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一财社论:促进物价合理回升成为央行重要考量
Di Yi Cai Jing· 2025-08-17 12:56
Group 1 - The core viewpoint emphasizes the need for monetary policy to target key areas and links, particularly in enhancing the survival and development foundation of market entities in the consumption sector, as well as sustaining consumer willingness and ability to consume [1][3] - The People's Bank of China (PBOC) has highlighted the importance of promoting a reasonable recovery of prices as a key consideration in monetary policy, aiming to maintain prices at a reasonable level to reflect economic activity [1][2] - Recent data shows that the Consumer Price Index (CPI) in July increased by 0.4% month-on-month, remaining flat year-on-year, indicating a need for efforts to achieve the government's target inflation rate of around 2% for the year [1][2] Group 2 - The PBOC has implemented multiple rounds of reserve requirement ratio (RRR) cuts and interest rate reductions to maintain ample liquidity and support consumption, which has positively contributed to stabilizing prices and avoiding deflation [2][3] - A recent initiative by the PBOC and other government bodies includes a 500 billion yuan service consumption and elderly care relending program to encourage financial institutions to increase support for key service consumption sectors [2][3] - The execution report stresses the need to lower financing costs for market entities and match the growth of social financing scale and money supply with economic growth and price level expectations [3][4] Group 3 - The report indicates that the average disposable income per capita in the first half of the year was 22,000 yuan, reflecting a nominal growth of 5.3% year-on-year, which provides a solid foundation for enhancing consumer financing demands [4] - Financial support policies are aimed at addressing low-price disorderly competition among enterprises, with a focus on promoting a unified national market and ensuring that subsidies are within reasonable limits [4] - The emphasis is placed on the need for enterprises to focus on creating real value rather than engaging in internal competition, which will naturally improve supply-demand relationships and support a reasonable price recovery [4]