Core Insights - The People's Bank of China emphasizes the importance of promoting reasonable price recovery as a key consideration for monetary policy, aiming to maintain prices at a reasonable level [1][2] - The report highlights a shift in macroeconomic policy focus from investment to a balanced approach between consumption and investment, with a stronger emphasis on consumption [1] - The report identifies boosting consumption as a critical point for expanding domestic demand and stabilizing growth, noting that China's final consumption expenditure as a percentage of GDP is lower compared to countries like the US and Japan [1] Group 1: Monetary Policy and Economic Strategy - The report suggests that promoting reasonable price recovery requires balancing supply and demand, with a focus on expanding effective demand [2] - Experts indicate that price levels are primarily determined by supply and demand relationships, with monetary factors being secondary; current monetary growth is outpacing economic growth, yet prices remain low [2] - The report outlines the need for the implementation of a recently introduced financial support package to enhance monetary policy effectiveness and stabilize prices [2] Group 2: Fiscal Policy and Government Debt - The report notes an increase in fiscal support this year, with a faster issuance of new local special bonds [1] - It compares government debt levels in China with those in the US and Japan, suggesting that China's debt expansion remains sustainable due to substantial state assets and low government debt levels [1] - Experts recommend that future fiscal policies should adjust spending structures to focus more on areas that stimulate consumption, such as elderly care, childcare, and healthcare services [1]

中国人民银行（下称"央行"）5月9日发布《2025年第一季度中国货币政策执行报告》（下称《报告》）， 回顾了今年一季度货币信贷情况与政策操作，并分析当前经济金融形势，明确下一阶段政策取向。 本次《报告》有多篇专栏从不同角度体现出宏观政策思路的转变，明确指出提振消费是当前扩内需稳增长的关 键点；对比中美日政府债务情况，中国政府债务扩张仍有可持续性；促进物价合理回升，需要推动经济供需平 衡，关键在于扩大有效需求。《报告》还在专栏中指出要加强债券市场建设。 对于世界经济金融形势，《报告》指出，全球经济增长动能趋弱，国别分化日趋明显。美关税政策推升全球衰 退风险，发达经济体物价涨幅回落，但未来上涨压力依然存在。对于中国宏观经济形势，《报告》预计，物价 水平有望保持低位回升态势。随着扩大内需政策落地显效，市场需求加快释放，将更好支撑物价水平温和回 升。 在下一阶段政策取向上，《报告》提出，积极落地5月推出的一揽子金融政策。把促进物价合理回升作为把握 货币政策的重要考量，推动物价保持在合理水平。畅通货币政策传导机制，进一步完善利率调控框架，持续强 化利率政策的执行和监督，降低银行负债成本，推动社会综合融资成本下降。 一季 ...

Group 1: Monetary Policy and Consumption - The central bank's report emphasizes that boosting consumption is a key point for expanding domestic demand and stabilizing growth, with signs of gradual recovery in consumption growth [2][3] - The central bank plans to increase low-cost funding support for key consumption sectors and develop guiding documents for financial support to enhance consumer finance services [2][3] - The report indicates that China's final consumption expenditure as a percentage of GDP is lower compared to countries like the US and Japan, suggesting significant potential for increasing consumption's contribution to economic growth [2] Group 2: Government Debt and Fiscal Policy - The report highlights that China's broad government total assets are equivalent to 166% of GDP, while total liabilities are 75% of GDP, indicating a net asset position of 91% of GDP [5][6] - The sustainability of government debt is supported by substantial state-owned assets and a relatively low level of government liabilities, allowing for continued debt expansion [6][7] - Increased fiscal support has been noted, with local governments issuing nearly 1 trillion yuan in new special bonds in the first quarter, effectively boosting investment and market confidence [8] Group 3: Supply and Demand Dynamics - The central bank discusses the need to promote reasonable price recovery by balancing supply and demand, with a focus on expanding effective demand [9] - Current low price levels are influenced by multiple factors, including persistent downward pressure on consumption and significant investment contraction in traditional sectors [9][10] - Experts suggest that price management should shift from preventing "price gouging" to preventing "low-price dumping," emphasizing the importance of quality over quantity in competition [11]

2025.05. 09 本文字数：2218，阅读时长大约4分钟 作者 | 第一财经 杜川 去年10月，中国人民银行行长潘功胜在金融街论坛上表示，宏观经济政策的作用方向应从过去的更 多偏向投资，转向消费与投资并重，并更加重视消费。 5月9日，央行发布的《2025年一季度中国货币政策执行报告》（下称"报告"）有多篇专栏从不同角 度体现出宏观政策思路的转变。 例如，专栏2聚焦支持提振和扩大消费，体现了宏观政策更加注重促消费；专栏5则从政府部门资产 负债表的角度对比了中美日三国政府债务情况；专栏6指出，促进物价合理回升，需要推动经济供需 平衡，关键在于扩大有效需求。 提振消费是扩内需关键点 提振消费是当前扩内需稳增长的关键点。中央经济工作会议将"大力提振消费、提高投资效益，全方 位扩大国内需求"列为2025年工作的首要重点任务。 当前，我国广义政府总资产相当于GDP的166%，总负债相当于GDP的75%，净资产约占GDP的 91%，且资产主要为具有较好增长性的国有企业股权。 业内人士认为，我国政府债务扩张有相应的资产支撑，这对于加强民生保障、完善收入分配、推动经 济转型和动态平衡都有重要意义。 今年以来，我国财政支持 ...

报告显示，人民银行继续坚持支持性的政策立场，实施适度宽松的货币政策，灵活开展公开市场操作， 综合运用各类总量和结构性政策工具，保持流动性充裕，人民币汇率在复杂形势下保持基本稳定，金融 市场运行整体平稳。 适度宽松的货币政策将持续发力 市场人士表示，在各项货币政策支持下，货币信贷合理增长，社会综合融资成本稳步下行，信贷结构进 一步优化，持续多年、多次降准降息的累积效应不断显现，社会融资环境总体处于较为宽松状态。 报告显示，新的政策信号不断释放，一是进一步加大支持实体经济力度，二是支持扩大消费，三是有力 应对外部冲击。 【导读】遭受外部冲击关键时点，货币政策积极作为 专家对此表示，美国关税政策对全球经济金融秩序带来明显冲击，报告多次提及"关税政策"，显示政策 层面对此高度关注，宏观政策已在积极应对、重点发力，稳定外贸也将成为未来政策支持的一个重要方 向。 另一方面，在外需对经济增长的支撑作用趋弱的背景下，提振消费成为当前扩内需、稳增长的关键点。 报告对此进行了专题论述，服务消费与养老再贷款也于近日正式推出。市场预计，未来服务领域的消费 潜力有望进一步激发。 中国基金报记者 李树超 张玲 5月9日，央行官网发布的2 ...

威廉姆斯表示："如今，无论经济冲击、政府政策变化，还是全球化与去全球化的波动如何，央行都认 识到维持物价稳定是它们的职责：它们是物价稳定的捍卫者。"他补充道，通过有效履行其使命，"央行 赢得了公众的信任"。 尽管失业率上升和通胀风险加剧，美联储官员本周仍决定维持基准利率不变。政策制定者正在等待更明 确的数据，以评估大规模关税措施对经济的实际影响。 纽约联储主席威廉姆斯表示，将通胀预期稳定在政策制定者目标附近是央行工作的"基石"。 威廉姆斯在准备于冰岛雷克雅未克会议上发表的讲话稿中指出，对央行官员而言，一个"关键教训"就 是"保持良好锚定的通胀预期的重要性，特别是在不确定性极高时期"。 威廉姆斯此番表态正值美联储面临其双重使命——维持物价稳定和实现充分就业——可能产生冲突的关 键时刻。根据纽约联储最新调查，4月美国消费者对中期通胀预期急剧上升，同时家庭对就业市场的看 法也趋于悲观。 与此同时，美国总统特朗普正持续向政策制定者施压，要求通过降息来抵消关税政策对经济增长和劳动 力市场的负面影响。 威廉姆斯的言论表明，他特别关注美联储使命中的通胀管理职责。这与美联储主席鲍威尔近期表态相呼 应。鲍威尔曾强调，没有价格稳 ...

Group 1 - The core viewpoint of the report emphasizes the shift in macroeconomic policy towards boosting consumption as a key point for expanding domestic demand and stabilizing growth [1][3] - The report highlights the effectiveness of counter-cyclical monetary policy in the first quarter, with a supportive stance leading to reasonable growth in money credit and a stable financial market [2][3] - The report indicates that the Chinese government's debt expansion remains sustainable compared to the debt situations in the US and Japan, given the large state-owned assets and low government debt levels [3][4] Group 2 - The report outlines a comprehensive financial policy package announced on May 7, which includes measures such as reserve requirement ratio cuts and interest rate reductions to stabilize market expectations and support domestic demand [2][7] - It stresses the importance of enhancing the bond market's construction and efficiency, addressing the need for improved pricing efficiency and risk management capabilities [5][6] - The report calls for a balanced approach to monetary policy, focusing on maintaining reasonable growth in financing and money supply while ensuring the stability of the RMB exchange rate [8][9]

中国人民银行（下称"央行"）5月9日发布《2025年第一季度中国货币政策执行报告》（下称《报告》），回顾了今年一季度货币信贷情况与政策操作，分 析当前经济金融形势，明确下一阶段政策取向。 本次《报告》有多篇专栏从不同角度体现出宏观政策思路的转变，明确指出提振消费是当前扩内需稳增长的关键点；对比中美日政府债务情况，中国政府债 务扩张仍有可持续性；促进物价合理回升，需要推动经济供需平衡，关键在于扩大有效需求。《报告》还在专栏中指出要加强债券市场建设。 对于世界经济金融形势，《报告》指出，全球经济增长动能趋弱，国别分化日趋明显。美关税政策推升全球衰退风险，发达经济体物价涨幅回落，但未来上 涨压力依然存在。对于中国宏观经济形势，《报告》预计，物价水平有望保持低位回升态势。随着扩大内需政策落地显效，市场需求加快释放，将更好支撑 物价水平温和回升。 在下一阶段政策取向上，《报告》提出，积极落地5月推出的一揽子金融政策。把促进物价合理回升作为把握货币政策的重要考量，推动物价保持在合理水 平。畅通货币政策传导机制，进一步完善利率调控框架，持续强化利率政策的执行和监督，降低银行负债成本，推动社会综合融资成本下降。 一季度货币政 ...

Group 1 - The core viewpoint emphasizes the shift in macroeconomic policy from focusing on high prices to managing low prices, supporting quality development over scale expansion, and preventing disorderly competition instead of monopolies [1][7] - The People's Bank of China (PBOC) is prioritizing consumption alongside investment to stimulate economic growth, as indicated in the recent monetary policy report [1][2] - The report highlights the need for a financial product and service system that aligns with consumer demand to enhance consumption and create a virtuous cycle between consumption and finance [2][3] Group 2 - The report indicates that the Chinese government's debt is manageable, with total assets equivalent to 166% of GDP and total liabilities at 75% of GDP, suggesting a strong fiscal position to support economic initiatives [4] - There is a call for fiscal policy to focus more on areas that have a direct impact on consumption, such as elderly care, childcare, and healthcare services [4][5] - The report notes that the government has increased fiscal support significantly, with local special bond issuance reaching nearly 1 trillion yuan in the first quarter, which has positively influenced investment and confidence [4] Group 3 - The report stresses the importance of balancing supply and demand to promote reasonable price recovery, addressing deep-seated structural issues in the economy [6][8] - Experts suggest that price levels are primarily determined by supply and demand dynamics, with monetary factors being secondary; thus, increasing money supply alone will not resolve low price levels [7] - The PBOC plans to implement a moderately loose monetary policy to ensure that the growth of social financing and money supply aligns with economic growth and price level expectations [8]

以下是报告的核心内容： // 经济长期向好的趋势未变 // 今年宏观经济政策协同发力，经济向好。一季度GDP同比增长5.4%，社会信心提升，高质量发展取得 进展，经济开局良好。 央行实施适度宽松货币政策，保持流动性充裕，推动社会融资成本下降，优化信贷结构，稳定汇率，加 强风险防范。金融总量平稳增长，3月末社会融资规模存量、广义货币M2同比分别增长8.4%和7.0%， 人民币贷款余额达265.4万亿元。融资成本处于历史低位，信贷结构优化，人民币汇率稳定。 报告分析了当前经济形势，认为 外部冲击影响加大，全球经济增长动能不足，贸易保护主义抬头，地 缘冲突持续 ，我国经济回升向好的基础需进一步稳固。但我国有超大规模市场、完备产业体系、丰富 人才资源等优势，经济长期向好的趋势未变。 5月9日，央行发布2025年一季度《中国货币政策报告》，总结一季度货币政策执行情况，并对未来货币 政策方向进行展望。 具体而言， 一是落实好适度宽松的货币政策 ，为扩大消费营造良好金融环境。综合运用准备金、再贷 款再贴现、公开市场操作等多种政策工具，保持流动性充裕。探索运用结构性货币政策工具，加大消费 重点领域低成本资金支持。 二是出台金 ...