Core Viewpoint - The People's Bank of China (PBOC) emphasizes the implementation of a moderately loose monetary policy to support technological innovation, boost consumption, assist small and micro enterprises, stabilize foreign trade, and deepen financial reform and high-level opening-up, aiming for high-quality economic development in the second half of 2025 [1] Group 1: Monetary Policy - The PBOC has outlined seven key areas for the next phase of work, including the continuation of a moderately loose monetary policy and the focus on serving the real economy [2] - The PBOC aims to maintain ample liquidity and guide financial institutions to ensure reasonable credit growth, aligning social financing scale and money supply growth with economic growth and price level expectations [2][3] - The meeting indicates a shift towards emphasizing the efficiency of fund usage, with a focus on "activating stock and utilizing increment" [2][3] Group 2: Support for the Real Economy - The PBOC has strengthened financial services for economic structural transformation and high-quality development, focusing on supporting technological innovation, consumption, small and micro enterprises, and stabilizing foreign trade [4] - As of June, loans for technology, green projects, inclusive small and micro enterprises, the elderly care industry, and the digital economy grew by 12.5%, 25.5%, 12.3%, 43%, and 11.5% year-on-year, respectively [4] - The PBOC plans to enhance support for technology innovation and technical transformation loans, promoting rapid growth in loans for technology-oriented small and medium enterprises [4][5] Group 3: Future Outlook - The PBOC is expected to increase financial support for technological innovation, potentially through low-interest loans to qualifying tech enterprises and new structural monetary policy tools [6] - The meeting also emphasizes maintaining exchange rate flexibility and preventing excessive fluctuations, while cautiously advancing the internationalization of the Renminbi [6]
“稳增长”与“防风险”并重 央行明确下半年七方面工作重点
Zheng Quan Ri Bao·2025-08-03 16:04