管涛：金融市场结构对低利率政策传导的影响

Group 1 - The discussion highlighted the differences in monetary policy transmission mechanisms between China and other major economies, particularly under low interest rate policies [1] - In the U.S., the financial market structure allows effective transmission of low interest rate policies through direct financing markets, which boosts investment and consumption [1] - In contrast, China's financial market structure is characterized by a high proportion of indirect financing (70%), leading to weaker transmission effects of low interest rates through bank loans [1] Group 2 - Current issues facing the Chinese economy include compressed net interest margins for banks and insufficient lending enthusiasm despite effective credit demand in the real economy [2] - Although policy rate cuts can stimulate the economy to some extent, pessimistic expectations about future economic prospects hinder the anticipated positive effects of these policies [2] - There is a need to enhance the transmission channels of monetary policy by optimizing and innovating monetary policy tools, particularly to address structural issues [2]