国新办召开发布会介绍“十四五”时期金融业发展成就 潘功胜：不涉及短期政策调整

Core Viewpoint - The People's Bank of China (PBOC) is implementing a series of monetary policy measures to support economic stability and growth during the 14th Five-Year Plan period, focusing on medium to long-term financial development without immediate policy adjustments [1][3][4]. Monetary Policy Measures - The PBOC is adopting a moderately accommodative monetary policy, enhancing counter-cyclical adjustments, and utilizing various monetary policy tools to support high-quality economic development [3][4]. - Key macro-financial indicators show positive trends, with social financing scale increasing by 8.4% year-on-year and loans growing by 7.4% [3]. - The broad money supply (M2) is maintaining a steady growth rate of around 7%, significantly higher than nominal economic growth [3]. Specific Policy Actions - The PBOC will implement ten specific measures categorized into three types: quantity-based, price-based, and structure-based policies [5][6]. - Quantity-based measures include a 0.5 percentage point reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity [6][16]. - Price-based measures involve a 0.1 percentage point reduction in policy interest rates, which will likely lead to a similar decrease in the Loan Prime Rate (LPR) [6][17]. - Structure-based measures include the establishment of new policy tools to support technology innovation, consumption expansion, and inclusive finance [5][10]. Financial Market Performance - The stock market has shown stability with the Shanghai Composite Index around 3,300 points, while the bond market has self-corrected due to improved economic confidence [3]. - The onshore and offshore RMB have appreciated by approximately 1% against the US dollar since the end of last year, indicating balanced cross-border capital flows [3]. Risk Management and Financial Stability - The PBOC emphasizes maintaining a balance between economic growth and financial risk prevention, focusing on structural adjustments to address underlying economic challenges [11][12]. - Significant progress has been made in reducing risks associated with local government financing platforms, with the number of such platforms decreasing by over 60% since early 2023 [12]. - The PBOC is committed to enhancing the financial stability framework, including legislative efforts and the establishment of a financial stability guarantee fund [13][14].