Core Insights - The People's Bank of China reported that the cumulative increase in social financing scale for the first ten months of 2025 reached 30.9 trillion yuan, an increase of 3.83 trillion yuan compared to the same period last year [1] - The year-on-year growth rate of social financing stock was 8.5% at the end of October, while the growth rate of broad money (M2) was 8.2%, both showing a decrease of 0.2 percentage points month-on-month [1] - The central bank plans to implement a moderately accommodative monetary policy to promote reasonable price recovery, with a focus on maintaining prices at a reasonable level [1] Monetary Policy and Economic Indicators - Major price indicators have shown signs of stabilization and recovery, with the Consumer Price Index (CPI) turning from decline to an increase of 0.2% year-on-year in October, and the core CPI rising by 1.2%, marking the highest increase since March 2024 [1] - The Producer Price Index (PPI) decreased by 2.1% year-on-year, but the rate of decline has narrowed for three consecutive months [1] - Experts suggest that the current monetary policy stance is supportive, creating a conducive monetary environment for promoting reasonable price recovery, while also noting that the effectiveness of monetary policy may have diminishing returns [2] Structural Adjustments and Policy Recommendations - The current low price levels are attributed to various factors from both supply and demand sides, necessitating a shift in macroeconomic regulation towards promoting consumption and improving livelihoods [3] - On the supply side, efforts should focus on building a unified national market and improving supply structure, while on the demand side, fiscal spending should prioritize social welfare and low-income groups to enhance consumer capacity and willingness [3]
权威专家：货币政策虽有空间但边际效率下降 适度宽松货币政策要把握好力度和节奏
Zheng Quan Shi Bao Wang·2025-11-13 09:25