盛松成：结构性“降息”更为精准和适宜

Group 1 - The core viewpoint is that China's monetary policy is focusing on structural measures to support high-quality economic development, particularly in key sectors like technology innovation and green economy [1][5][6] - The People's Bank of China (PBOC) has announced a reduction in the rates of structural monetary policy tools, which is distinct from traditional interest rate cuts, aiming to lower financing costs in targeted areas [1][2][3] - The structural monetary policy tools are designed to provide low-cost funding to commercial banks, effectively allowing the PBOC to "share profits" with banks rather than simply lowering market interest rates [3][4] Group 2 - The structural monetary policy tools are linked to specific sectors and industries, providing incentives for banks to increase credit supply in targeted areas, thus promoting lower financing costs for enterprises [2][5] - The balance between supporting the real economy and maintaining the health of the financial sector is crucial, as indicated by the current net interest margin of commercial banks being at a historical low of 1.42% [4][7] - The use of structural monetary policy tools is part of a broader strategy to enhance the effectiveness of fiscal policy, with recent measures including the establishment of new policy financial tools to stimulate consumption and emerging industries [8][9]