从2025全年数据看金融政策“组合拳”持实体经济高质量发展成效显著

Core Viewpoint - The People's Bank of China (PBOC) has reported significant effectiveness of monetary and financial policies in supporting the high-quality development of the real economy in 2025, with notable growth in financial metrics and a reduction in financing costs [1][3]. Financial Metrics - As of December 2025, the total social financing stock increased by 8.3% year-on-year, while the broad money supply (M2) grew by 8.5%, significantly outpacing nominal GDP growth [3]. - The weighted average interest rates for newly issued corporate loans and personal housing loans were approximately 3.1%, marking a decline of 2.5 and 2.6 percentage points respectively since the second half of 2018 [3]. Monetary Policy Adjustments - The average statutory deposit reserve ratio for financial institutions is currently 6.3%, indicating room for further reserve requirement cuts [5]. - The PBOC has lowered various relending rates, creating additional space for interest rate reductions [5]. Economic Outlook - The PBOC emphasizes that China, as a responsible major country, does not intend to devalue its currency for competitive trade advantages, supported by a robust domestic market and innovation [7]. - The central bank plans to implement policies to enhance the structure of the economy, including lowering interest rates on structural monetary policy tools and increasing support for key sectors [8][10]. Specific Policy Measures - Starting January 19, 2026, the interest rates on various structural monetary policy tools will be reduced by 0.25 percentage points, with the one-year relending rate decreasing from 1.5% to 1.25% [10]. - The PBOC will merge and increase the relending quota for agricultural and small business support by 500 billion yuan, establishing a 1 trillion yuan relending quota for private enterprises [10]. - An additional 400 billion yuan will be allocated to support technological innovation and transformation, raising the total quota to 1.2 trillion yuan [10]. - The minimum down payment ratio for commercial property loans will be reduced to 30% [12].