Core Viewpoint - The article presents six policy recommendations aimed at promoting stable economic growth and addressing current economic challenges, including limited domestic demand, structural overcapacity, deflationary pressures, and unstable expectations [1][4][8]. Group 1: Policy Recommendations - Recommendation 1: Advance the government investment and financing quotas for the next year to utilize fiscal resources effectively, with an expected increase in local special bond quotas to over 4.5 trillion yuan, suggesting an early allocation of 1.5-2 trillion yuan [9][10]. - Recommendation 2: Continue to release positive signals through monetary policy, potentially lowering the reserve requirement ratio by 0.5% and interest rates by 0.2% in the fourth quarter, while considering the resumption of government bond purchases [11][12]. - Recommendation 3: Lower the operational thresholds for two monetary policy tools supporting the capital market and standardize the operations of the Central Huijin Investment Company [12][13]. - Recommendation 4: Further reduce mortgage rates and optimize personal housing tax policies, including a suggested 25 basis point reduction in long-term housing provident fund loan rates [14][15]. - Recommendation 5: Increase the consumption subsidy for replacing old goods by 100 billion yuan and expand the subsidy scope to include various consumer goods [16][17]. - Recommendation 6: Strengthen fiscal and financial support, optimize tax refund services, enhance trade facilitation, and provide assistance to foreign trade enterprises and unemployed individuals [18][19][20]. Group 2: Economic Challenges - Domestic demand remains limited, with fixed asset investment growth slowing to 0.5% year-on-year from January to August, and infrastructure investment declining by 2.0% [4][5]. - The real estate market continues to face challenges, with a year-on-year drop in national commercial housing sales area of 11% in August, and real estate investment down by 12.9% from January to August [5][6]. - Credit growth is notably weak, with a decrease in credit balance for the first time since 2005, and new credit issuance in August at 590 billion yuan, below last year's already low levels [6][7]. - Deflationary pressures persist, with the Consumer Price Index (CPI) falling to -0.4% year-on-year in August, and the Producer Price Index (PPI) at -2.9% [7].

对于今年以来汇率市场的波动，周景彤表示，人民币汇率先升后贬，总体在合理的区间波动。随着经济 运行态势的稳步向好，人民币对美元汇率今年呈现出波动升值的态势，3月中旬一度升到7.20附近，但 近期受到美国所谓"对等关税"等因素的影响，人民币对美元汇率跌到7.34，随后回稳，近期在7.30左右 小幅波动。 周景彤认为，虽然中国经济在一季度表现良好基础预期，但是未来面临的外部环境更趋严峻和复杂，经 济回升面临更多的不确定性。在这样的背景下，金融需要进一步加大对稳增长以及外贸等领域的支持， 并做好风险防范工作。具体来说，有"四个瞄准"。 一是瞄准稳增长，适时降准降息，着力对冲宏观经济面临外部的冲击和下行风险。 二是瞄准市场稳定，有效防范外部冲击，防范系统性金融风险。特别要密切关注美国加征关税最新进 展，以及由此带来对中国经济、外贸、投资和金融等领域的冲击，加大政策储备和预案，警惕跨境资本 流动的外溢效应，保持人民币汇率在合理区间波动。综合运用结售汇、调期、期权等金融工具，帮助企 业有效应对和分散汇率市场风险。 （原标题：中国银行周景彤：金融需要进一步加大对稳增长和外贸等领域的支持） 4月16日，国家统计局发布的数据显示 ...