进一步加大逆周期调节力度 一揽子金融支持举措全部落地实施

Monetary Policy and Economic Support - Since 2020, the People's Bank of China (PBOC) has implemented 12 reserve requirement ratio cuts and 9 interest rate reductions, leading to a decrease of 115 basis points for 1-year loans and 130 basis points for loans over 5 years [1] - In the first half of the year, new corporate loans increased by 12.92 trillion yuan, with a weighted average interest rate of approximately 3.3%, down about 45 basis points year-on-year [2] - The PBOC's monetary policy has effectively supported the real economy, with total social financing growing by 8.9% year-on-year and broad money supply increasing by 8.3% [2][3] Financial Structure and Innovation Support - The PBOC's financial support measures have led to a notable increase in loans for technology and innovation, with technology loans growing by 12% year-on-year, reaching a balance of 43.3 trillion yuan [4] - The "Five Major Financial Articles" initiative has resulted in a loan balance of 103.3 trillion yuan, with significant growth in green, inclusive, and digital loans [4][5] - The establishment of a "Technology Board" in the bond market has facilitated the issuance of approximately 600 billion yuan in technology innovation bonds, supporting both emerging industries and traditional sectors [5] Consumer Spending and Economic Recovery - The PBOC has introduced a 500 billion yuan service consumption and pension refinancing initiative to enhance financial support for sectors like hospitality, education, and tourism [6] - The focus is on improving the quality of financial services in the consumption sector, aiming to create a virtuous cycle where supply drives demand and vice versa [6]