明日降息、15日降准……超二十项重磅政策！一文速览

Core Viewpoint - The Chinese government is implementing a comprehensive set of financial policies to stabilize the market and manage expectations, focusing on monetary policy adjustments and regulatory measures to support economic recovery and growth [1][2][3]. Monetary Policy Measures - The People's Bank of China (PBOC) is introducing a package of ten monetary policy measures categorized into three types: quantity-based, price-based, and structural policies [3]. - A reduction in the reserve requirement ratio (RRR) by 0.5 percentage points is set to take effect on May 15, 2025, which is expected to provide approximately 1 trillion yuan in long-term liquidity to the market [4]. - The interest rate for the 7-day reverse repurchase operations will be lowered from 1.50% to 1.40%, likely leading to a corresponding decrease in the Loan Prime Rate (LPR) by about 0.1 percentage points [4]. - The PBOC will also lower the rates for various structural monetary policy tools by 0.25 percentage points, including the re-lending rates for agricultural and small business support [4]. - An increase in the re-lending quota for technological innovation and transformation from 500 billion yuan to 800 billion yuan is planned, along with the establishment of a 500 billion yuan re-lending facility for service consumption and elderly care [4]. Regulatory Measures - The Financial Regulatory Administration is set to introduce eight incremental policies aimed at enhancing the implementation of existing policies and ensuring economic stability [5][6]. - New financing systems compatible with the evolving real estate market will be developed to support stability in the housing sector [8]. - The administration plans to expand the scope of long-term investment trials for insurance funds, with an additional 60 billion yuan to be approved for market injection [9]. - Policies to support small and private enterprises will be expedited, focusing on improving financing coordination mechanisms [8]. Capital Market Support - The China Securities Regulatory Commission (CSRC) is committed to enhancing the stability and vitality of the capital market through various reforms [10][11]. - A new action plan for the high-quality development of public funds has been released, aiming to create a positive cycle of returns and market stability [14]. - The CSRC will introduce measures to deepen reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, enhancing institutional adaptability and inclusiveness [12][13].