下半年银行怎么走？央行报告定调工作重点

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the implementation of a moderately accommodative monetary policy to ensure liquidity remains ample and to support economic growth while monitoring domestic and international economic conditions [1][2][3] Monetary Policy Implementation - The report indicates that the monetary policy's counter-cyclical adjustment has shown significant effects, with social financing stock and broad money supply (M2) growing by 8.9% and 8.3% year-on-year respectively as of June [2] - The PBOC aims to maintain a balance between monetary supply growth and economic growth, ensuring that the growth of social financing and money supply aligns with economic and price level expectations [2][6] Credit Policy - The report shifts the focus from increasing credit volume to stabilizing credit support and improving quality, indicating a decrease in the emphasis on credit quantity for the second half of the year [4][5] - The overall financing structure is improving, with the proportion of direct financing rising from 26.7% at the end of 2018 to 31.1% by June 2025 [5] Support for Key Sectors - The PBOC continues to prioritize support for the real economy, focusing on major national strategies, key sectors, and weak links, particularly in technology innovation and consumption expansion [6][7] - Credit support for technology innovation has been strengthened, with technology loan balances reaching 44.1 trillion yuan, a year-on-year increase of 12.5% [7][12] Structural Tools and Financial Environment - The report highlights the effectiveness of structural tools, with loans in the "Five Major Articles" areas now accounting for about 70% of new loans, a shift from over 60% in real estate and infrastructure loans in 2016 [9] - The PBOC plans to deepen financial supply-side structural reforms and enhance support for technology finance, aiming to create a robust financial ecosystem for high-level technological self-reliance [12]