【大河财立方消息】9月30日，上海清算所发布通知，为贯彻落实中央决策部署和中国人民银行工作要求，用好用足存量政策，加力 实施增量政策，推动社会综合融资成本下行，银行间市场清算所股份有限公司自2025年10月1日至2026年9月30日，继续全额减免所有 债券的发行登记费，同步降低所有债券的付息兑付服务费率50%。 此外，自2025年10月1日至2030年9月30日全额减免金融债券的付息兑付服务费。 责编:李文玉 | 审核:李震 | 监审:古筝 ...

■ 编者按 当前我国经济保持稳进态势。面对复杂严峻的外部环境和风险挑战，宏观政策将持续发力、适时加力。 本报今起推出"宏观政策瞭望"栏目，跟踪政策新进展，剖析政策新动向，展望经济新变化。 ● 本报记者 彭扬 8月5日发布的《关于金融支持新型工业化的指导意见》提出，发挥结构性货币政策工具激励作用。面对 严峻复杂的国内外经济环境，如何落实落细适度宽松的货币政策，结构性货币政策工具将在哪些领域重 点发力，备受投资者关注。 突出主线 精准滴灌 结构性工具是货币政策精准支持特定经济领域和薄弱环节的重要手段。在7月中旬国新办举行的新闻发 布会上，人民银行副行长邹澜表示，下一步，结构性货币政策工具将继续坚持"聚焦重点、合理适度、 有进有退"的原则，突出支持科技创新、提振消费等主线。 创设服务消费与养老再贷款，增加科技创新和技术改造再贷款和支农支小再贷款额度各3000亿元，下调 支农支小再贷款和各个专项结构性货币政策工具利率0.25个百分点……围绕支持重大战略、重点领域和 薄弱环节，人民银行在运用结构性货币政策工具方面动作颇多。 政策效果如何？数据给出答案：截至2025年5月末，银行和企业签订的科技创新和技术改造贷款金额达 ...

Group 1 - The new credit reporting service fee standards will save users approximately 1.1 billion yuan annually starting from July 1 [1] - From July 1, 2025, the baseline service fee for commercial banks querying corporate credit reports will decrease from 20 yuan to 9 yuan, and for personal credit reports from 2 yuan to 1 yuan [1] - Certain financial institutions, including rural commercial banks and consumer finance companies, will benefit from preferential pricing, with corporate credit report fees set at 4.5 yuan and personal credit report fees at 0.5 yuan [1] Group 2 - Individuals can query their credit reports for free online, and the first two queries at a physical counter are also free, with subsequent queries reduced from 10 yuan to 5 yuan [2] - The fee for accounts receivable pledge registration will be halved from 30 yuan to 15 yuan, and other registration fees will also see significant reductions [2] - The reduction in credit reporting costs is expected to lower overall financing costs for financial institutions, which could benefit small and medium-sized financial entities significantly [2]

Core Viewpoint - The recent notification from the National Development and Reform Commission aims to reduce credit service fees, effective from July 1, 2025, to lower operational costs for businesses, optimize the business environment, and promote the development of the real economy and social credit system [1][4]. Group 1: Fee Reduction Details - The service fee for querying corporate credit reports will decrease from 20 yuan to 9 yuan, while the fee for personal credit reports will drop from 2 yuan to 1 yuan [4]. - Various financial institutions, including rural commercial banks and consumer finance companies, will continue to enjoy preferential fee standards, with personal internet queries remaining free [4]. - The annual fee for accounts receivable pledge registration will be reduced from 30 yuan to 15 yuan, and the fees for change and dispute registrations will decrease from 10 yuan to 5 yuan [4]. Group 2: Impact on Financial Institutions - The reduction in credit service costs is expected to save users approximately 1.1 billion yuan annually [2]. - Lowering credit costs will alleviate the operational burden on banks, facilitating financing for the real economy, and will also reduce the financial burden on individuals seeking credit information [4]. - The adjustment is particularly beneficial for small financial institutions, as they often face higher credit costs due to the volume of small transactions [4]. Group 3: Broader Financial Context - In the context of increasing pressure on bank interest margins, reducing non-interest costs like credit service fees is crucial for lowering overall financing costs in society [6][7]. - The People's Bank of China has made significant progress in building a comprehensive credit information system, which is now the largest in the world in terms of population coverage and data collection [7]. - The dual approach of "government + market" in developing the credit system aims to enhance service quality and efficiency, thereby improving the matching of financial resources with real demand [7]. Group 4: Potential Issues - The reduction in query costs may lead to excessive information queries, raising concerns about consumer rights and the need for transparency in the querying process [8]. - A robust social credit system is essential for the stable development of consumer finance, and there are suggestions to grant consumer finance companies access to the same data as banks to improve their service capabilities [8].

Core Viewpoint - The recent notification from the National Development and Reform Commission aims to reduce credit service fees starting from July 1, 2025, to lower business operating costs and optimize the business environment, which will have a profound impact on financial institutions, businesses, and individuals [1][4]. Group 1: Fee Reductions - The adjustment in credit service fees is significant, with the standard service fee for querying corporate credit reports reduced from 20 yuan to 9 yuan, and for personal credit reports from 2 yuan to 1 yuan [3]. - Various financial institutions, including rural commercial banks and consumer finance companies, will continue to enjoy preferential fee standards, while individuals can still query their credit reports online for free [3][4]. - The annual cost savings for users due to the fee reductions is estimated to be around 1.1 billion yuan [2]. Group 2: Impact on Financial Institutions - Lowering credit service costs is expected to alleviate the operational cost burden on banks, thereby supporting the financing development of the real economy [3]. - The reduction in credit costs is particularly beneficial for small financial institutions, which often face higher credit costs due to the nature of their lending practices [3][4]. Group 3: Broader Economic Implications - The initiative to lower credit service fees is part of a broader strategy to reduce overall financing costs in society, especially in the context of increasing pressure on bank interest margins [4]. - The People's Bank of China has made significant progress in building a comprehensive credit information system, which is crucial for matching financial resources with real demand [4]. Group 4: Considerations and Recommendations - There are concerns regarding potential over-querying of user information due to the lower costs, highlighting the need for financial institutions to respect consumer rights [5]. - Recommendations include optimizing the credit environment and providing consumer finance companies with equal access to public data, which could enhance their operational capabilities [6].

Group 1 - The one-year and five-year loan market quotation rates (LPR) have both decreased by 10 basis points, now standing at 3.0% and 3.5% respectively [1] - The reduction in LPR is expected to enhance financial support for the real economy, while the optimization of deposit rates by major banks creates favorable conditions for lowering overall financing costs [1] - The decline in LPR will continue to drive down the comprehensive financing costs in society, stabilize market expectations, stimulate credit demand, and promote corporate investment [1] Group 2 - The decrease in the five-year LPR is beneficial for reducing the interest burden on mortgage borrowers, which in turn promotes consumer spending [1]