高盛中国宏观研究快评，聚焦三个要点：一、中欧贸易谈判，10月9日中国商务部发布16点文件，通报中欧贸易与投资磋商第二次会议成果，欧方同日发布Šefčovič委员表态，双方在限制中国对欧混合动力汽车出口、降低部分欧盟产品关税、便利稀土与永磁体出口许可等方面达成共识；中国人民银行10月8日发文为其汇率政策辩护，与高盛长期观点一致，即在中方与其贸易伙伴关系紧张之际，北京不会允许人民币大幅升值。中欧贸易与投资磋商第三次会议定于2027年3月举行。二、财政部批准额外债券额度：继9月29日宣布房贷利息补贴后，财政部于10月9日追加批准5500亿元人民币地方政府债券发行额度，动用往年结转额度，符合高盛在9月28日国务院会议后的预期，这些增量措施旨在确保全年"4.5%-5%"的增长目标得以实现；但在现有3万亿元额度尚未使用的情况下追加新额度，显示中国财政传导存在执行瓶颈。
Three quick highlights from China: EU-China trade negotiations: On October 9, the Chinese Ministry of Commerce announced a 16-point document outlining the outcomes of the second meeting of the EU-China Trade and Investment Consultations. The EU posted remarks by Commissioner Šefčovič on the same day. Both sides reported shared understandings on China curbing exports of hybrid vehicles to the EU, lowering tariffs on certain EU products, and facilitating export licensing for rare earths and permanent magnets. The PBOC published an article defending its FX policy on October 8, consistent with our long-held view that Beijing will not allow the RMB to appreciate sharply amid tensions with its trade partners. The third meeting of the EU-China Trade and Investment Consultations is scheduled for March 2027. MOF approved additional bond quota: Following the mortgage interest subsidy announced on September 29, the Ministry of Finance approved an additional RMB550bn local government bond issuance