盛松成：如何理解结构性“降息”？

Core Viewpoint - The People's Bank of China (PBOC) announced incremental monetary policy measures to support high-quality development of the real economy, focusing on structural "rate cuts" and the expansion of targeted tools to lower financing costs in key areas such as technology innovation, green low-carbon initiatives, and the private economy [2][3]. Group 1: Structural Monetary Policy Tools - Structural monetary policy tools are designed to guide financial institutions' credit allocation, providing targeted support to specific sectors and industries, thereby reducing financing costs for enterprises [3][6]. - The recent rate cuts of 25 basis points for structural monetary policy tools aim to enhance incentives for financial institutions to support key areas and weak links, rather than simply lowering market interest rates [3][4]. - As of the first quarter of 2025, the balance of structural monetary policy tools was approximately 5.9 trillion yuan, which is relatively small compared to the total liabilities of commercial banks, indicating limited impact on overall funding costs [4][5]. Group 2: Support for Key Areas - The essence of China's structural monetary policy tools is to support weak links and key areas of the economy, such as small and micro enterprises, and to mitigate risks in the real estate sector [6][7]. - The PBOC has increased the quota for technology innovation and technical transformation loans to 1.2 trillion yuan, emphasizing support for high R&D investment private small and medium enterprises starting in 2026 [7][8]. Group 3: Policy Coordination and Effectiveness - The coordination between fiscal and monetary policies has strengthened, with structural monetary policy tools playing a crucial role in enhancing the effectiveness of fiscal measures [8][9]. - The introduction of new policy financial tools aims to stimulate consumption and emerging industries without increasing the deficit, while structural monetary policy rate cuts can incentivize commercial banks to provide matching loans [9][10]. - Future monetary policy may still have room for adjustments, including rate cuts and reserve requirement ratio reductions, depending on the timing and effectiveness of fiscal policy implementation [10].