央行行长潘功胜发声，事关货币政策、风险防控｜两会时间

Core Viewpoint - The article discusses the monetary policy and financial support measures for technological innovation in China, as outlined by the Governor of the People's Bank of China, Pan Gongsheng, during a press conference at the National People's Congress. Group 1: Monetary Policy Adjustments - In 2024, the central bank implemented multiple monetary policy adjustments, including two reductions in the reserve requirement ratio and policy interest rates, leading to a significant decline in loan market quotation rates. By the end of 2024, the growth rates of social financing, broad money M2, and RMB loans were all between 7% and 8%, exceeding the nominal economic growth rate by approximately 3 percentage points, with financing costs at historical lows [2]. - For 2025, the central bank plans to maintain a relatively loose monetary stance and will consider further reductions in reserve requirements and interest rates based on domestic and international economic conditions. There is room for downward adjustments in the reserve requirement ratio and the rates of structural monetary policy tools [2]. Group 2: Financial Support for Technological Innovation - The central bank, in collaboration with the China Securities Regulatory Commission and the Ministry of Science and Technology, plans to introduce a "Technology Board" in the bond market to enhance financial support for technological innovation. This initiative aims to facilitate the issuance of technology innovation bonds by financial institutions and support the issuance of medium- to long-term bonds by growing and mature tech companies [4][5]. - The central bank will also expand the scale of re-loans for technological innovation and technological transformation from the current 500 billion yuan to between 800 billion and 1 trillion yuan to better meet the financing needs of enterprises [5]. Group 3: Risk Prevention and Financial Stability - The overall stability of China's financial system is emphasized, with local debt and real estate risks continuing to recede. By the end of 2024, commercial banks had a capital adequacy ratio of 16%, a non-performing loan ratio of 1.5%, and a provision coverage ratio of 211%, all significantly above regulatory standards [6]. - Approximately 40% of financing platforms have exited the market through various means, including market exit and transformation, indicating progress in mitigating local financing platform debt risks [6][7]. - The average interest rate for newly issued bonds by financing platforms was 2.67% in the fourth quarter of 2024, reflecting a significant decline in risk premium levels in the financial market [7].