增加支农支小再 贷款3000亿元！ 一揽子金融政策 即将落地_南方 +_南方plus 5月7日，国新办 举行"一揽子金 融政策支持稳市 场稳预期"有关 情况新闻发布 会，中国人民银 行、国家金融监 督管理总局、中 国证券监督管理 委员会主要负责 人出席发布会并 答记者问。 人民银行 宣布降准降息 增加支农支小再 贷款额度3000亿 元 今年以来，我国 各项宏观金融数 据反响不错，货 币信贷呈现 出"数量增加、 价格下降、结构 优化"的运行特 征。一季度末， 社会融资规模同 比增长8.4%、贷 款同比增长 7.4%，广义货币 供应量（M2） 保持在7%左右 第一，降低存款 准备金率0.5个 百分点，预计将 向市场提供长期 流动性约1万亿 元。 平稳增长，明显 高于名义经济增 速。同时，社会 融资成本保持低 位，普惠小微、 制造业中长期、 科技型中小企业 等贷款增速均快 于全部贷款增 速，信贷结构进 一步优化。 中国人民银行行 长潘功胜说，为 贯彻中央政治局 会议精神，进一 步实施好适度宽 松的货币政策， 人民银行将加大 宏观调控强度， 推出一揽子货币 政策措施，主要 有三大类共十项 措施。 第二，完善存款 准备 ...

Core Viewpoint - The People's Bank of China (PBOC) announced a reduction in the reserve requirement ratio by 0.5 percentage points and a decrease in the policy interest rate by 0.1 percentage points, aiming to provide approximately 1 trillion yuan in long-term liquidity to the market and support economic stability [2][4]. Group 1: Monetary Policy Changes - The PBOC lowered the reserve requirement ratio by 0.5 percentage points, which is expected to inject about 1 trillion yuan into the banking system, enhancing credit availability [2][4]. - The policy interest rate was reduced from 1.5% to 1.4%, which is anticipated to lead to a corresponding decrease in the Loan Prime Rate (LPR) by approximately 0.1 percentage points [2][4]. Group 2: Economic Implications - The simultaneous implementation of these monetary policy measures indicates a shift towards a more accommodative monetary stance aimed at stabilizing growth [4]. - The chief macro analyst from Dongfang Jincheng predicts that the overall policy interest rate reduction for the year could reach 0.6 percentage points, with a total reserve requirement reduction of 1 percentage point, maintaining a similar level to the previous year [4].

从消息面上看，令海内外市场集体大涨的主要原因有两个：一是何立峰副总理作为中美经贸中方牵头 人，将在访问瑞士期间，与美方牵头人美国财长贝森特举行会谈。市场倾向于认为，这是一个积极的开 始；二是国务院新闻办公室于今日上午9时举行新闻发布会，中国人民银行、国家金融监督管理总局、 中国证券监督管理委员会负责人介绍"一揽子金融政策支持稳市场稳预期"有关情况，并答记者问。市场 对于此次会议有较为积极的预期。所以，昨晚在美股大跌之时，A50和恒指期货表现都非常强劲。 中国人民银行将推出10项政策加大宏观调控强度 中国人民银行行长潘功胜7日在国新办新闻发布会上表示，中国人民银行将加大宏观调控强度，推出10 项政策，进一步实施好适度宽松的货币政策，推动经济高质量发展。 潘功胜介绍，一揽子货币政策措施包括以下10项： 第一，降低存款准备金率0.5个百分点，预计将向市场提供长期流动性约1万亿元。 第二，完善存款准备金制度，阶段性将汽车金融公司、金融租赁公司的存款准备金率，从目前的5%调 降至0%。 第三，下调政策利率0.1个百分点，即公开市场7天期逆回购操作利率从目前的1.5%调降至1.4%，预计将 带动贷款市场报价利率（LPR） ...

Core Viewpoint - The Chinese government is implementing a comprehensive set of financial policies aimed at stabilizing the market and managing expectations, with a focus on monetary easing and regulatory adjustments to support economic growth and market stability [1][3]. Monetary Policy Measures - The People's Bank of China (PBOC) will lower the reserve requirement ratio (RRR) for financial institutions by 0.5 percentage points, providing approximately 1 trillion yuan in long-term liquidity to the market, reducing the average RRR from 6.6% to 6.2% [6]. - The PBOC emphasizes a moderately loose monetary policy characterized by ample liquidity, low financing costs, and a supportive overall monetary environment, having implemented multiple RRR and interest rate cuts in recent years [6]. Financial Regulatory Policies - The National Financial Regulatory Administration plans to introduce eight incremental policies, including: - Accelerating the development of financing systems compatible with new real estate models to stabilize the real estate market [7]. - Expanding the scope of long-term investment trials for insurance funds to inject more capital into the market [8]. - Adjusting regulatory rules to lower the investment risk factors for insurance companies in the stock market, thereby supporting capital market stability [9]. - Implementing a comprehensive policy package to support financing for small and private enterprises [9]. - Developing policies to support foreign trade and assist businesses affected by tariffs [10]. Capital Market Support - The China Securities Regulatory Commission (CSRC) is committed to reinforcing market stability and will support the Central Huijin Investment Company in acting as a stabilizing fund, enhancing the effectiveness of monetary policy tools for capital markets [12]. - The CSRC will also introduce a high-quality development action plan for public funds, focusing on aligning fund performance with investor interests and optimizing fee structures [13]. Economic Outlook - The CSRC asserts that A-share listed companies possess strong resilience and adaptability, with nearly 90% of their revenue derived from domestic markets, indicating a solid foundation for performance growth despite external challenges [14]. - The CSRC emphasizes confidence in the stability and healthy development of the Chinese stock market, supported by reliable economic growth, macro policies, and institutional safeguards [15].

Monetary Policy Measures - The People's Bank of China (PBOC) will implement a package of monetary policy measures to stabilize the market and expectations, including a 0.5% reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity [10][12][14] - The policy interest rate will be lowered by 0.1%, with the 7-day reverse repurchase rate decreasing from 1.5% to 1.4%, which is anticipated to lead to a similar decline in the Loan Prime Rate (LPR) [10][14][35] - Structural monetary policy tool rates will be reduced by 0.25%, including rates for various special structural tools and re-lending rates for agriculture and small enterprises, from 1.75% to 1.5% [10][14][45] Financial Regulatory Policies - The National Financial Regulatory Administration will introduce eight incremental policies, including accelerating the introduction of financing systems compatible with new real estate development models to stabilize the real estate market [20][21] - There will be an expansion of the pilot scope for long-term investment by insurance funds to introduce more incremental capital into the market [20][22] - Policies will be adjusted to lower the investment risk factors for insurance companies in the stock market, supporting a stable and active capital market [20][23] Support for Enterprises - A comprehensive policy package will be launched to support financing for small and private enterprises, enhancing the financing coordination mechanism to stabilize businesses and the economy [20][24] - Specific measures will be implemented to assist foreign trade development, providing precise services to market entities significantly affected by tariffs [20][25] Capital Market Development - The China Securities Regulatory Commission (CSRC) will promote high-level opening of the capital market, including expanding institutional access and optimizing the Qualified Foreign Institutional Investor (QFII) system [20][26][51] - The CSRC will enhance product supply by promoting futures and options for qualified foreign investors and deepening the opening of the bond market [20][26][52] - Measures will be taken to support the return of quality Chinese concept stocks to domestic and Hong Kong markets, while protecting investors' legal rights [20][26][52] Fund Management Reforms - The upcoming public fund reforms will focus on strengthening the alignment of interests between fund managers and investors, optimizing the fee structure, and enhancing the stability of fund investment behavior [20][26][37] - The reforms will also emphasize improving investor service capabilities and promoting the growth of equity funds [20][26][39]

Group 1 - The People's Bank of China announced a set of 10 policies aimed at enhancing macroeconomic control and promoting high-quality economic development through a moderately loose monetary policy [4][5] - The policies include a 0.5 percentage point reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity to the market [5] - The policy interest rate will be lowered by 0.1 percentage points, with the 7-day reverse repurchase rate decreasing from 1.5% to 1.4%, which is anticipated to lead to a similar decline in the Loan Prime Rate (LPR) [5][6] Group 2 - An increase of 3 trillion yuan in the re-lending quota for technological innovation and technical transformation, raising it from 5 trillion yuan to 8 trillion yuan [7] - The establishment of a 5 trillion yuan re-lending facility for service consumption and elderly care, aimed at encouraging banks to increase credit support in these areas [7] - The introduction of eight incremental policies by the National Financial Regulatory Administration to stabilize the real estate market and support small and micro enterprises [8][9] Group 3 - The China Securities Regulatory Commission plans to implement a series of financial policies to stabilize the market and expectations, including reforms to public funds to better align with investor interests [16][17] - The reforms will focus on optimizing the fee structure for actively managed equity funds, ensuring that poorly performing funds charge lower management fees [17] - The commission emphasizes the resilience of A-share listed companies, with nearly 90% of their revenue coming from domestic markets, which supports the overall performance of these companies [17]

权威专家表示，本次降息是积极贯彻落实中央政治局会议要求的体现。4月25日中央政治局会议要求"加 紧实施更加积极有为的宏观政策，用好用足更加积极的财政政策和适度宽松的货币政策""适时降准降 息，保持流动性充裕，加力支持实体经济"。央行行长潘功胜在国新办新闻发布会上宣布降息，充分体 现了适度宽松的货币政策立场，是支持稳就业、稳企业、稳市场、稳预期的有力举措。"降息充分体现 逆周期调节力度加大。"上述专家表示，本次降息不仅政策利率下降，支农支小再贷款利率、住房公积 金贷款利率等也一同降低。预计政策利率下降将引导贷款市场报价利率(LPR)和存款利率同步下行，有 利于保持商业银行净息差的稳定，同时通过利率传导，有效降低实体经济综合融资成本，巩固经济基本 面。(中证金牛座) ...

降息充分体现逆周期调节力度加大。本次降息不仅政策利率下降，支农支小再贷款利率、住房公积金贷款利 率等也一同降低。预计政策利率下降将引导贷款市场报价利率（LPR）和存款利率同步下行，有利于保持商业 银行净息差的稳定，同时通过利率传导，有效降低实体经济综合融资成本，巩固经济基本面。 此外，降低住房公积金贷款利率有助于支持消费。此前，中办、国办印发的《提振消费专项行动方案》已提 出"适时降低住房公积金贷款利率"。降低住房公积金贷款利率0.25个百分点，是人民银行推动提振消费政策措 施落地见效的有力举措。 其中降准降息措施引发不少关注。更细化来看，包括降低存款准备金率0.5个百分点，预计将向市场提供长期 流动性约1万亿元；完善存款准备金制度，阶段性将汽车金融公司、金融租赁公司的存款准备金率从目前的5% 调降为0%；下调政策利率0.1个百分点，即公开市场7天期逆回购操作利率从目前的1.5%调降至1.4%，预计将 带动贷款市场报价利率（LPR）同步下行约0.1个百分点。 此外还将下调结构性货币政策工具利率0.25个百分点，包括：各类专项结构性工具利率、支农支小再贷款利 率，都从目前的1.75%降至1.5%，这些工具利率是 ...

Core Viewpoint - The People's Bank of China (PBOC) is increasing the re-lending quota for technological innovation and technological transformation from 500 billion to 800 billion yuan, continuing to support the implementation of the "two new" policies [1][4]. Group 1: Monetary Policy and Economic Support - The PBOC is implementing a moderately loose monetary policy and enhancing counter-cyclical adjustments to support high-quality economic development [4]. - Macro financial data has shown positive trends this year, with monetary credit exhibiting characteristics of "increased volume, decreased price, and optimized structure" [4][5]. - The domestic financial market has remained resilient despite external shocks, with the PBOC committed to maintaining stability in financial markets including the foreign exchange, bond, and stock markets [5]. Group 2: Support for Technological Innovation - The PBOC is creating a risk-sharing tool for technology innovation bonds, providing low-cost re-lending funds to purchase these bonds, and collaborating with local governments and market-based credit enhancement institutions to mitigate default risks [5]. Group 3: A-Share Market Resilience - A-share listed companies have demonstrated strong resilience and adaptability, with nearly 90% of their revenue coming from domestic markets [6]. - In the first quarter, net profits of listed companies grew by 3.6%, with profits from real economy companies increasing by 4.3% [6]. Group 4: Regulatory Environment and Market Confidence - Over 350 listed companies have announced repurchase and increase plans since April 7, reflecting confidence in their value and development [7]. - The China Securities Regulatory Commission (CSRC) aims to enhance market functions while providing regulatory support to help affected companies cope with tariff impacts [7][8].

将科技创新和技术改造再贷款额度从5000亿元增加至8000亿元。 为进一步实施好适度宽松的货币政策、推动经济高质量发展，人民银行将加大宏观调控强度，推出一揽子货币政策措施，其中包括降准降息、创 设并加力实施结构性货币政策工具等。 5月7日，国务院新闻办举行新闻发布会介绍"一揽子金融政策支持稳市场稳预期"有关情况。 人民银行行长潘功胜在发布会上回答第一财经记者提问时表示，这次创设并加力实施系列结构性货币政策工具，既有数量的增加，也有价格的优 惠，更好发挥了结构性货币政策工具的牵引和带动作用。 未来，根据经济金融运行情况和各项工具使用效果，还可以扩大工具规模、完善工具政 策要素，或者创设新的政策工具。 三是将科技创新和技术改造再贷款额度从5000亿元增加至8000亿元。这项工具是2024年4月由人民银行会同发改委、科技部等部门设立，初始额度 5000亿元，有力地支持了科技型中小企业及重点领域技术改造和设备更新。这次将再贷款额度增加3000亿元，增加到8000亿元，支持"两新"政策 加力扩围。 四是增加支农支小再贷款额度3000亿元。增加后，人民银行对金融机构的支农支小再贷款总额度将达到3万亿元，叠加本次再贷款利率 ...