权威访谈·开局"十五五"|营造良好货币金融环境 有力支撑经济高质量发展——访中国人民银行党委书 记、行长潘功胜 金融是国民经济的血脉，关系中国式现代化建设全局。"十五五"规划建议明确"加快建设金融强国"， 提出"完善中央银行制度"等具体举措。近期召开的中央经济工作会议围绕继续实施适度宽松的货币政 策作出一系列部署。 "十五五"新开局，如何实施好适度宽松的货币政策？建设金融强国将在哪些重点方面推进？怎样提升 金融服务实体经济高质量发展质效？新华社记者采访了中国人民银行党委书记、行长潘功胜。 继续实施好适度宽松的货币政策 问：中央经济工作会议提出，要继续实施适度宽松的货币政策。中国人民银行将如何落实这一要求？ 答：2026年，中国人民银行将继续实施好适度宽松的货币政策，把促进经济稳定增长、物价合理回升 作为货币政策的重要考量，发挥增量政策和存量政策集成效应，为经济稳定增长、高质量发展和金融 市场稳定运行营造良好的货币金融环境，为实现"十五五"良好开局提供有力的金融支撑。 总量政策方面，灵活高效运用降准降息等多种货币政策工具，保持流动性充裕，使社会融资规模、货 币供应量增长同经济增长、价格总水平预期目标相匹配。 今 ...

Core Viewpoint - The article emphasizes the importance of a stable monetary policy and financial environment to support high-quality economic development in China, particularly in the context of the "14th Five-Year Plan" [1]. Group 1: Implementation of Monetary Policy - The People's Bank of China (PBOC) will continue to implement a moderately loose monetary policy to promote stable economic growth and reasonable price recovery, utilizing both incremental and stock policy effects [2]. - The PBOC plans to maintain ample liquidity through various monetary policy tools, including potential reductions in reserve requirements and interest rates, aligning social financing and money supply growth with economic growth and price expectations [2]. - Structural monetary policies have been optimized, including a 0.25 percentage point reduction in the interest rates of various structural monetary policy tools and the establishment of a 1 trillion yuan re-lending facility for private enterprises [3]. Group 2: Financial System and Macro-Prudential Management - The PBOC aims to construct a scientific and robust monetary policy system and a comprehensive macro-prudential management system to facilitate high-quality financial development during the "14th Five-Year Plan" [4]. - Key initiatives include optimizing the monetary policy target system, enhancing the market-based interest rate formation mechanism, and improving the structural monetary policy tool system [4][5]. - The macro-prudential management framework will focus on monitoring systemic financial risks, expanding coverage to include financial markets and non-bank financial institutions, and refining the legal and governance mechanisms for macro-prudential policies [7][8]. Group 3: Supporting Real Economy - The PBOC will enhance financial support for key areas such as domestic demand expansion, technological innovation, and small and micro enterprises, which are crucial for high-quality development [9]. - Specific measures include a dedicated 500 billion yuan re-lending facility for consumer services and elderly care, as well as increased re-lending quotas for technology innovation and small enterprises [10]. - Collaboration with various government departments will be strengthened to improve the effectiveness and accessibility of financial services, alongside coordination between monetary and fiscal policies [10]. Group 4: Global Financial Governance - The PBOC will continue to promote global financial governance reform and international financial cooperation, advocating for a fair and inclusive global financial governance system [11]. - Efforts will include deepening institutional openness in the financial sector, advancing the internationalization of the yuan, and enhancing cross-border payment systems [12]. - The PBOC will actively participate in international financial governance and cooperation, focusing on macro policy coordination and the reform of the International Monetary Fund [12].

新华社北京1月22日电 题：营造良好货币金融环境 有力支撑经济高质量发展——访中国人民银行党委 书记、行长潘功胜 新华社记者吴雨 金融是国民经济的血脉，关系中国式现代化建设全局。"十五五"规划建议明确"加快建设金融强国"，提 出"完善中央银行制度"等具体举措。近期召开的中央经济工作会议围绕继续实施适度宽松的货币政策作 出一系列部署。 继续实施好适度宽松的货币政策 问：中央经济工作会议提出，要继续实施适度宽松的货币政策。中国人民银行将如何落实这一要求？ 答：2026年，中国人民银行将继续实施好适度宽松的货币政策，把促进经济稳定增长、物价合理回升作 为货币政策的重要考量，发挥增量政策和存量政策集成效应，为经济稳定增长、高质量发展和金融市场 稳定运行营造良好的货币金融环境，为实现"十五五"良好开局提供有力的金融支撑。 总量政策方面，灵活高效运用降准降息等多种货币政策工具，保持流动性充裕，使社会融资规模、货币 供应量增长同经济增长、价格总水平预期目标相匹配。今年降准降息还有一定的空间。人民银行还将做 好利率政策执行和监督，促进社会综合融资成本低位运行。 结构性政策方面，中国人民银行已在今年初先行出台一批货币金融政策， ...

Core Viewpoint - The People's Bank of China (PBOC) will continue to implement a moderately accommodative monetary policy in 2026, focusing on promoting stable economic growth and reasonable price recovery as key considerations for monetary policy [1][7]. Group 1: Monetary Policy Implementation - The PBOC aims to create a favorable monetary and financial environment for stable economic growth and high-quality development by effectively utilizing various monetary policy tools such as reserve requirement ratio (RRR) cuts and interest rate reductions [1][7]. - There is still room for further RRR and interest rate cuts this year, with a focus on maintaining ample liquidity and aligning the growth of social financing and money supply with economic growth and price level expectations [1][8]. - The PBOC has already optimized 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 quotas for specific loans [8]. Group 2: Six Aspects of Monetary Policy System - The PBOC will optimize the monetary policy target system, emphasizing intermediate variables and reducing focus on quantitative targets, allowing for more effective interest rate regulation [2][10]. - A unique mechanism for basic currency issuance will be established, gradually utilizing government bond transactions for liquidity management while ensuring sufficient liquidity in the banking system [2][10]. - The PBOC will enhance the market-oriented interest rate formation, regulation, and transmission mechanisms to improve the transmission from central bank policy rates to market benchmark rates [2][10]. Group 3: Structural Monetary Policy Tools - The PBOC will improve the structural monetary policy tool system to better guide and incentivize financial institutions in optimizing loan allocations [3][11]. - The mechanism for RMB exchange rate formation will be refined, maintaining market determination of the exchange rate while preventing excessive fluctuations [3][11]. Group 4: Macro-Prudential Management - The PBOC will strengthen the monitoring and assessment of systemic financial risks, establishing a standardized and systematic monitoring framework [13]. - The coverage of macro-prudential management will be gradually expanded to include financial markets, non-bank financial institutions, and new areas such as internet finance [13]. - The PBOC will enhance the legal and governance mechanisms for macro-prudential management, focusing on legislative projects to strengthen coordination between macro-prudential policies and monetary policies [13]. Group 5: Support for Real Economy - The PBOC will enhance support for expanding domestic demand, technological innovation, and small and micro enterprises, aiming to strengthen the domestic economic cycle and promote high-quality development [14][15]. - Specific measures include a dedicated 500 billion yuan for consumer and elderly care loans, increasing quotas for agricultural and small enterprise loans, and improving financing accessibility for small and micro enterprises [14][15]. Group 6: Global Financial Governance - The PBOC will actively promote global financial governance reforms and international financial cooperation, advocating for a fair and inclusive global financial governance system [16][17]. - Efforts will include deepening institutional openness in the financial sector, promoting the internationalization of the RMB, and enhancing cross-border payment systems [16][17].

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].

Core Viewpoint - The article emphasizes the necessity of continuing a moderately loose monetary policy to address the supply-demand imbalance in China's real economy, which is characterized by excess production capacity in traditional and emerging industries, and a need to enhance consumer confidence and spending power [2][5][6]. Group 1: Monetary Policy Direction - The Central Economic Work Conference in 2025 reiterated the implementation of a moderately loose monetary policy, shifting from "timely reduction of reserve requirements and interest rates" to "flexibly and efficiently utilizing reductions," indicating a more responsive approach to monetary policy in 2026 [3][5]. - The primary goal of the monetary policy is to promote stable economic growth and reasonable price recovery, creating a conducive monetary environment for these objectives [3][5]. Group 2: Addressing Supply-Demand Imbalance - The persistent contradiction of strong supply and weak demand in China's economy necessitates a dual approach to stimulate both sides, with a primary focus on expanding effective demand [5][6]. - The implementation of a moderately loose monetary policy is expected to boost confidence among business entities, encourage financial institutions to increase credit support, and alleviate excessive competition in the market by enhancing overall demand [5][6]. Group 3: Impact on Prices and Economic Stability - The article highlights that the low price environment is closely linked to the imbalance in total supply and demand, with the Consumer Price Index (CPI) reflecting a clear trend of supply exceeding demand [6][7]. - Since the introduction of a series of incremental monetary policies in the fourth quarter of 2024, there has been a mild recovery in CPI year-on-year, indicating the effectiveness of the moderately loose monetary policy in promoting reasonable price recovery and expanding domestic demand [6][7]. Group 4: External Economic Challenges - The article notes that since 2025, significant changes in global trade patterns and capital flows have increased external uncertainties for China's economy, with expectations of weakened export growth due to geopolitical factors [7]. - Continuing a moderately loose monetary policy is seen as a crucial measure to not only support domestic economic development but also to mitigate external risks [7]. Group 5: Financial Risk Management - The article stresses the importance of maintaining a stable monetary policy while actively managing financial risks, particularly in key areas such as real estate and local government debt [12]. - The Central Economic Work Conference emphasizes the need for proactive measures to stabilize the real estate market and mitigate risks associated with small and medium-sized financial institutions [12]. Group 6: Policy Coordination - The article advocates for enhanced coordination between monetary and fiscal policies to address the intertwined cyclical, structural, and institutional issues facing the economy [17]. - It highlights the importance of collaborative efforts between the People's Bank of China and the Ministry of Finance to stabilize the real estate market and support economic growth [17].

Core Viewpoint - The article emphasizes the importance of financial stability and the implementation of a moderately loose monetary policy to support China's economic growth and modernization efforts during the 14th Five-Year Plan period [1][2]. Group 1: Implementation of Monetary Policy - The People's Bank of China (PBOC) will continue to implement a moderately loose 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 expectations [2]. - There is still room for further RRR and interest rate cuts this year, with an emphasis on managing interest rate policies to keep financing costs low [2]. Group 2: Structural Policy Adjustments - The PBOC has introduced several structural monetary policies, including a 0.25 percentage point reduction in the interest rates of various structural monetary policy tools [3]. - Specific measures include a dedicated 1 trillion yuan relending for private enterprises and an increase in relending quotas for agricultural and small enterprises by 500 billion yuan to 4.35 trillion yuan [3]. - The PBOC aims to maintain stable financial markets and manage expectations, ensuring the RMB exchange rate remains stable within a reasonable range [3]. Group 3: Dual Pillars for Financial Strength - The PBOC is focused on building a robust monetary policy system and a comprehensive macro-prudential management framework to support high-quality financial development [4]. - Key initiatives include optimizing the monetary policy target system, enhancing the mechanism for market-based interest rate formation, and improving the structure of monetary policy tools [5][6][7]. - The PBOC will also enhance communication and transparency regarding policies to foster a credible and systematic market communication mechanism [9]. Group 4: Enhancing Financial Services for the Real Economy - The PBOC aims to guide financial institutions to support domestic demand, technological innovation, and small and micro enterprises, which are crucial for high-quality development [14]. - Specific measures include a 500 billion yuan relending for consumer services and pensions, as well as increased support for technology innovation and small enterprises through various financial instruments [15]. - Collaboration with other government departments will be strengthened to improve the effectiveness and accessibility of financial services [15]. Group 5: Global Financial Governance and Cooperation - The PBOC will promote global financial governance reforms and international cooperation, advocating for a fair and inclusive global financial governance system [16]. - Efforts will include enhancing the openness of the financial sector, promoting the internationalization of the RMB, and supporting the development of a cross-border payment system [17]. - The PBOC will actively participate in international financial governance and cooperation, focusing on macro policy coordination and the establishment of international financial regulatory rules [17][18].

Core Viewpoint - The article emphasizes the importance of creating a favorable monetary and financial environment to support high-quality economic development in China, as outlined in the "14th Five-Year Plan" [1] Group 1: Monetary Policy Implementation - The People's Bank of China (PBOC) will continue to implement a moderately loose monetary policy, focusing on stabilizing economic growth and ensuring reasonable price recovery [2] - The PBOC plans to utilize various monetary policy tools, including reserve requirement ratio (RRR) cuts and interest rate reductions, to maintain ample liquidity and align social financing scale with economic growth [2][3] - Specific measures include lowering the interest rates of structural monetary policy tools by 0.25 percentage points and increasing 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 [4] - Key initiatives include optimizing the monetary policy target system, enhancing the market-based interest rate formation mechanism, and improving the structural monetary policy tool system [5] Group 3: Support for Real Economy - The PBOC will enhance financial support for key areas such as domestic demand expansion, technological innovation, and small and micro enterprises [7] - Specific actions include establishing a 500 billion yuan re-loan for consumer services and pensions, increasing re-loan quotas for technological innovation, and supporting small and micro enterprises through dedicated financial instruments [8] Group 4: Global Financial Cooperation - The PBOC will actively promote global financial governance reform and international financial cooperation, emphasizing multilateralism and open reform [9] - Initiatives include deepening financial sector openness, enhancing cross-border payment systems, and participating in international financial governance and cooperation [10]

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) commitment to implementing a moderately accommodative monetary policy to foster stable economic growth and high-quality development [1][3]. Group 1: Implementation of Monetary Policy - The PBOC plans to continue its moderately accommodative monetary policy into 2026, focusing on stabilizing economic growth and ensuring reasonable price recovery as key considerations [3]. - The PBOC will 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 [3][4]. - Specific measures include lowering the interest rates on structural monetary policy tools by 0.25 percentage points and increasing the quotas for rural and small enterprise re-loans and technology innovation loans [4]. Group 2: Financial System Development - The PBOC aims to construct a scientific and robust monetary policy system and a comprehensive macro-prudential management system as strategic initiatives for high-quality financial development during the 14th Five-Year Plan [6][7]. - Key areas of focus 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 [7][8]. Group 3: Support for Real Economy - The PBOC will enhance financial support for key areas such as domestic demand expansion, technological innovation, and small and micro enterprises, which are crucial for promoting high-quality development [11][12]. - Specific initiatives include a dedicated 500 billion yuan re-loan for consumer services and elderly care, as well as increased quotas for loans supporting technology innovation and small enterprises [11][12]. Group 4: Global Financial Governance - The PBOC is committed to advancing global financial governance reforms and international financial cooperation, emphasizing multilateralism and the internationalization of the renminbi [14]. - Efforts will include deepening institutional openness in the financial sector, enhancing cross-border payment systems, and participating in international financial governance and cooperation [14].

Core Viewpoint - The article emphasizes the importance of creating a favorable monetary and financial environment to support high-quality economic development in China, as outlined in the "14th Five-Year Plan" [1]. Group 1: Monetary Policy Implementation - The People's Bank of China (PBOC) will continue to implement a moderately loose monetary policy in 2026, focusing on stabilizing economic growth and ensuring reasonable price recovery [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]. - There is still room for further RRR and interest rate cuts this year, with an emphasis on managing interest rate policies to keep financing costs low [2]. Group 2: Structural Monetary Policy Tools - The PBOC has reduced the interest rates of various structural monetary policy tools by 0.25 percentage points and has established a dedicated 1 trillion yuan relending facility for private enterprises [3]. - The PBOC has increased the relending quota for agricultural and small enterprises by 500 billion yuan to 4.35 trillion yuan and for technological innovation and transformation by 400 billion yuan to 1.2 trillion yuan [3]. - The PBOC aims to maintain stable financial markets and manage expectations, ensuring the RMB exchange rate remains stable at a reasonable level [3]. Group 3: Financial System Development - The PBOC is focused on constructing a scientific and robust monetary policy system and a comprehensive macro-prudential management system as part of the strategy to promote high-quality financial development during the "14th Five-Year Plan" [4]. - Key areas of focus 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 [5]. - The PBOC will also improve the macro-prudential management framework, expanding its coverage to include new areas such as internet finance and non-bank financial institutions [6]. Group 4: Supporting Real Economy - The PBOC aims to enhance financial support for expanding domestic demand, technological innovation, and small and micro enterprises, which are crucial for driving high-quality development [7]. - Specific measures include a dedicated 500 billion yuan relending facility for consumer services and elderly care, as well as promoting the issuance of financial bonds by qualified financial institutions to improve funding supply in the consumer sector [7]. - The PBOC will also increase support for small and micro enterprises by enhancing financing accessibility and convenience, including a dedicated 1 trillion yuan relending facility for private enterprises [8]. Group 5: Global Financial Governance - The PBOC plans to actively promote global financial governance reform and international financial cooperation, emphasizing multilateralism and the opening-up of the financial sector [9]. - Efforts will include enhancing the cross-border payment system for the RMB and participating in international financial governance and cooperation [9]. - The PBOC will also work on building a diverse and efficient global financial safety net to safeguard national financial security [9].