央行最新报告显示：下阶段持续稳增长、稳就业、稳预期

Core Insights - The People's Bank of China (PBOC) has maintained a moderately accommodative monetary policy throughout the year, with significant growth in financial metrics such as social financing and M2 money supply, which increased by 8.7% and 8.4% year-on-year respectively [1] - The report highlights a decline in social financing costs, with new corporate loans and personal housing loan rates dropping by approximately 40 and 25 basis points year-on-year [1] - The credit structure is improving, with notable growth in technology loans (11.8%), green loans (22.9%), inclusive loans (11.2%), elderly care industry loans (58.2%), and digital economy loans (12.9%), all surpassing the overall loan growth rate [1] - Despite external uncertainties and challenges in the global economy, China's economic fundamentals remain strong, with a call for strategic determination and confidence in achieving modernization goals [1] Monetary Policy and Financial Reform - The PBOC plans to deepen financial reforms and enhance high-level opening-up, aiming to build a robust financial system and a comprehensive macro-prudential management framework [2] - The focus will be on balancing short-term and long-term goals, stabilizing growth while managing risks, and ensuring the health of the banking system while supporting the real economy [2] - The PBOC will continue to implement a moderately accommodative monetary policy, utilizing various tools to maintain relatively loose social financing conditions [3] Future Directions - The PBOC aims to improve the monetary policy framework and enhance the execution and transmission of monetary policy [3] - There will be an emphasis on maintaining liquidity and aligning social financing and money supply growth with economic growth and price level expectations [3] - The central bank will also focus on promoting reasonable price recovery and refining the interest rate adjustment framework to lower financing costs [3] - The PBOC will explore expanding its macro-prudential and financial stability functions to maintain market stability and prevent systemic financial risks [3]