财政货币政策如何“1+1>2”？央行：三大协同路径支持扩内需

Core Viewpoint - The article emphasizes the importance of coordinating monetary and fiscal policies to stimulate consumption and investment, thereby expanding effective demand in China [1][4]. Group 1: Coordination of Policies - The People's Bank of China (PBOC) outlines three main ways to achieve synergy between monetary and fiscal policies: maintaining ample market liquidity to support efficient government bond issuance, using "re-lending + fiscal subsidies" to optimize financial resource allocation, and sharing risk costs to enhance financial institutions' willingness to support enterprise financing [1][2]. - The first method involves the PBOC creating a favorable monetary environment for government bond issuance through daily liquidity management, which has been crucial as government bond issuance has increased due to proactive fiscal policies [1][2]. Group 2: Specific Mechanisms - The second method combines re-lending tools with fiscal subsidy policies, where re-lending incentivizes financial institutions to direct credit towards specific sectors, while fiscal subsidies help optimize economic structure from the demand side [2][3]. - The third method focuses on risk-sharing between fiscal and monetary policies, which enhances financial institutions' willingness to provide financing to enterprises. This includes the establishment of risk-sharing tools for technology innovation and private enterprises [2][3]. Group 3: Impact on Enterprises - The article highlights that re-lending can indirectly influence enterprise behavior by linking the supply of base currency to the loan amounts directed towards supported sectors, thus creating favorable financial conditions for economic restructuring [3]. - Fiscal policies, through subsidies and tax incentives, can directly adjust resource allocation and influence enterprise behavior, demonstrating a direct incentive effect that supports economic transformation [3]. Group 4: Future Directions - The PBOC plans to continue strengthening the coordination between monetary and fiscal policies to amplify policy effectiveness, guiding social capital to promote consumption and investment, and collectively supporting stable growth and structural adjustments for high-quality economic development [4].