中国人民银行货币政策委员会：加大货币财政政策协同配合，保持经济稳定增长和物价处于合理水平｜政策与监管

Core Viewpoint - The People's Bank of China emphasizes the need for a moderately loose monetary policy to support stable economic growth and maintain reasonable price levels amidst a complex external environment and domestic challenges [2][3][4]. Group 1: Monetary Policy Implementation - The meeting highlighted the importance of implementing a moderately loose monetary policy and enhancing counter-cyclical adjustments to better utilize monetary policy tools for both total and structural functions [2][3]. - It was noted that the effectiveness of the loan market quotation rate reform continues to be released, and the market-oriented adjustment mechanism for deposit rates is functioning effectively, leading to enhanced monetary policy transmission efficiency [2][3]. Group 2: Economic and Financial Environment - The current external environment is increasingly complex, with weakening global economic growth, rising trade barriers, and divergent economic performances among major economies, creating uncertainties in inflation trends and monetary policy adjustments [3]. - Despite the positive trends in China's economy, including improved social confidence and solid progress in high-quality development, challenges such as insufficient domestic demand and persistent low prices remain [3]. Group 3: Future Monetary Policy Directions - The meeting proposed increasing the intensity of monetary policy regulation, enhancing its foresight, targeting, and effectiveness, while maintaining ample liquidity and guiding financial institutions to increase credit supply [4]. - It emphasized the need to strengthen the central bank's policy interest rate guidance and improve the market-oriented interest rate formation transmission mechanism [4]. Group 4: Financial Supply-Side Structural Reform - The meeting discussed deepening financial supply-side structural reforms, urging large banks to play a leading role in serving the real economy and supporting small and medium-sized banks in focusing on their core responsibilities [6]. - It was highlighted that effective implementation of various structural monetary policy tools is essential to support key areas such as technological innovation and consumption [6]. Group 5: Policy Coordination and Development Goals - The meeting underscored the importance of adhering to the guiding principles of Xi Jinping's thought and fully implementing the decisions made by the Central Committee, with a focus on high-quality development and the construction of a new development pattern [7]. - It called for a better balance between total supply and demand, enhancing macro policy coordination, and effectively utilizing both existing and new policies to stimulate domestic demand and stabilize expectations [7].