The UBS Global Wealth Management Chief Investment Office said that China's State Council Information Office held yesterday (24th) a press conference to introduce financial support for high-quality economic development, and a number of blockbuster policies were launched at the same time. In terms of real estate, China provided broader support. These measures were expected to improve housing market sentiment in the coming months, but might not be sufficient to completely reverse the downward cycle of the property market, given the current high inventory and some bottlenecks in the actual implementation of the repurchase of existing housing.Related NewsHSBC Global Research Upgrades CN Mkt to Overweight; Valuations Still Attractive, Not Too Late to EnterIn terms of the capital market, new monetary policy tools were created to support liquidity. This was the first time in recent years that the People's Bank of China (PBOC) directly provided funding to the market to support the purchase of stocks, which demonstrated the policymakers' determination to promote stock repurchases and share increases and maintain market stability under the current market environment. In addition, Pan Gongsheng, governor of the PBOC, also mentioned that a stabilization fund was also under study.In a nutshell, the basket of policies announced at yesterday's press conference came in stronger than expected, which indicated that the government aimed to galvanize the economy and restore market confidence. UBS continued to expect incremental policy measures to be introduced in the future to ensure that the annual GDP growth target of nearly 5% can be achieved.