央行：加大逆周期和跨周期调节力度 维护资本市场稳定

Core Viewpoint - The People's Bank of China emphasizes the need for a moderately loose monetary policy, increasing counter-cyclical and cross-cyclical adjustments to stabilize economic growth and ensure reasonable price recovery [1][2]. Group 1: Monetary Policy and Economic Stability - The meeting highlighted the importance of maintaining a moderately loose monetary policy and enhancing the dual functions of monetary policy tools to support high-quality economic development [1][2]. - It was noted that the macroeconomic control efforts have intensified this year, with a focus on counter-cyclical adjustments and the effective use of various monetary policy tools to create a conducive financial environment for stable economic growth [1][2]. - The meeting discussed the need to keep liquidity ample and ensure that the growth of social financing and money supply aligns with economic growth and price level expectations [2][3]. Group 2: Financial Market and Banking Sector - The meeting called for large banks to play a leading role in providing financial services to the real economy, while encouraging small and medium-sized banks to focus on their core responsibilities and enhance capital strength [3]. - It was emphasized to effectively implement various structural monetary policy tools and strengthen financial support for key areas such as expanding domestic demand, technological innovation, and small and micro enterprises [3]. - The meeting proposed utilizing securities, funds, and insurance company swap facilities and stock repurchase increases to maintain capital market stability [3]. Group 3: Policy Implementation and Coordination - The meeting stressed the importance of coordinating monetary and fiscal policies to promote stable economic growth and reasonable price recovery [2][3]. - It was suggested to enhance the forward-looking, targeted, and coordinated nature of macro policies, focusing on expanding domestic demand and optimizing supply [3]. - The meeting underscored the need to strengthen the management and risk prevention capabilities of economic and financial operations under open conditions [3].