人民银行：实施好适度宽松的货币政策

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the implementation of a moderately loose monetary policy to support economic growth and stabilize prices, with a focus on boosting consumption as a key driver for expanding domestic demand [1][7]. Monetary Policy Implementation - The PBOC's report indicates a GDP growth of 5.4% year-on-year in Q1 2025, with significant improvements in social confidence and high-quality development [2]. - As of March 2025, the total social financing stock and broad money supply (M2) grew by 8.4% and 7% year-on-year, respectively, with the RMB loan balance reaching 265.4 trillion yuan [2]. - The report highlights a shift in language regarding monetary policy, moving from "timely adjustments" to "flexibly grasping" the implementation of policy measures [2][3]. Financial Support and Consumption - The PBOC aims to enhance financial support for key areas such as technology finance, green finance, and consumption, while maintaining a stable RMB exchange rate [3][4]. - The establishment of a 500 billion yuan service consumption and elderly care re-loan program aims to stimulate service consumption and alleviate financial pressures in the elderly care sector [8]. Debt and Fiscal Policy - The report discusses a more comprehensive approach to debt assessment, incorporating government assets into the evaluation, with total government assets at 166% of GDP and total liabilities at 75% of GDP [9]. - The PBOC suggests that future fiscal policies should focus on adjusting expenditure structures to prioritize sectors with consumption effects, such as elderly care and healthcare [9].