央行加大货币政策调控强度，应对内需不足、物价低位双重挑战

Core Viewpoint - The People's Bank of China (PBOC) is adjusting its monetary policy to enhance its effectiveness and responsiveness to the current complex economic environment, indicating a more proactive approach in policy implementation [1][3]. Economic Analysis - The meeting highlighted the increasingly complex and severe external environment, with weakened global economic growth and rising trade barriers. Internally, it emphasized insufficient domestic demand and the new challenge of persistently low prices, providing a more detailed analysis compared to previous meetings [3][4]. Policy Adjustment - The monetary policy committee stressed the importance of maintaining ample liquidity and guiding financial institutions to increase credit supply. It aims to align the growth of social financing and money supply with economic growth and price level expectations, reflecting a coordinated approach between monetary policy and economic development goals [4][5]. - Recommendations were made to strengthen the central bank's policy interest rate guidance and improve the market-based interest rate transmission mechanism, with a focus on reducing overall financing costs [4]. Structural Policy Tools - The meeting called for specific measures to deepen financial supply-side structural reforms, urging large banks to enhance their role in supporting the real economy while smaller banks focus on their core responsibilities. This indicates a clear understanding of the differentiated roles of various financial institutions [5]. - Emphasis was placed on effectively implementing various structural monetary policy tools, particularly in supporting technology innovation and boosting consumption. The meeting also highlighted the need to stabilize the capital market through mechanisms like stock repurchase and loan facilitation [5]. - In the real estate sector, the focus shifted from merely stabilizing the market to consolidating its stability, with calls to enhance the vitality of existing properties and land, reflecting a slight adjustment in policy focus [5].