潘功胜：今年降准降息还有一定的空间

Core Viewpoint - The article emphasizes the importance of financial policies in supporting China's economic modernization and outlines the People's Bank of China's (PBOC) strategies for implementing a moderately accommodative monetary policy during the 14th Five-Year Plan period [1]. Group 1: Implementation of Monetary Policy - The PBOC will continue to implement a moderately accommodative monetary policy, focusing on stabilizing economic growth and ensuring reasonable price recovery as key considerations [2]. - The PBOC plans to utilize various monetary policy tools, such as reserve requirement ratio (RRR) cuts and interest rate reductions, to maintain ample liquidity and align social financing scale and money supply growth with economic growth and price level expectations [2]. - Structural monetary policy tools have been optimized, including a 0.25 percentage point reduction in the interest rates of various structural monetary policy tools and an increase in the quotas for agricultural and small enterprise loans [3]. Group 2: Financial System Development - The PBOC aims to construct a scientific and robust monetary policy system and a comprehensive macro-prudential management system to promote high-quality financial development during the 14th Five-Year Plan [4]. - Key initiatives include optimizing the monetary policy target system, improving the mechanism for basic currency issuance, and enhancing the market-based interest rate formation and transmission mechanisms [4][5]. - The PBOC will also focus on improving the macro-prudential management framework, expanding its coverage to include new financial sectors, and enhancing the legal and governance mechanisms for macro-prudential policies [5]. Group 3: Support for Key Economic Areas - The PBOC will enhance financial support for expanding domestic demand, technological innovation, and small and micro enterprises, which are crucial for driving high-quality development [6]. - Specific measures include a dedicated 500 billion yuan for consumer and elderly care loans, increased quotas for technology innovation loans, and support for small and micro enterprises through dedicated loan programs [6][7]. - Collaboration with various government departments will be strengthened to improve the effectiveness and accessibility of financial services [7]. Group 4: Global Financial Governance - The PBOC will promote global financial governance reform and international financial cooperation, advocating for a fair and inclusive global financial governance system [8]. - Efforts will include deepening institutional openness in the financial sector, advancing the internationalization of the yuan, and enhancing cross-border payment systems [8][9]. - The PBOC will actively participate in international financial governance and cooperation, focusing on multilateral monetary cooperation and enhancing the representation of developing economies in global financial institutions [9].