proposed to accelerate the construction of major projects in transportation, water conservancy, energy, industry and other fields, ensuring that the annual investment tasks of provincial key projects are exceeded. The Shanghai Development and Reform Commission recently announced that six new photovoltaic power station projects and one onshore wind power project with a scale of 139070 kilowatts will be added to the development and construction plan for onshore wind and photovoltaic power stations in Shanghai by 2025. The press conference on the interpretation of the economic situation in the capital in the third quarter of 2025 proposed that in the fourth quarter, Beijing will innovate to promote urban renewal, study and introduce incentive policies for urban renewal, plan to launch a batch of regional comprehensive urban renewal projects, and promote another batch of major projects to private capital before the end of the year. The total investment of the recommended projects for the whole year will not be less than 200 billion yuan. The above measures provide strong support for investment in the fourth quarter, including expanding investment increment, optimizing investment structure, and leveraging social capital participation. ”Professor Bai Yanfeng from the School of Finance and Taxation at the Central University of Finance and Economics stated that local governments are increasing their investment in major projects in areas such as transportation, energy, and urban renewal. This is not only a need to expand domestic demand and stabilize growth, but also an inevitable choice to anchor high-quality development during the 15th Five Year Plan period. Project construction cannot do without sufficient financial support. Li Chao, Deputy Director and spokesperson of the Policy Research Office of the National Development and Reform Commission, recently stated that the scale of new policy based financial instruments is 500 billion yuan, all of which will be used to supplement project capital. Lu Zhe, Chief Economist of Dongwu Securities, predicts that the new policy financial instruments will mainly be used as project capital for projects that are about to start or have already started but are not yet completed, in order to achieve an increase in physical workload as soon as possible. Based on past experience, policy financial instruments will have a certain leverage effect on infrastructure investment in the fourth quarter. (New Society)