央行：稳健的货币政策更加精准有力

Core Viewpoint - The People's Bank of China (PBOC) emphasizes a stable and proactive approach to monetary policy and financial regulation to support economic recovery and manage risks in the financial system [1][2]. Monetary Policy - The PBOC will continue to implement a prudent monetary policy, ensuring that the growth rate of money supply and social financing aligns with nominal economic growth [2]. - The central bank aims to enhance the transmission mechanism of monetary policy and support domestic demand while optimizing the economic structure [2]. - There is a focus on reducing actual loan interest rates and financing costs for enterprises and personal consumption through market-oriented interest rate reforms [2]. Financial Regulation - The PBOC plans to strengthen financial regulation by enhancing risk control and ensuring all financial activities are subject to oversight [3]. - Key legislative efforts will include revising important financial laws to improve the regulatory framework and prevent systemic financial risks [3]. - The PBOC will implement measures to monitor and manage risks associated with financial institutions and local government financing platforms [4]. Risk Management - The PBOC will adopt a categorized approach to address local government debt risks and enhance the mechanisms for debt resolution [4]. - Specific measures will be taken to support the real estate market, including differentiated housing credit policies and financial support for real estate companies [4]. - The central bank will intensify efforts to combat illegal financial activities and enhance public financial literacy [4]. Financial Market Stability - The PBOC aims to maintain stable financial market operations by implementing policies to boost investor confidence and manage risks in capital markets [5]. - Measures will be taken to monitor and prevent risks associated with large real estate companies and local government bonds [5]. - The PBOC will ensure the stability of the RMB exchange rate and manage cross-border capital flows to prevent market volatility [5].