加强债市建设！央行发布最新报告

Group 1 - The core viewpoint of the report emphasizes the shift in macroeconomic policy towards boosting consumption as a key point for expanding domestic demand and stabilizing growth [1][3] - The report highlights the effectiveness of counter-cyclical monetary policy in the first quarter, with a supportive stance leading to reasonable growth in money credit and a stable financial market [2][3] - The report indicates that the Chinese government's debt expansion remains sustainable compared to the debt situations in the US and Japan, given the large state-owned assets and low government debt levels [3][4] Group 2 - The report outlines a comprehensive financial policy package announced on May 7, which includes measures such as reserve requirement ratio cuts and interest rate reductions to stabilize market expectations and support domestic demand [2][7] - It stresses the importance of enhancing the bond market's construction and efficiency, addressing the need for improved pricing efficiency and risk management capabilities [5][6] - The report calls for a balanced approach to monetary policy, focusing on maintaining reasonable growth in financing and money supply while ensuring the stability of the RMB exchange rate [8][9]