Core Viewpoint - The People's Bank of China (PBOC) has implemented significant liquidity measures in August, indicating a strategic approach to stabilize the financial system and support credit growth [1] Group 1: Central Bank Operations - In August, the PBOC injected 600 billion yuan through the Medium-term Lending Facility (MLF) while withdrawing 300 billion yuan, resulting in a net injection of 300 billion yuan [1] - The net withdrawal of 160.8 billion yuan through the Pledged Supplementary Lending (PSL) suggests a positive economic growth trend and a shift in the funding demand structure from the real economy [1] - The PBOC did not conduct any public market transactions involving government bonds in August, focusing instead on reverse repos with a net injection of 300 billion yuan [1]

不同于一般的商业性金融，政策性金融在市场作用不充分的领域积极发挥作用，发挥出"准财政"工具职 能。2022年，3家政策性金融机构创设并投放约7400亿元的政策性、开发性金融工具，带动各银行为金 融工具支持的项目累计授信额度超3.5万亿元，金融杠杆效应和投资拉动效应显著。随着今年4月中央政 治局会议时隔3年再次部署设立新型政策性金融工具，市场开始期待重点领域和薄弱环节获得更大力度 的金融支持。 5月7日以来，"一行一局一会"集中发布一揽子金融政策措施，目前政策效果正持续显现。"服务消费与 养老再贷款等结构性货币政策工具实际上发挥了类似政策性金融工具的作用。"南开大学金融发展研究 院院长田利辉对证券时报记者说，尽管现有政策已取得一定成效，但考虑到国内外经济形势的复杂性， 仍有必要设立新型政策性金融工具。 一揽子金融政策措施并非本轮逆周期调节政策的终点。中国人民银行行长潘功胜在5月7日召开的国新办 新闻发布会上指出，未来根据经济金融运行情况和各项工具使用效果，可创设新的政策工具。部分券商 研究机构预计，二季度将是新型政策性金融工具落地的窗口期。 浙商证券宏观联席首席分析师廖博在接受记者采访时表示，4月以来外部不稳定 ...

Core Viewpoint - The People's Bank of China (PBOC) has resumed the use of pledged supplementary loans (PSL) with a net increase of 350 billion yuan in December 2023, indicating a targeted approach to support key economic sectors and social development [1][2]. Group 1: PSL Overview - PSL was established in 2014 to provide long-term financing to financial institutions for key areas of the national economy, with a focus on specific projects such as affordable housing and major infrastructure [1]. - The PSL balance reached a peak of 3.5979 trillion yuan in November 2019, followed by a decline, but saw a resurgence in 2022, surpassing 3 trillion yuan again [1]. Group 2: Economic Implications - Experts suggest that the recent PSL increase is both reasonable and necessary due to ongoing pressures in the real estate sector and the need for funding in infrastructure projects [2]. - The PSL funding is expected to positively impact economic growth, with projections indicating that an additional 500 billion yuan could boost annual fixed asset investment growth by 0.5 to 0.7 percentage points [2]. - The focus of PSL funding in 2024 is likely to be on urban village renovations and affordable housing construction [2].

Core Insights - The introduction of new policy financial tools is approaching, with various regions conducting training sessions to prepare for their implementation [1][2][3] Group 1: Policy Financial Tools - New policy financial tools are expected to play a crucial role in stabilizing domestic investment, particularly in technology innovation and consumer infrastructure [3][4] - The National Development and Reform Commission (NDRC) aims to address capital shortages for project construction by establishing new policy financial tools by the end of June 2025 [2][4] - In 2022, policy development financial tools supported over 2,700 major projects across various sectors, with a total investment of 740 billion yuan [2][4] Group 2: Project Selection and Coordination - A coordinated mechanism for selecting and recommending projects for new policy financial tools is essential, focusing on projects that benefit both current and long-term goals [4][6] - The NDRC will lead the organization of project applications, ensuring that selected projects align with policy directions and are ready for implementation [4][6] - Local governments are encouraged to prepare projects that meet the criteria for new policy financial tools, ensuring quick execution once funding is available [6] Group 3: Expected Investment Impact - The new policy financial tools are projected to mobilize approximately 500 billion yuan, potentially leading to an effective investment of 6 trillion to 6.5 trillion yuan [6] - The People's Bank of China is expected to support policy banks through targeted liquidity tools, enhancing funding for key infrastructure projects [5][6]