完善房地产金融基础性制度，助力构建房地产发展新模式

Monetary Policy Overview - The People's Bank of China (PBOC) held its 2025 Q3 monetary policy committee meeting on September 23, emphasizing the need for appropriate monetary policy to support high-quality economic development and create a favorable financial environment for economic recovery [4][5] - The meeting highlighted the effectiveness of the loan market quotation rate reform and the market-oriented adjustment mechanism for deposit rates, which have improved the efficiency of monetary policy transmission and kept social financing costs at historically low levels [4][5] Economic Analysis - The committee analyzed both domestic and international economic conditions, noting a more complex external environment with weakening global economic growth and increasing trade barriers [4][6] - Despite challenges such as insufficient domestic demand and low price levels, China's economy is showing steady progress, with rising social confidence and new achievements in high-quality development [4][6] Banking Sector Focus - The meeting called for large banks to enhance their role in serving the real economy while encouraging small and medium-sized banks to focus on their core responsibilities and strengthen capital [5][6] - It emphasized the importance of implementing structural monetary policy tools effectively and supporting key areas such as technological innovation, consumption, small and micro enterprises, and stabilizing foreign trade [5][6] Real Estate Development - The article discusses the importance of constructing a new model for real estate development, which is crucial for addressing the significant changes in supply and demand dynamics in the real estate market [8][10] - The central government has prioritized stabilizing the real estate market and promoting a new development model, as indicated in recent political meetings [8][14] Challenges and Recommendations - The real estate sector faces challenges such as high debt levels among developers and insufficient supply of affordable housing, necessitating a shift towards a new development model that balances market forces with guarantees [9][10] - Experts suggest that reforms should focus on housing, land, fiscal, and financial systems to achieve a stable and sustainable real estate market [13][14]