1万亿，专供民营企业

Core Viewpoint - The People's Bank of China (PBOC) has introduced a significant policy package, including a dedicated 1 trillion yuan re-loan for private enterprises, aimed at enhancing financial support for private small and medium-sized enterprises (SMEs) and addressing their financing challenges [1][3]. Group 1: Financial Support for Private Enterprises - The primary goal of the new policy is to increase financial support for private SMEs, particularly focusing on medium-sized enterprises that have been underserved in the financing chain [3]. - The re-loan program will be established under the existing agricultural and small enterprise re-loan framework, allocating 500 billion yuan from current funds and adding another 500 billion yuan, totaling 1 trillion yuan [3]. Group 2: Impact on Banking and Investment - The new re-loan initiative provides clear incentives and low-cost funding for commercial banks, which is expected to direct more credit resources towards private SMEs, improving liquidity, stimulating investment, and stabilizing employment [4]. - The PBOC has also lowered the interest rate on various structural monetary policy tools by 0.25 percentage points, reducing the one-year re-loan rate from 1.5% to 1.25%, which is aimed at efficiently channeling credit into key sectors [5]. Group 3: Additional Policies Supporting Private Enterprises - Alongside the 1 trillion yuan re-loan, additional policies have been introduced, including an increase in the re-loan quota for technological innovation and technological transformation from 800 billion yuan to 1.2 trillion yuan, supporting high R&D investment private SMEs [7]. - Existing bond financing support tools for private enterprises have been merged, providing an additional 200 billion yuan in re-loan capacity [7]. Group 4: Broader Economic Implications - The series of policies represents a comprehensive approach to bolster the private economy, recognizing its significant contributions to technological innovation and employment [8]. - The PBOC has indicated that there is still room for further reductions in reserve requirements and interest rates, maintaining a moderately accommodative monetary policy stance through 2026 to support stable economic growth [9]. - These measures are expected to not only support the current development of private enterprises but also enhance confidence in the future of the real economy [10].