加力实施增量政策！央行最新发声

Core Viewpoint - The People's Bank of China (PBOC) has acknowledged a more complex and severe external environment, indicating a weakening global economic growth momentum and increasing trade barriers, while also highlighting domestic challenges such as insufficient demand and persistent low prices [1][3]. Monetary Policy Adjustments - The meeting suggested increasing the intensity of monetary policy adjustments, enhancing the foresight, targeting, and effectiveness of these policies, and flexibly managing the implementation pace based on domestic and international economic conditions [3][4]. - The PBOC has shifted its stance on the real estate market from "promoting stabilization" to "continuing to consolidate stability," emphasizing the need to revitalize existing housing and land stocks [3][4]. Interest Rate and Financing - The meeting recommended strengthening the guidance of central bank policy rates and improving the market-based interest rate transmission mechanism, aiming to lower overall financing costs [4]. - The PBOC has implemented a comprehensive reduction in various structural policy tool rates, including those for agriculture and small enterprises, as well as for carbon reduction and technological innovation [6]. Structural Policy Focus - The meeting emphasized the need to effectively utilize existing policies while actively implementing new policies to stimulate domestic demand, stabilize expectations, and invigorate economic growth [6]. - There is a call for more structural tools in monetary policy to support domestic demand expansion and facilitate economic restructuring and industrial upgrading [6].