潘功胜：锚定金融强国建设目标 不断提升金融服务实体经济高质量发展质效｜宏观经济

Core Viewpoint - The article discusses the implementation of a moderately loose monetary policy by the People's Bank of China (PBOC) to support economic stability and growth, particularly in key areas such as domestic demand, technological innovation, and small and medium-sized enterprises (SMEs) [2][3]. Group 1: Monetary Policy Implementation - In 2025, the social financing scale increased by 8.3% year-on-year, and the broad money supply grew by 8.5%, both significantly higher than the nominal GDP growth rate [3]. - The average interest rate for newly issued corporate loans and personal housing loans was approximately 3.1% in December, reflecting a low financing cost environment [3]. - The PBOC plans to continue implementing a moderately loose monetary policy in 2026, focusing on stabilizing economic growth and ensuring reasonable price recovery [5]. Group 2: Structural Policy Measures - The PBOC has introduced various structural monetary policy tools, including a 0.25 percentage point reduction in the interest rates of various structural monetary policy tools and an increase in the re-lending quota for agricultural and small enterprises to 4.35 trillion yuan [6]. - The PBOC aims to optimize the design and management of structural monetary policy tools to better support major strategies and key areas [5][6]. Group 3: Financial Market Stability - The exchange rate of the renminbi against a basket of currencies has remained stable, and the bond market has developed healthily, with the 10-year government bond yield stabilizing around 1.8% to 1.9% [4]. - The PBOC emphasizes maintaining the stability of the financial market and managing expectations effectively [6]. Group 4: Macro-Prudential Management - The PBOC is focused on constructing a scientific and robust monetary policy system and a comprehensive macro-prudential management system to support high-quality financial development [7]. - Key areas of focus include monitoring systemic financial risks, expanding the coverage of macro-prudential management, and enhancing the standardization and effectiveness of macro-prudential management tools [13][14]. Group 5: Support for Key Sectors - The PBOC has allocated 500 billion yuan for consumer services and elderly care re-lending, and increased the quota for technology innovation and technical transformation re-lending to 1.2 trillion yuan [18][19]. - The PBOC is enhancing support for SMEs by increasing re-lending quotas and improving financing accessibility for small and private enterprises [19][21].