央行：有效落实好各类结构性货币政策工具 扎实做好金融“五篇大文章”

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the need for monetary policy to support the real economy, enhance financial stability, and address challenges in domestic demand and low inflation levels [3][4][5]. Monetary Policy and Economic Environment - The PBOC's monetary policy has been moderately loose this year, with a focus on counter-cyclical adjustments and the effective use of various monetary policy tools to support high-quality economic development [3][4]. - The loan market quotation rate reform is showing positive effects, and the social financing costs are at historically low levels [3]. - The external economic environment is becoming more complex, with weakening global growth and increasing trade barriers, while domestic economic performance shows steady improvement [3][4]. Financial Sector Support - Large banks are encouraged to play a leading role in serving the real economy, while small and medium-sized banks should focus on their core responsibilities and enhance capital strength [5][6]. - Structural monetary policy tools will be effectively implemented to support key areas such as technological innovation, consumption, small and micro enterprises, and foreign trade [5][6]. - Continuous support for the development of the private economy and small enterprises is emphasized, with efforts to remove financing obstacles for small and micro businesses [5][6]. Real Estate Market Stability - The PBOC aims to stabilize the real estate market by enhancing the financial infrastructure and revitalizing existing properties and land [5][6]. - The meeting highlights the importance of implementing existing financial policies effectively to maintain stability in the real estate sector [5][6]. Policy Implementation and Coordination - The PBOC plans to strengthen monetary policy adjustments, ensuring that the implementation of policies is timely and effective [4][6]. - There is a focus on maintaining liquidity, guiding financial institutions to increase credit supply, and ensuring that social financing growth aligns with economic growth and price stability [4][6]. - The meeting underscores the need for macroeconomic policy coordination to enhance domestic demand and stabilize expectations [6].