央行：实施好适度宽松的货币政策 灵活把握政策实施的力度和节奏

Core Viewpoint - The People's Bank of China (PBOC) reports a positive economic outlook for Q1 2025, with GDP growth of 5.4% year-on-year, supported by coordinated macro policies and a moderately loose monetary policy [1][2] Monetary Policy and Economic Performance - The PBOC emphasizes the effectiveness of counter-cyclical monetary policy, with social financing and broad money supply (M2) growing by 8.4% and 7.0% year-on-year respectively as of March [1] - The total balance of RMB loans reached 265.4 trillion yuan, with new corporate and personal housing loan rates decreasing by approximately 50 and 60 basis points year-on-year [1] - The loan growth for specialized and innovative small and medium enterprises increased by 15.1%, while inclusive small and micro loans rose by 12.2%, both outpacing overall loan growth [1] External Economic Environment - The report highlights increasing external shocks, insufficient global economic growth momentum, rising trade protectionism, and ongoing geopolitical conflicts, indicating the need for a more solid foundation for China's economic recovery [2] - Despite these challenges, China's large market size, complete industrial system, and rich talent resources are seen as advantages that support long-term economic growth [2] Future Monetary Policy Directions - The PBOC plans to maintain a stable yet progressive approach, fully implementing new development concepts and deepening financial reforms while promoting high-quality financial development [2][3] - The focus will be on balancing short-term and long-term goals, supporting the real economy while ensuring the health of the banking system, and enhancing macroeconomic policy coordination [2] - The PBOC aims to implement a moderately loose monetary policy, ensuring liquidity remains ample and aligning social financing growth with economic growth and price level expectations [3]