货币政策下一步如何干？重要会议释放信号

Core Viewpoint - The People's Bank of China (PBOC) is committed to maintaining a moderately accommodative monetary policy to support high-quality economic development and stabilize growth, aligning with the central economic work conference's guidelines for 2026 [1][2]. Monetary Policy Implementation - The PBOC plans to enhance counter-cyclical and cross-cyclical adjustments, utilizing various monetary policy tools to support the real economy [1][2]. - From January to November, a total of 15.4 trillion yuan (approximately 2.3 trillion USD) in credit was issued, with a growth rate of 6.4% [2]. Financial Support for Key Areas - The monetary policy aims to provide robust financial support for strategic sectors, including technology independence, green transformation, and small and micro enterprises [2][3]. - The issuance of 5 trillion yuan (approximately 750 billion USD) in new local special bonds for 2026 has been expedited, with total project investments around 70 trillion yuan (approximately 10.5 trillion USD) [3]. Coordination of Monetary and Fiscal Policies - The collaboration between monetary and fiscal policies is crucial for addressing economic transformation challenges and external shocks [6][7]. - The issuance of special government bonds and the PBOC's liquidity support have stabilized market expectations and provided funding for major projects [7]. Enhancing Policy Effectiveness - The PBOC emphasizes the need to improve the transmission mechanism of monetary policy and maintain reasonable interest rate relationships to enhance policy effectiveness [4][5]. - Experts suggest that innovative tools should be developed to strengthen the synergy between fiscal spending and credit allocation, particularly for supporting small enterprises and technological innovation [8].