如何灵活高效运用多种货币政策工具？丨落实会议部署 问答中国经济

Core Viewpoint - The central economic work conference has outlined the overall requirements and policy direction for economic work in the coming year, emphasizing the importance of promoting stable economic growth and reasonable price recovery as key considerations for monetary policy [1]. Group 1: Monetary Policy Tools - The conference highlights the need for flexible and efficient use of various monetary policy tools to support economic growth and price stability [3]. - The expected adjustments in reserve requirement ratios (RRR) and interest rates are projected to be around 0.5 percentage points and 0.1 percentage points, respectively, indicating a moderate easing of monetary policy [3]. - The central bank is expected to utilize a diverse range of liquidity injection tools, including medium-term lending facilities (MLF) and reverse repos, to create a conducive liquidity environment [3][4]. Group 2: Financial Support for the Real Economy - The growth rate of social financing and money supply has consistently outpaced nominal economic growth, providing a foundation for stable growth in the coming year [2]. - Structural monetary policy tools will focus on expanding domestic demand, supporting technological innovation, and aiding small and micro enterprises, thereby addressing structural contradictions in the economy [4]. - The central bank aims to enhance the transmission mechanism of monetary policy by improving the efficiency of existing policies and addressing issues such as excessive competition in the financial sector [2][4]. Group 3: Coordination of Fiscal and Monetary Policies - Strengthening the coordination between fiscal and monetary policies is essential to enhance policy effectiveness, particularly in areas such as loan interest subsidies and risk compensation [4]. - The central bank may further narrow the interest rate corridor and stabilize the yield curve of government bonds to improve the coordination and interlinkage of various interest rates [4].