实施好适度宽松的货币政策 保持社会融资条件相对宽松

Core Viewpoint - The People's Bank of China (PBOC) has implemented a moderately accommodative monetary policy in 2023, aiming to create a favorable monetary environment for economic recovery and financial market stability [1][2]. Group 1: Monetary Policy Implementation - The PBOC has utilized various monetary policy tools to maintain ample liquidity, with social financing scale and broad money supply (M2) growing by 8.7% and 8.4% year-on-year as of September [1]. - The balance of RMB loans reached 270.4 trillion yuan, with new corporate and personal housing loan rates decreasing by approximately 40 basis points and 25 basis points year-on-year, respectively [1]. - The RMB exchange rate has remained stable, appreciating by 1.2% against the US dollar compared to the end of the previous year [1]. Group 2: Economic Outlook and Challenges - The report highlights significant external uncertainties and challenges to the international economic and trade order, with the need for stronger foundations for domestic economic recovery [2]. - Despite these challenges, China's economic fundamentals remain strong, with a call for strategic determination and confidence in achieving major breakthroughs in modernization tasks [2]. Group 3: Future Monetary Policy Directions - The PBOC plans to maintain a balanced approach in its monetary policy, focusing on both short-term and long-term goals, while enhancing macroeconomic governance effectiveness [2][3]. - The central bank aims to improve the monetary policy framework, ensuring that social financing conditions remain relatively loose and aligned with economic growth and price level expectations [3]. - There is an emphasis on supporting key areas such as technological innovation, consumption, small and micro enterprises, and stabilizing foreign trade through targeted structural monetary policy tools [3].