Q3货政报告，重提稳增长

Policy Changes - The focus of monetary policy has shifted back to "stabilizing growth," indicating a renewed emphasis on economic expansion[1] - The phrase "maintain policy continuity and stability" was replaced with "do a good job in counter-cyclical and cross-cyclical adjustments," suggesting a cautious approach to policy strength[1] Economic Assessment - GDP growth for the first three quarters was 5.2%, making the annual target of 5% achievable, but Q3 growth slowed to 4.8%, necessitating measures to prevent further economic deceleration[1][2] - The external environment is described as having "many unstable and uncertain factors," while domestic demand needs to be further strengthened[2] Credit and Financing - The report maintains a steady credit support stance, emphasizing "keeping social financing conditions relatively loose" without increasing total credit supply[3] - New loans decreased by 851.2 billion yuan year-on-year, reflecting a natural decline in financial growth rates as the economy transitions to high-quality development[3] Structural Support - The report highlights the importance of structural tools, focusing on key areas such as technology innovation, consumption, and support for small and micro enterprises[4] - Specific measures include enhancing financial support for county-level economic development and expanding financial supply in the consumption sector[4] Interest Rates and Costs - The report reiterates the goal of reducing financing costs, with an emphasis on lowering bank liability costs to support a decrease in overall financing costs[5] - Banks are urged to avoid issuing loans with post-tax interest rates lower than the yield on government bonds of the same maturity[5] Capital Account and Exchange Rate - The report aims to enhance the level of capital account openness and promote the internationalization of the renminbi, removing previous cautious language[6] - The focus has shifted to maintaining exchange rate flexibility and strengthening market expectations, reflecting a stable renminbi exchange rate[6] Inflation and Demand - The report emphasizes that price levels are influenced by multiple factors, with supply-demand relationships being primary, and calls for coordinated macro policies to stimulate effective demand[6]