Core Viewpoint - The People's Bank of China and five other departments have jointly issued guidelines to enhance financial support for consumption, aiming to stimulate high-quality consumption and unlock consumer potential through 19 key measures across six areas [1][2]. Group 1: Financial Support for Consumption - The guidelines emphasize financial support for key areas of consumption, including goods, services, and new types of consumption [2]. - For goods consumption, the focus is on innovating and optimizing consumer credit products to meet diverse consumer needs and enhancing financial support for foreign trade enterprises [2]. - In service consumption, the guidelines propose increased financing support for sectors like retail, hospitality, and elder care, while also promoting innovative financing models in cultural, sports, and educational services [2]. Group 2: Enhancing Financial Supply - The guidelines call for improved professional service capabilities among financial institutions, encouraging them to issue loans to key service sectors to enhance service quality [3]. - A specific loan quota of 500 billion yuan is set for service consumption and elderly care, allowing major financial institutions to apply for refinancing based on the principal of loans issued [3]. - The guidelines also highlight the importance of increasing residents' income levels as a key support for boosting consumption [3]. Group 3: Optimizing Consumption Environment - The guidelines propose that financial institutions focus on enhancing payment convenience across key consumption scenarios, improving compatibility among various payment methods [4]. - There is an emphasis on improving payment services for elderly individuals and foreign visitors, as well as promoting the trial implementation of digital currency in consumption [4].

Core Viewpoint - Zhejiang province is implementing financial support measures to stabilize production and reduce burdens for enterprises, particularly focusing on export credit insurance subsidies and loan facilitation for key industries [1] Financial Policy Support - The draft policy encourages banks and financial institutions to increase loan limits and reduce interest rates for "specialized, refined, characteristic, and innovative" enterprises, as well as "single champion" companies and those on the national supply chain whitelist [1] - A subsidy of no less than 60% will be provided for short-term export credit insurance premiums, with an increased subsidy rate of 80% for key countries [1] Support for Key Industries - The policy aims to enhance domestic trade insurance coverage for key industry chain export enterprises and explore support policies for domestic trade insurance [1] - There will be an increase in the support for non-repayment renewal loans, with a temporary expansion of eligible medium-sized enterprises for working capital loans until September 30, 2027 [1]

在全球经济深度融合的时代背景下，外贸发展成为驱动城市经济高质量发展的重要引擎。苏州积极 响应国家、省、市促进外贸稳增长的政策号召，辖区内金融机构主动作为，从机制创新、产品迭代、服 务升级等多维度持续发力，构建起全方位、多层次的金融服务体系，为外贸企业"扬帆出海"注入强劲动 能。 吴江地区民营经济与外向型经济发达，但中小微企业数量众多且分布较为分散。2025年1月，在苏 州外汇管理局的指导下，农业银行苏州分行率先设立全省首家"中小微企业汇率避险服务中心"，为当地 中小微企业提供"政策咨询、产品适配、业务办理"一站式便捷服务。 该服务中心配备专业专职客户经理与数字化辅导室，通过模拟真实汇率波动场景，帮助企业深入理 解汇率波动影响，并据此制定科学合理的避险策略。同时，建立常态化汇率风险管理宣讲机制，定期开 展客户沙龙等活动，针对不同企业的经营特点、业务需求和操作实务，动态更新服务方案。 创新驱动 筑牢企业出海"硬核根基" 金融创新是外贸企业开拓国际市场的有力支撑。苏州金融机构聚焦企业实际需求，不断推出特色金 融产品与服务，助力企业在国际市场行稳致远。 江苏中信博新能源科技股份有限公司的发展历程，正是苏州金融机构赋能 ...

文/中银证券全球首席经济学家 管涛 在外部环境不确定性挑战和新旧动能转换压力的背景下，5月7日，中国出 台了一揽子稳市场稳预期的金融增量政策（下称" 5·0 7"增量政策）。与去 年9月2 4日出台的一揽子金融增量政策（下称" 9·24"增量政策）相比，当 前国内金融市场反应显得较为克制。 增量政策范围广、措施多、落地快 当时，国新办在股市开盘前的九点安排了新闻发布会，会上宣布了一揽子金融增量政策。其中：降息20个基点、降准0.5 个百分点，其力度都是超常规的；创设稳股市的两项结构性货币政策工具，显示央行用实际行动支持资产价格稳定，这 也大大出乎了市场意料。 两天之后9月26日的政治局会议才揭晓了"5·07"增量政策出台的背景和思路。会议指出，当前经济运行出现一些新的情况 和问题。要全面客观冷静看待当前经济形势，正视困难、坚定信心，切实增强做好经济工作的责任感和紧迫感。要抓住 重点、主动作为，有效落实存量政策，加力推出增量政策。会议强调，要降低存款准备金率，实施有力度的降息；要促 进房地产市场止跌回稳；要努力提振资本市场。 国内金融市场尤其是A股市场反响积极。去年9月24日~10月8日，上证综指实现"六连涨" ...

Group 1: Economic Performance - In April, the sales revenue of enterprises in China increased by 4.3% year-on-year, continuing the steady growth trend since the fourth quarter of last year, driven by a series of existing and incremental policies [1] - The eastern region, particularly economic powerhouses like Zhejiang, Guangdong, and Beijing, saw sales revenue growth of 4.8%, with Zhejiang, Guangdong, and Beijing growing by 7.3%, 6.6%, and 5.4% respectively, significantly above the national average [1] Group 2: Industry Growth - In April, industrial enterprises' sales revenue grew by 3.7% year-on-year, with manufacturing sales revenue increasing by 4.4%, primarily driven by the "two new" policies [2] - Specific sectors such as electrical machinery, computer manufacturing, and instrumentation saw sales revenue growth of 12.8%, 15.7%, and 15.9% respectively [2] - High-tech industries and core digital economy sectors reported sales revenue growth of 15.3% and 13.4% year-on-year [3] Group 3: Consumer Policies and Trends - The "old-for-new" consumption promotion policies have positively impacted consumer demand and released residents' consumption potential, with a focus on boosting consumer confidence [3] - As of April 27, the "old-for-new" program led to significant sales, including 281.4 million vehicles and 49.416 million home appliances, contributing over 720 billion yuan to sales [2] Group 4: Foreign Trade and Domestic Sales - In response to uncertainties in international trade, the government has implemented policies to help foreign trade enterprises expand into domestic sales, with domestic sales for companies engaged in exports to the U.S. increasing by 4.7% year-on-year [4] - Among 31 manufacturing categories, 21 saw an increase in the proportion of domestic sales compared to the previous year, with notable increases in sectors like leather products and footwear [4] Group 5: Trade Statistics - In the first four months of the year, China's total goods trade value reached 14.14 trillion yuan, a year-on-year increase of 2.4%, with exports growing by 7.5% and imports declining by 4.2% [5] - In April, the total goods trade value was 3.84 trillion yuan, growing by 5.6%, with exports increasing by 9.3% and imports by 0.8% [5]

Core Viewpoint - The Chinese government is implementing targeted financial support measures for businesses significantly impacted by tariffs, focusing on "one enterprise, one policy" precision services to stabilize operations and expand markets [1][2]. Group 1: Financial Support Measures - The government aims to provide precise services to market entities heavily affected by tariffs, particularly small and private enterprises facing financing difficulties [2][8]. - A financing coordination mechanism has been established, with over 67 million businesses visited and loans amounting to 12.6 trillion yuan issued, one-third of which are credit loans [2][8]. - The People's Bank of China announced an increase in re-lending quotas for small and micro enterprises to 3 trillion yuan, with a reduction in re-lending rates to enhance financial support [8][9]. Group 2: Identification of Affected Enterprises - Accurate identification of enterprises affected by tariffs is crucial, focusing on those primarily engaged in exports, especially those with a high proportion of exports to the U.S. [2][3]. - Supply chain enterprises, although not directly exporting, also face indirect impacts due to reliance on export orders and should be included in the identification process [3][4]. - Factors such as the nature, scale, employment impact, and financial status of enterprises should be considered to prioritize support [3][4]. Group 3: Export Stability and Domestic Sales Expansion - Policies to stabilize exports include ensuring continuous lending to affected enterprises and supporting cross-border e-commerce and overseas warehouses [6][7]. - Measures to assist in expanding domestic sales involve providing financing guarantees for export-to-domestic sales transitions and reducing barriers for pure foreign trade enterprises entering domestic markets [7][8]. - The government emphasizes the need to streamline domestic certification and approval processes to facilitate quicker market entry for products transitioning from export to domestic sales [7][8]. Group 4: Focus on Small and Micro Enterprises - Small and micro enterprises are identified as a key focus for support due to their significant role in employment and their vulnerability to tariff impacts [8][9]. - The overall export volume for 2024 is projected at 3.58 trillion USD, with private enterprises accounting for 64.6% of this, highlighting their importance in stabilizing foreign trade [8][9]. - Policies aim to enhance the financing environment for small and micro enterprises by improving credit access and reducing financing costs [9][10].

融资协调机制"扩围" 本报记者 杨井鑫 北京报道 5月7日，在国新办举行的新闻发布会上，国家金融监督管理总局局长李云泽在介绍"一揽子金融政策支 持稳市场稳预期"有关情况时，透露了金融监管总局近期将推出8项增量政策，涉及房地产市场、小微民 营企业、金融科技企业等等方面。 其中，"制定实施银行业保险业护航外贸发展系列政策措施，对受关税影响较大的市场主体提供精准服 务，全力帮扶稳定经营拓展市场"备受市场关注。 李云泽表示，在当前外部冲击影响加大的背景下，金融监管总局将制定实施银行业保险业护航外贸发展 系列政策措施，按照市场化、法治化原则，从金融方面加大支持力度。一是强化金融纾困，将融资协调 工作机制扩展至全部外贸企业，推动银行加快落实各项稳外贸政策，确保应贷尽贷、应续尽续。对受关 税影响较大、经营暂时困难的市场主体，"一企一策"提供精准服务。二是加力稳定出口。优化出口信用 保险监管政策，提高承保能力，提供优惠费率，实施快赔预赔，稳定企业接单和出口信心。督促机构做 好跨境电商、海外仓等重点领域金融服务，支持发展专属保险，引导银行推出综合性、一站式服务，支 持外贸新业态发展。三是助力扩大内销。强化外贸企业出口转内销融资 ...

Group 1: Financial Policy Support - The State Council Information Office held a press conference to introduce a "package of financial policies to support market stability and expectations" [1] - Financial Regulatory Administration Director Li Yunzhe announced plans to expand the pilot scope for long-term insurance fund investments and lower the risk factors for insurance companies' stock investments [1][3] Group 2: Insurance Fund Long-term Investment - The pilot for long-term investment by insurance funds is accelerating, with major companies like Xinhua Insurance and China Life each planning to invest 10 billion yuan in private equity funds [4] - The scale of the pilot has increased from 50 billion yuan to 162 billion yuan, with the number of participating insurance companies rising from 2 to 8 [4] - If the additional 60 billion yuan pilot is approved, the total scale of long-term investment by insurance funds could exceed 220 billion yuan [4] - Adjustments to risk factors for insurance companies investing in the CSI 300 index and the Sci-Tech Innovation Board have been made, reducing the risk factor from 0.35 to 0.3 and from 0.45 to 0.4, respectively [4][5] Group 3: Technology Insurance Development - Technology insurance has provided over 2 trillion yuan in coverage, with plans to accelerate the development of high-quality technology insurance policies [6] - The upcoming guidelines aim to enhance risk-sharing and compensation roles, supporting major technological breakthroughs with insurance coverage [6] - The regulatory framework is expected to encourage more technology companies to purchase insurance and prompt insurers to develop innovative products [6] Group 4: Foreign Trade Support - The Financial Regulatory Administration is taking measures to stabilize foreign trade amid challenges such as rising costs and supply chain disruptions [7] - Plans include optimizing export credit insurance regulations, improving underwriting capacity, and providing favorable rates to boost exporters' confidence [8] - The introduction of domestic trade insurance aims to support the transition of foreign trade enterprises to domestic sales, enhancing financing guarantees and promoting integrated trade [9]

5月7日，国新办举行新闻发布会，介绍"一揽子金融政策支持稳市场稳预期"有关情况，国家金融监管总 局局长李云泽表示，在当前外部冲击影响加大的背景下，金融监管总局将制定实施银行业保险业护航外 贸发展系列的政策措施，对受关税影响较大、经营暂时困难的市场主体，一企一策提供精准服务，指导 组建"内贸险共保体"，助力加快内外贸一体化。同时，将加大小微企业首贷、续贷、信用贷投放。 记者了解到，所谓内贸险，就是指保险机构为保障国内贸易活动中可能出现的各种意外风险而设计的保 险产品，主要用来保障国内贸易中的应收账款风险。内贸险通过承保企业信用销售风险（如应收账款、 预付账款等），可降低交易违约风险，强化供应链稳定性，间接助力内外贸协同发展。 值得注意的是，当前我国内贸险面临覆盖面偏小、保障能力偏弱发现现状，有市场机构测算，内贸险承 保金额在我国内贸份额中的占比尚不足一成，不少贸易企业表示投保需求难以得到充分满足。 李云泽介绍，近年来，金融监管总局不断深化金融供给侧结构性改革，引导银行保险机构持续提高服务 适配性，鼓励开发差异化、个性化产品，更好满足不同规模、不同类型企业的金融需求。特别是针对小 微企业、民营企业融资难题，金融监 ...