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Core Viewpoint - The report highlights the implementation of proactive macroeconomic policies under the leadership of the central government, resulting in a stable economic performance with a GDP growth of 5.3% year-on-year in the first half of the year, reflecting strong vitality and resilience in the economy [2]. Monetary Policy Implementation - The People's Bank of China (PBOC) has adopted a moderately loose monetary policy, utilizing various tools to support high-quality economic development and create a favorable monetary environment for sustained economic recovery [2][3]. - Key measures include a 0.5 percentage point reduction in the reserve requirement ratio in May, providing approximately 1 trillion yuan in long-term liquidity to the market [3]. Financing and Interest Rates - The PBOC aims to maintain reasonable growth in money and credit, with efforts to lower the overall financing costs in society. In May, the policy interest rate was reduced by 0.1 percentage points, and the rates for structural monetary policy tools and personal housing provident fund loans were lowered by 0.25 percentage points [3]. - As of June, the social financing scale and broad money supply (M2) grew by 8.9% and 8.3% year-on-year, respectively, with the balance of RMB loans reaching 268.6 trillion yuan [4]. Credit Structure and Risk Management - The PBOC is focusing on optimizing the credit structure by establishing a 500 billion yuan re-loan for consumption and elderly care, and increasing the re-loan quota for technological innovation and transformation by 300 billion yuan [3]. - The report emphasizes the importance of risk prevention and resolution, with ongoing improvements to the financial risk monitoring and assessment systems [3][5]. External Environment and Future Outlook - The external economic environment is becoming increasingly complex, with weakening global growth and rising trade barriers. However, China's economic fundamentals remain strong, and the PBOC is committed to maintaining strategic focus and advancing key strategic tasks related to modernization [5]. - The PBOC plans to enhance the monetary policy framework, balancing short-term and long-term goals, and ensuring the stability and continuity of policies to support employment, businesses, and market expectations [5][6].