2025年是"十四五"收官之年，国民经济延续稳中有进发展态势，经济社会发展主要目标顺利实现。全年 国内生产总值（GDP）同比增长5%。2月10日，人民银行发布2025年第四季度货币政策执行报告指出， 其坚决落实党中央、国务院决策部署，实施适度宽松的货币政策，在执行好存量货币政策的基础上，又 推出一揽子货币金融政策组合，强化逆周期调节，有效支持实体经济稳定增长和金融市场平稳运行。 2025年，人民银行多措并举实施适度宽松的货币政策。 一方面综合运用存款准备金率、公开市场操作等多种货币政策工具，保持流动性充裕。引导金融机构加 强项目储备和信贷投放，充分满足实体经济有效信贷需求。另一方面推动社会综合融资成本低位下行。 包括下调政策利率、结构性货币政策工具利率和个人住房公积金贷款利率，有力支持降低社会综合融资 成本。 此外，也在加大对重大战略、重点领域和薄弱环节的支持力度。丰富完善结构性货币政策工具体系，调 整优化信贷结构，支持做好金融"五篇大文章"。其中包括，增加科技创新和技术改造再贷款、支农支小 再贷款额度各3000亿元，创设5000亿元服务消费与养老再贷款、2000亿元科技创新债券风险分担工具。 从金融总量、价 ...

Core Viewpoint - The People's Bank of China emphasizes maintaining a stable RMB exchange rate while enhancing macro-prudential and financial stability measures [1] Group 1: Monetary Policy Framework - The report advocates for a market-based approach to monetary policy, utilizing a managed floating exchange rate system [1] - It highlights the importance of exchange rate flexibility to serve as an automatic stabilizer for the macro economy and international balance of payments [1] Group 2: Financial Stability Measures - The central bank aims to expand and enrich its macro-prudential and financial stability functions [1] - There is a focus on improving the toolbox for macro-prudential and financial stability management to maintain market stability [1] - The report stresses the commitment to preventing systemic financial risks [1]

Core Viewpoint - The People's Bank of China (PBOC) has established a Macro-Prudential and Financial Stability Committee to enhance the macro-prudential and financial stability framework, aiming to address financial risks and support economic stability [1] Group 1: Financial Risk Management - Financial risks in key areas have further receded, indicating effective risk management strategies [1] - Significant progress has been made in resolving debt risks associated with financing platforms [1] - The orderly disposal of financial risks in key institutions and regions is being prioritized [1] Group 2: Support for Financial Markets - The PBOC is committed to supporting the stable operation of capital markets and optimizing the use of policy tools to stabilize market expectations [1] - There is a focus on serious enforcement against illegal activities in the bond market [1] - The regulation of supply chain finance, including electronic invoices for accounts receivable, is being standardized [1] Group 3: Real Estate Sector - The macro-prudential management of real estate finance is being improved to support the development of new models in the real estate sector [1]

来源|中国证券报 图片来源：央行网站 会议指出，2025年政府工作报告科学提出了今年经济社会发展的总体要求、主要预期目标和宏观政策取向，全面部署了今年重点工作任务。 中国人 民银行要注重目标引领，把握政策取向，讲求时机力度，强化系统思维，为推动经济持续回升向好营造良好的货币金融环境。 一是实施好适度宽松的货币政策。平衡好短期与长期、稳增长与防风险、内部均衡与外部均衡、支持实体经济与保持银行体系自身健康性的关系。根据国 内外经济金融形势和金融市场运行情况，择机降准降息，综合运用公开市场操作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。进一步疏通货币政策传导渠道，完善利率形成和传导机制，推动社会综合融资成本下降。加强与市场沟通， 提升政策透明度。坚持市场在汇率形成中的决定性作用，强化预期引导，保持人民币汇率在合理均衡水平上的基本稳定。 二是加强重大战略、重点领域和薄弱环节的金融服务。科学运用各项结构性货币政策工具，引导金融机构加力支持科技金融、绿色金融、普惠小微、养老 金融等领域。研究创设新的结构性货币政策工具，重点支持科技创新领域的投融资、促进消费和稳 ...