货币政策适度宽松扩内需

Monetary Policy Overview - The monetary policy has shifted to a stance of "moderate easing" this year, with comprehensive measures including cuts in reserve requirements and interest rates implemented in early May, leading to accelerated social liquidity and reduced financing costs [1] - The stable economic foundation and growth are essential for high-quality development, with monetary policy playing a crucial role in adjusting money supply and influencing economic activities [1] Monetary Supply and Economic Indicators - As of the end of June, the broad money supply (M2) grew by 8.3% year-on-year, while the narrow money supply (M1) increased by 4.6%, indicating a significant rise in the activity level of monetary funds [2] - The new corporate loan weighted average interest rate was approximately 45 basis points lower than the previous year, and personal housing loan rates were about 60 basis points lower, contributing to a GDP growth of 5.3% in the first half of the year [2] Financial Support for Key Areas - The central financial work conference emphasized the importance of supporting five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, which are crucial for high-quality economic development [2] - The monetary policy has effectively guided financial resources towards key sectors, with loans in these areas growing significantly, such as a 27.4% increase in green finance loans [3] Price Levels and Monetary Policy Effectiveness - Weak price levels have been a prominent issue in the economy, necessitating a focus on promoting reasonable price recovery as a key consideration for monetary policy [4] - Despite continuous interest rate cuts, low price levels have kept real interest rates relatively high, which may suppress consumption and investment demand, indicating the need for ongoing adjustments in monetary policy [4]