“5.7重磅政策”：救市的逻辑变了

Core Viewpoint - The current market stabilization strategy focuses on "supporting enterprises," aiming for a systematic recovery treatment to stabilize the economic foundation, market entities, and enhance economic resilience [1][7]. Summary by Sections Financial Policy Announcements - The government announced ten major supportive policies, including a 0.5% reduction in the reserve requirement ratio (RRR), releasing 1 trillion yuan in long-term funds, and lowering the RRR for auto finance and financial leasing companies to 0% [1][2]. - Policy interest rates were reduced by 0.1%, and various structural tool rates were lowered by 0.25% [2]. Targeted Support for Key Areas - An increase of 300 billion yuan in re-loan quotas for technological innovation and technical transformation, along with 500 billion yuan for service consumption and elderly care, and an additional 300 billion yuan for agriculture and small enterprises [3]. Market Reactions - Market sentiment was mixed; some viewed the policies as expected extensions of previous measures, while others were disappointed, hoping for more aggressive stimulus akin to the "9·24" policies from the previous year [4][6]. Economic Context - The primary economic contradiction has shifted from "insufficient domestic demand" to "increased external pressure," with small and foreign trade enterprises facing significant challenges [11][12]. - Manufacturing PMI fell to 49.2 in April, indicating a contraction, and there are concerns about the sustainability of recent foreign trade data [13][14]. Policy Objectives - The core task of the new policy measures is to stabilize the funding and confidence of enterprises, particularly small and private firms, amid external shocks [16][18]. - The policies aim to create a relaxed business environment, stabilize stock prices, and stimulate consumer spending to drive growth [18][25]. Specific Measures - The central bank's measures include a comprehensive RRR cut and interest rate reductions to ease financing costs for small and medium-sized enterprises [19][22]. - The optimization of capital market support tools aims to stabilize stock prices and enhance market confidence [23][24]. - Consumer confidence is targeted through measures like lowering the RRR for auto finance companies, which is expected to boost spending on durable goods [26]. Future Outlook - Despite the supportive policies, not all enterprises will benefit equally, and differentiation may become the new norm [30]. - The policies are seen as more supportive than stimulative, with a focus on preventing economic growth from "stalling" rather than driving immediate recovery [28][41]. - The real estate market may see benefits from increased liquidity, but the effectiveness of these measures will vary across different cities [42][43].