新型政策性金融工具前瞻：稳外贸促投资 PSL或重启扩张

Core Viewpoint - The Chinese government is implementing a series of proactive macroeconomic policies to stabilize the market and expectations, with new policy financial tools expected to be introduced in the second quarter to support foreign trade and effective investment [1][2]. Group 1: Policy Measures - Since the Politburo meeting on April 25, a package of financial policies has been rapidly released, including interest rate cuts and new structural monetary policy tools [1]. - The People's Bank of China (PBOC) has indicated that new policy tools may be created based on economic conditions and the effectiveness of existing tools [2][6]. - The introduction of new policy financial tools is anticipated to provide targeted support for foreign trade, technological innovation, and consumption [4][5]. Group 2: Financial Tools and Their Impact - In 2022, three policy financial institutions created and deployed approximately 740 billion yuan in policy and development financial tools, leading to a total credit support exceeding 3.5 trillion yuan [2]. - The new policy financial tools may innovate in funding usage, such as supporting basic research and original innovation, as well as facilitating "export to domestic sales" [4]. - The potential introduction of export buyer credit-like tools is expected to alleviate the impact of external demand fluctuations on foreign trade enterprises [4]. Group 3: Support for Investment - Stimulating consumption is prioritized, but effective investment is also a crucial aspect of counter-cyclical adjustments [5]. - The PBOC may restart and expand the Pledged Supplementary Lending (PSL) program to provide long-term low-cost funding for policy banks [6]. - Central fiscal support is deemed essential for the success of new policy financial tools, with expectations for fiscal measures to alleviate project funding costs [6][7].