21社论丨推动货币政策措施落实落细，充分释放政策效应

Core Viewpoint - The recent meetings of the Central Political Bureau and the People's Bank of China indicate a shift in monetary policy focus towards execution, reflecting confidence in the current economic stability and a reduced necessity for aggressive easing measures [1][2]. Group 1: Economic Performance - The industrial added value for large-scale enterprises grew by 6.2% year-on-year in the first eight months of the year, slightly lower than the 6.4% growth in the first half [1]. - The service production index maintained a year-on-year growth of 5.9%, consistent with the first half of the year [1]. - The economy is expected to achieve the annual growth target of 5.0%, indicating that there is no immediate need for policy intensification [1]. Group 2: Monetary Policy Adjustments - The People's Bank of China has shifted its language from "implementing a moderately loose monetary policy" to "ensuring detailed implementation," emphasizing the importance of execution [1][2]. - The net interest margin for commercial banks narrowed to a historical low of 1.42% in the second quarter, raising concerns about the impact of monetary easing on bank profitability [2]. - The central bank's focus is on balancing financial support for the real economy while maintaining the health of financial institutions [2]. Group 3: Policy Tools and Coordination - The central bank is committed to maintaining ample liquidity through various tools such as reverse repos and medium-term lending facilities [3]. - Structural monetary policy tools will be utilized to support sectors like technology innovation, consumption, small and micro enterprises, and foreign trade [3]. - There is an emphasis on the coordination between fiscal and monetary policies, with discussions on government bond issuance and offshore RMB bond mechanisms [3][4].