Core Viewpoint - The People's Bank of China (PBOC) is implementing a moderately loose monetary policy to support high-quality development of the real economy and promote economic recovery [1] Monetary Policy Implementation - The PBOC is enhancing counter-cyclical adjustments and utilizing various monetary policy tools to create a favorable monetary accumulation environment [1] - There has been an increase in the quantity of monetary credit, a decrease in prices, and an optimization of the structure of credit this year [1]

一季度，新疆金融运行交出亮眼成绩单。 3月末，全区社会融资规模存量为5.41万亿元，同比增长11.3%，高于全国平均水平2.9个百分点；人民 币各项贷款余额3.44万亿元，同比增长9.3%，高于全国平均水平1.9个百分点；人民币贷款增速位居全 国第6位，较上年末提升3位。 今年以来，中国人民银行新疆分行积极落实适度宽松的货币政策，引导金融机构加大融资规模，优化融 资结构，降低融资成本，有力支持了新疆经济稳定增长。 用足货币政策 融资总量提升 中央经济工作会议、全国金融系统工作会议均明确提出，2025年要实施适度宽松的货币政策。 "中国人民银行新疆分行积极引导金融机构加大工作力度，充分用好已推出的各项存量、增量金融政 策，为自治区经济发展提供有力的金融支持。"中国人民银行新疆分行货币政策处副处长李爱华说。 今年一季度，中国人民银行新疆分行召开新疆银行业金融机构主要负责人会议，解读适度宽松货币政策 的内涵和要求，引导辖内金融机构加大项目储备和信贷投放，特别是要做好一季度的信贷投放工作，为 全年金融总量合理增长打下坚实基础。 一季度，全区累计发放支农支小再贷款140亿元，同比多投放20亿元。截至3月末，全区支农支小 ...

证券研究报告 | 2025年04月30日 债基个数：按照 Wind 的基金最新分类标准，截止 2025 年一季度末，发 行在外的短期纯债基金共有 358 只，数量占据全基金市场的 2.84%。据 Wind 可统计数据来看，一季度共发行了短期纯债基金 4 只，与去年同期 比有所回落。 债基规模：截至 2025 年一季度末，已披露一季报的短期纯债基金总资产和 净资产分别为 10,343 亿元和 9,234 亿元，较上季度末分别减少了 2,480 亿 元和 2,011 亿元。平均规模来看，截止 2025 年一季度末，平均总资产和净 资产分别为 31 亿元和 27 亿元，较上季度末分别回落了 7.8 亿元和 6.4 亿元。 杠杆率：2025 年一季度末，整体法口径下短期纯债基金平均杠杆率为 1.12，较上季度末下降了 0.02。平均法口径下短期纯债基金平均杠杆率 为 1.12，较上季度末下降了 0.02。 基金净值增长率：基金业绩方面，2025 年一季度短期纯债单季平均净值增长 率为 0.15%，增长率较上季度大幅回落。 大类资产配置：一季度债券资产占据最高的比重 97.4%，占比较上季度回升 0.8%；买入返售资产 ...

Economic Growth and Employment - In the first quarter, China's economy grew by 5.4% year-on-year, demonstrating strong resilience and vitality [1] - The number of new urban jobs added in the first quarter was 3.08 million, an increase of 50,000 compared to the previous year, exceeding the expected pace [3] - The urban survey unemployment rate averaged 5.3% in the first quarter, which is below the expected control target [3] Policy Measures for Economic Stability - The government plans to establish a childcare subsidy system and create special re-lending tools to support key areas of service consumption and the elderly care industry [1] - Specific measures to stabilize foreign trade include tailored support for export enterprises and encouraging foreign investment in China [1] - The People's Bank of China will continue to implement a moderately loose monetary policy to support the real economy while maintaining the stability of the RMB exchange rate around 7.3 [2] Consumer Services and Employment Trends - The Ministry of Commerce is set to introduce a series of policies to enhance service consumption, including a 2025 action plan for quality improvement and a special action plan for health consumption [2] - There is a notable increase in recruitment demand in sectors such as life services, transportation logistics, and resident services, with AI-related job demand growing over 30% year-on-year [3]

面对外部冲击影响加大，我国将加紧实施更加积极有为的宏观政策。 4月25日召开的中央政治局会议强调，要不断完善稳就业稳经济的政策工具箱。此前4月18日的国务院常 务会议已经研究了稳就业稳经济推动高质量发展的若干举措。 国家发改委副主任赵辰昕28日在国新办发布会上表示，稳就业稳经济推动高质量发展的若干举措包括五 方面内容：支持就业、稳定外贸、促进消费、积极扩大有效投资、营造稳定发展的良好环境。 赵辰昕表示，我国有丰富的政策储备和充分的政策空间，将加快实施稳就业稳经济若干举措，推动各项 政策尽快出台实施，更加注重提高政策落地效率和实施效果，确保直达群众和企业；加力推动既定政策 落地见效，包括提振消费专项行动、用好今年国家层面5万亿元投资资金、加快设立国家创业投资引导 基金等。这些政策大部分将在二季度落地，并不断强化政策取向一致性。 中国人民银行副行长邹澜在发布会上回答第一财经记者提问时表示，为了应对新的困难和挑战，央行将 从持续加大金融资源要素投入、更有针对性地拓宽民营企业多元化融资渠道、更大力度推动完善民营企 业融资配套机制三个方面继续做好民营企业金融服务工作。 发挥内需主动力作用 稳就业稳经济推动高质量发展的若 ...

Group 1 - The State Council is implementing policies to stabilize employment and promote high-quality economic development, including support for industrial software and investment in consumer infrastructure [1] - A total of over 160 billion yuan has been allocated for the consumption upgrade program, with an additional 140 billion yuan expected to be distributed, resulting in over 720 billion yuan in sales driven by the program [1] - The Ministry of Commerce plans to expand and enhance the consumption upgrade program and will initiate pilot reforms in automotive circulation [1] Group 2 - The Ministry of Human Resources and Social Security is implementing a "combination punch" of employment policies, including subsidies and training programs, with 66.7 billion yuan in central employment support funds already allocated [2] - The government aims to reduce unemployment and work injury insurance rates while enhancing public employment services [2]

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the resilience of China's foreign exchange market and plans to implement more proactive macroeconomic policies to support employment and growth amid recent fluctuations in the US Treasury market [1][2]. Foreign Exchange Market - The impact of fluctuations in a single market or asset on China's foreign exchange reserves is generally limited, as the reserves are diversified and managed with safety, liquidity, and value preservation in mind [1]. - China's foreign exchange reserves remain stable at over $3.2 trillion, supported by a balanced international payment situation and a resilient foreign exchange market [2]. Monetary Policy - The PBOC plans to maintain a moderately loose monetary policy, with potential adjustments to reserve requirement ratios and interest rates based on domestic and international economic conditions [3]. - The central bank aims to enhance financial support for key sectors such as technology innovation, green finance, and inclusive finance, while ensuring reasonable growth in money and credit [3]. Employment and Economic Growth - The PBOC will intensify support for employment through policies like entrepreneurship guarantee loans, particularly targeting groups such as returning migrant workers and recent graduates [4]. - Financial institutions will be guided to continue lending to small and medium-sized enterprises (SMEs) that are heavily reliant on foreign trade and facing temporary difficulties [4]. Support for Private Enterprises - The PBOC is committed to enhancing financial services for private enterprises, ensuring a favorable monetary environment through adequate liquidity and targeted financial support measures [5]. - The central bank will broaden financing channels for private enterprises, including expanding bond financing and improving access to foreign capital [6]. Data Insights - As of March 2025, the loan balance for privately held enterprises is approximately 45 trillion yuan, with an increase of 2.4 trillion yuan in the first three months of the year [6]. - The weighted average interest rate for new loans to privately held enterprises in March was about 3.41%, a decrease of 58 basis points compared to the same period last year [6].

文/《清华金融评论》 周茗一 国务院新闻办公室于2025年4月28日（星期一）上午10时举行新闻发布会，请国 家发展改革委副主任赵辰昕、人力资源社会保障部副部长俞家栋、商务部副部 长盛秋平、中国人民银行副行长邹澜介绍稳就业稳经济推动高质量发展政策措 施有关情况，并答记者问。 国家发展改革委副主任赵辰昕 表示，4月18日召开的国务院常务会议已就稳就业稳经济推动高质量发展的若干举措（下称若干举措），进行了研究。若干 举措与去年9月一揽子增量政策、中央经济工作会议和全国"两会"部署任务形成接续，是应对外部环境变化的重要举措，是落实党中央和国务院决策部署 的具体行动。 具体来看，若干举措具体包括五方面内容。 关于近期美国国债和美元汇率市场出现大幅振荡 中国人民银行副行长邹澜 表示，美国宣布对多个经济体大幅加征关税，严重侵犯各国正当权益，严重损害以规则为基础的多边治理体制，严重冲击全球 经济秩序，破坏全球经济长期稳定增长。同时，也引发了全球金融市场剧烈波动，投资者对美元资产的风险情绪上升，美元指数大幅下行，美债收益率上 升，美国股市波动加剧，全球资产组合在区域间重新配置。 在积极扩大有效投资方面，主要包括完善消费基础设 ...

Core Viewpoint - The People's Bank of China (PBOC) is committed to implementing a moderately loose monetary policy and is exploring additional policy tools to support economic growth and stabilize the market amid global financial volatility and trade tensions with the U.S. [1][8] Monetary Policy and Economic Support - The PBOC plans to maintain ample liquidity to create a favorable financial environment for the development of private enterprises [1][6] - The central bank emphasizes the importance of a diversified investment strategy for foreign exchange reserves, stating that fluctuations in single markets or assets have a limited impact on China's reserves [3][4] - The PBOC aims to enhance financial support for private enterprises, focusing on sectors such as technology, green economy, and consumption [6][9] Financial Market Stability - The PBOC is focused on strengthening the resilience of the foreign exchange market and stabilizing market expectations, while also addressing any disruptive market behaviors [4][5] - Recent data shows that the broad money supply (M2) reached 326 trillion yuan, with a year-on-year growth of 7%, indicating a stable financial system [8] - The PBOC is prepared to adjust monetary policy tools, including potential interest rate cuts and reserve requirement ratio reductions, to ensure liquidity remains sufficient [8][9] Support for Private Enterprises - The PBOC has introduced measures to enhance financial services for private enterprises, including the implementation of the "25 measures" to support the private economy [6][7] - As of March 2023, loans to privately held enterprises amounted to approximately 45 trillion yuan, with a year-on-year increase of 2.4 trillion yuan [7] - The PBOC is also working on improving the financing mechanisms for small and medium-sized enterprises, including the establishment of a credit information sharing platform [7]

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