央行释放重要信息：宏观调控思路加快转变

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the implementation of a moderately accommodative monetary policy to support economic recovery and enhance the effectiveness of financial services to the real economy [1][2]. Monetary Policy Implementation - The PBOC has adopted a supportive monetary policy since 2020, with 12 reserve requirement ratio cuts and 9 interest rate reductions, leading to a decrease of 115 basis points for 1-year and 130 basis points for loans over 5 years [2]. - The monetary policy has focused on both total volume support and structural optimization, with an emphasis on improving communication with external stakeholders [2]. Financial Services to the Real Economy - The PBOC's recent reports highlight a shift in macro-control thinking, focusing on enhancing the quality and effectiveness of financial services to the real economy [2][3]. - The report indicates a significant change in loan distribution, with a higher proportion of new loans directed towards technology, green finance, inclusive finance, and other emerging sectors, moving away from traditional sectors like real estate and infrastructure [4]. Credit Structure Optimization - The PBOC is actively optimizing the credit structure, with a notable increase in medium to long-term loans, which have risen by nearly 11 percentage points over the past decade [4]. - The report shows that corporate loans are steadily increasing in proportion to total new loans, reflecting a shift in economic growth drivers [4]. Support for Consumption and Service Sector - The PBOC aims to support the development of inclusive finance and technological innovation, addressing the current imbalance in service consumption supply and demand [5][6]. - Recent macroeconomic policies, including direct subsidies for childcare and interest subsidies for personal consumption loans, indicate a shift towards policies that prioritize consumer welfare and stimulate consumption [7]. Future Outlook - The transition towards high-quality development is expected to enhance the service consumption sector, which is projected to become a significant driver of economic growth [7]. - The PBOC's focus on improving the valuation of the service industry suggests potential for further development in areas such as housing and public health services [7].