21社论丨保持流动性充裕，支持经济回升向好

Core Viewpoint - The Chinese government has introduced a comprehensive financial policy package aimed at stabilizing the market and expectations, promoting high-quality economic development in response to global economic uncertainties [1][2]. Group 1: Financial Policy Measures - The financial policy package includes measures such as timely reductions in reserve requirement ratios (RRR) and interest rates, with a focus on structural measures to achieve high-quality development [2][4]. - The RRR will be lowered by 0.5 percentage points, providing approximately 1 trillion yuan in long-term liquidity to the market [2]. - The policy interest rate will be reduced by 0.1 percentage points, with the 7-day reverse repurchase rate decreasing from 1.5% to 1.4%, expected to lead to a similar decline in the Loan Prime Rate (LPR) [2]. Group 2: Support for Consumption and Innovation - The central bank will temporarily lower the reserve requirement ratio for auto finance and leasing companies from 5% to 0%, establishing a 500 billion yuan "service consumption and elderly re-loan" to support automotive consumption and service sectors [3]. - An additional 300 billion yuan will be allocated for technology innovation and transformation loans, along with the creation of risk-sharing tools for technology innovation bonds [3]. - The central bank will also increase the re-loan quota for agricultural and small enterprises by 300 billion yuan to support lending to rural and small private businesses [3]. Group 3: Real Estate and Stock Market Stability - The central bank will reduce the personal housing provident fund loan interest rate by 0.25 percentage points to support housing demand [3]. - The China Securities Regulatory Commission (CSRC) will support the Central Huijin Investment Ltd. in stabilizing the stock market, while expanding the pilot scope for insurance funds' long-term investments [4]. - The CSRC has announced an action plan to promote the high-quality development of public funds, aiming to attract more long-term capital into the market [4].