央行最新报告：发挥增量和存量政策集成效应！

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the coordination between monetary and fiscal policies to support domestic demand expansion and enhance macroeconomic governance effectiveness in the upcoming stages [1][7]. Group 1: Monetary Policy Execution in 2025 - In 2025, the banking system maintained ample liquidity, with a notable increase in social financing scale, including significant growth in government bonds, corporate bonds, and non-financial corporate domestic stock financing compared to the previous year [4]. - The cumulative effects of the moderately loose monetary policy from the previous year are expected to continue impacting the financial structure, with a decrease in traditional bank credit proportion [4]. Group 2: Coordination of Fiscal and Monetary Policies - The report identifies three main ways to enhance the coordination between monetary and fiscal policies: 1. Maintaining market liquidity through open market operations to support efficient government bond issuance [7]. 2. Utilizing "re-lending + fiscal subsidies" to optimize financial resource allocation [7]. 3. Sharing risk costs through guarantees to increase financing support for enterprises [7]. Group 3: Asset Allocation and Liquidity - Recent trends show a slowdown in growth of household and corporate deposits, while the scale of wealth management and asset management products has increased significantly [9]. - The shift in asset allocation does not imply a significant change in overall liquidity, as most funds are expected to return to the banking system [9]. Group 4: Future Monetary Policy Directions - The PBOC plans to implement counter-cyclical and cross-cyclical adjustments, maintaining a moderately loose monetary policy while ensuring reasonable growth in financial totals [11]. - The focus will be on enhancing financial support for key areas such as domestic demand, technological innovation, and small and medium-sized enterprises [11]. - The report emphasizes the importance of maintaining a stable RMB exchange rate and advancing interest rate marketization reforms [12].