施康：货币政策的进一步优化会如何体现？丨宏观经济

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the implementation of a moderately loose monetary policy, which is expected to significantly impact the stability of the economic system and development across various sectors [1][2]. Group 1: Monetary Policy Implementation - The PBOC plans to adjust the reserve requirement ratio (RRR) and interest rates based on domestic and international economic conditions, utilizing various monetary policy tools such as open market operations [1][2]. - In October 2024, the PBOC established tools for "securities, fund, and insurance company swap convenience," with two operations totaling 105 billion yuan, and set a repurchase increase plan limit of nearly 300 billion yuan for the year [2]. Group 2: Impact on Different Sectors - The moderately loose monetary policy injects liquidity into the market, supporting stock market funding and reducing corporate financing costs, thereby enhancing the vitality of the real economy [3]. - In the real estate market, the policy alleviates financial pressure on property companies and stabilizes market expectations [3]. - Increased liquidity benefits the consumption sector, boosting consumer confidence and spending [3]. Group 3: Future Policy Optimization - Future monetary policy optimization may focus on two aspects: enhancing the design of policy tools for better targeting, such as implementing differentiated preferential policies for small and medium-sized enterprises (SMEs) and technology innovation companies [4]. - Balancing the prevention of systemic risks with supporting healthy market development will be crucial, including using counter-cyclical adjustment tools to smooth market fluctuations while avoiding excessive policy intervention [5].