央行：下阶段金融政策将从供给侧发力

Core Viewpoint - The People's Bank of China (PBOC) emphasizes a focus on supply-side financial policies to enhance high-quality service consumption and create effective demand, while maintaining a supportive monetary policy stance without immediate need for further easing measures [1][3][5]. Monetary Policy Implementation - The PBOC's report indicates a commitment to "implementing and refining appropriate monetary policy," with a focus on maintaining liquidity and aligning social financing growth with economic growth and price expectations [3][4]. - The necessity for short-term aggressive easing measures is deemed low, with potential delays in rate cuts and reserve requirement ratio (RRR) reductions [3][5]. Structural Policy Focus - The report highlights the importance of structural monetary policy tools to avoid excessive liquidity and enhance the efficiency of fund usage, indicating a shift from broad-based easing to more targeted support [4][5]. - The PBOC aims to improve the interest rate adjustment framework, focusing on precise control rather than simple aggregate easing [4][5]. Credit Expansion Quality - The report shifts the focus from merely increasing credit volume to ensuring the quality of credit expansion, with banks encouraged to provide more precise and efficient financial services [6][7]. - As of July, the balance of RMB loans reached 268.51 trillion yuan, growing at a rate of 6.9%, reflecting a strategic shift in banks' operational focus towards service and precision [6][7]. Support for Key Sectors - The PBOC's report indicates a significant increase in loans to small and micro enterprises and technology sectors, with small and micro enterprise loans reaching 65 trillion yuan, accounting for 38.2% of total enterprise loans [10][11]. - The report also notes that loans for technology-related small and medium enterprises have maintained growth rates above 20% this year, highlighting a strategic pivot towards supporting innovation and consumption [10][11]. Consumer Support Initiatives - The PBOC plans to enhance collaboration with fiscal and industrial policies to stimulate high-quality service consumption, addressing supply shortages in strong demand areas [9][11]. - Recent initiatives include increasing re-loan quotas for technology innovation and consumer services, indicating a proactive approach to bolster consumer spending and economic stability [9][10].