实施好适度宽松的货币政策

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the need for a moderately loose monetary policy to support high-quality economic development and maintain stable growth amid complex external conditions and domestic challenges [1][2][3] Monetary Policy Strategy - The PBOC plans to increase the intensity of monetary policy adjustments, ensuring liquidity remains ample and aligning social financing and money supply growth with economic growth and price expectations [2] - There is a focus on enhancing the effectiveness of interest rate policies and improving the market-based interest rate formation mechanism to lower overall financing costs [2] - The PBOC aims to stabilize the foreign exchange market and maintain the RMB exchange rate at a reasonable and balanced level [2] Economic Context - The meeting acknowledged the complex and severe external environment, including weakened global economic growth and increased trade barriers, while noting the positive trends in China's economy, such as rising social confidence and ongoing high-quality development [1][3] - Challenges such as insufficient domestic demand, low price levels, and various risk factors were highlighted as ongoing concerns [1][3] Financial Sector Support - The PBOC intends to guide large banks to enhance their role in serving the real economy and support small and medium-sized banks in focusing on their core responsibilities [2] - There is a commitment to implementing structural monetary policy tools effectively and supporting key areas such as technological innovation and consumption [2] - The PBOC aims to facilitate the stabilization of the real estate market by improving financial infrastructure and promoting the revitalization of existing properties and land [2]