加大稳健的货币政策实施力度，保持流动性合理充裕；设立科技创新和普惠养老两项专项再贷款； 切实加大"三农"领域金融支持力度全面推进乡村振兴；提高对新市民的金融服务水平……确保金融支持 实体更加有效、精准，近期一系列政策部署出炉。 接受记者采访的业内人士表示，展望未来，金融支持实体将力求总量更稳、结构更优，结构性货币 政策工具将发挥更大作用，助力"精准直达"，与此同时，进一步降息降准仍有空间。 值得注意的是，支持实体在更趋精准的同时，货币政策也要确保流动性总量合理充裕，正如国务院 常务会议所部署的，"更好发挥总量和结构双重功能，加大对实体经济的支持。" 梁斯表示，稳健的货币政策将继续加大实施力度，确保资金供给总量稳定，通过快速反应和有效作 为提振市场主体信心。娄飞鹏认为，降准降息是比较重要的货币政策工具，我国进一步降准降息还有空 间。 "从时间点上看，结合当前形势，支持政策早出快出的可能性较大，效果更好。我们估计，4月月中 MLF（中期借贷便利）操作时点有可能降息。"冯琳说，尽管后续美联储将加快政策收紧步伐，但在人 另外，人民银行已经推出了支农支小再贷款、支持煤炭清洁高效利用专项再贷款等工具。在中国银 行研究院研 ...

加大对实体经济的支持力度，货币政策工具充足，应对将更加主动。在4月14日人民银行举行的 2022年第一季度金融统计数据新闻发布会上，多位人民银行相关部门负责人详解下一步货币政策发力的 方向：适时运用降准等货币政策工具；尽快推动科技创新再贷款和普惠养老专项再贷款两项政策工具落 地见效；原来用于支持普惠小微企业信用贷款的4000亿元再贷款额度，必要时可再进一步增加。 年初至今，金融体系加大了对实体经济资金支持。日前人民银行公布的数据显示，一季度，社会融 资规模增量达12.06万亿元，比上年同期多增1.77万亿元。与此同时，一季度新增人民币贷款8.34万亿 元，比上年同期多增6636亿元，也是统计上的高点。 "一方面，金融体系坚决贯彻落实党中央、国务院部署，信贷扩张靠前发力，信贷投放节奏加快。 另一方面，贷款市场报价利率的改革红利持续释放，贷款利率稳中有降，推动了贷款规模的增加。3月 份，新发放的企业贷款利率为4.37%，比上年12月低8个基点。"中国人民银行调查统计司司长兼新闻发 言人阮健弘表示，预计未来信贷投放继续保持稳定增长的态势，支持经济增长。 展望未来，面对经济新的下行压力，货币政策支持实体经济还将多箭齐 ...

该负责人还表示，人民银行将加大稳健货币政策对实体经济的支持力度，特别是支持受疫情严重影 响行业和中小微企业、个体工商户，支持农业生产和能源保供增供，推出科技创新再贷款和普惠养老专 项再贷款，增加1000亿元再贷款支持煤炭开发使用和增强储能，增加支农支小再贷款和民航专项再贷 款，保持流动性合理充裕，促进金融市场健康平稳发展，营造良好的货币金融环境。 为加大金融对支持实体经济力度，最近人民银行已做出多项部署，接连释放出稳经济、稳预期的信 号。4月18日，中国人民银行、国家外汇管理局印发《关于做好疫情防控和经济社会发展金融服务的通 知》，从支持受困主体纾困、畅通国民经济循环、促进外贸出口发展三个方面，提出加强金融服务、加 大支持实体经济力度的23条政策举措。4月19日，人民银行、银保监会联合召开金融支持实体经济座谈 会，抓好近期各项金融政策的落地工作。人民银行日前还召开党委会，强调要在认真落实已经出台政策 的基础上，进一步加大工作力度，进一步加大对实体经济的支持力度，维护市场稳定，维护经济稳定。 针对近期金融市场出现的波动，4月26日，中国人民银行有关负责人接受采访时表示，我们关注到 近期金融市场出现一些波动，主要 ...

得益于货币政策与财政政策协同发力，近期市场资金面更加宽松。一些代表性货币市场利率指标纷 纷下行，自发实现"降息"效果。 另外，中泰证券、天风证券等机构分析，央行加快上缴结存利润等因素可能在4月中上旬资金面改善过 程中发挥重要作用。央行于3月表示，今年将向中央财政上缴结存利润，总额超1万亿元。据新华社报 道，截至4月中旬，央行已上缴6000亿元，主要用于留抵退税和向地方政府转移支付，相当于投放基础 货币6000亿元。"央行上缴利润，带来流动性超常规投放。"天风证券首席固收分析师孙彬彬说。 随着货币市场利率集体下行，其运行中枢下移，与政策利率的倒挂加重。据统计，4月，DR007和1年期 股份行同业存单利率的月度平均值分别为1.82%、2.48%，分别比3月降低27个基点和14个基点，分别比 7天期央行逆回购利率和1年期中期借贷便利（MLF）利率低28个基点和37个基点。 "货币市场利率已自发地'降息'"，4月央行政策利率未见下调，但有市场人士这样评论货币市场利率下 台阶的现象。 形成共振 资金面宽松成为近期市场参与者的共同感受。他们认为，这主要是货币政策与财政政策协同发力的结 果。 一方面，货币投放多措并举。4月 ...

Core Viewpoint - The People's Bank of China announced the establishment of a 500 billion yuan "service consumption and pension re-loan" to enhance financial support for the elderly service consumption and industry, marking a significant innovation in structural monetary policy [1] Group 1: Policy Design and Implementation - The new re-loan policy is an upgrade of the 2022 inclusive pension special re-loan, integrating "service consumption" with "pension finance" for a coordinated policy framework [1] - The re-loan tool aims to provide a financial policy paradigm for developing countries to address aging challenges through a "first loan, then borrow" model [1] - The policy design should focus on a differentiated support mechanism based on the functional positioning of pension institutions, offering higher amounts and lower interest rates to small and medium-sized inclusive pension institutions [2] Group 2: Financial Collaboration and Support - A tripartite mechanism involving government risk sharing, bank credit issuance, and guarantee institutions is proposed to lower credit risk for commercial banks and increase loan access for small pension institutions [3] - The collaboration between special bonds and re-loans is encouraged to direct local government bonds towards the construction and renovation of pension facilities, while re-loan funds can be used for operational needs [3] - Financial institutions are encouraged to adopt a "investment-loan linkage" approach, particularly supporting stable cash flow projects in elderly communities and integrated medical care [3] Group 3: Risk Management and Assessment - The development of a specialized credit assessment model for pension institutions is recommended, incorporating non-financial indicators such as operational stability and service quality [4] - A differentiated regulatory policy is proposed, offering risk weight discounts for pension re-loan businesses and incentivizing compliant institutions with funding pricing reductions [4] - An intelligent post-loan supervision system utilizing blockchain technology is suggested to monitor fund flows and ensure that re-loan funds are used appropriately [4]

Core Viewpoint - The People's Bank of China has introduced a new structural monetary policy tool, a 500 billion yuan "service consumption and pension re-loan," aimed at enhancing financial support for the elderly service consumption and pension industry, marking a significant innovation in policy integration between service consumption and pension finance [1][2]. Summary by Sections Chinese Pension Re-loan Practices - The newly established service consumption and pension re-loan, along with the existing inclusive pension special re-loan, aims to alleviate financing difficulties for pension institutions and promote the integration of elderly care and consumption [2][3]. - As of June 2024, the balance of the inclusive pension special re-loan was 1.7 billion yuan, supporting 80 inclusive pension service institutions with a total of 2.65 billion yuan in preferential loans [2]. Complementary Relationship of Re-loan Tools - The two re-loan tools create a complementary relationship between supply-side and demand-side in the pension sector, with the inclusive pension special re-loan focusing on basic service supply and the service consumption and pension re-loan stimulating consumption potential [3]. - The inclusive pension special re-loan has a stronger policy enforcement and specific funding requirements, while the service consumption and pension re-loan is more market-flexible and covers a broader industry [3]. International Models of Re-loan Support for Pension Industry - Internationally, re-loan tools typically follow an indirect transmission path involving central banks, policy banks, and commercial banks, with variations based on financial system structures and aging development stages [4][5]. - The European model emphasizes collaboration between central bank re-loans and development finance, providing ultra-low interest funds to commercial banks for social welfare projects, including elderly care facilities [4]. - The German model utilizes a "re-loan" approach through a policy bank, offering long-term low-interest financing for elderly service support, backed by government guarantees and subsidies [5]. - Japan's model combines "nursing insurance" with re-loan support, providing long-term low-interest loans to certified elderly care facilities, with a focus on market constraints and risk management [6][7]. - The U.S. model lacks dedicated re-loan tools for the elderly sector but supports community development and small business guarantees through various financing mechanisms [8]. Optimization Paths for Pension Re-loan - The inclusive pension special re-loan serves as a rare direct intervention tool by the central bank, providing a model for developing countries to address aging challenges [9]. - Recommendations for optimizing the re-loan system include implementing differentiated support mechanisms, expanding coverage to the entire industry chain, and extending loan terms to match investment return cycles [10]. - Strengthening collaboration between policy finance and market institutions is essential, with a focus on risk-sharing mechanisms and diversified financing channels [11]. - Enhancing risk management and assessment mechanisms is crucial, including developing specialized credit evaluation models and implementing intelligent monitoring systems [12]. - Promoting digitalization and innovative services in pension finance can improve service coverage and efficiency, particularly in regions with high aging rates [13]. - Establishing a supportive policy framework that integrates fiscal, financial, and regulatory efforts is vital for the sustainability of re-loan tools [14].

服务消费与养老再贷款额度5000亿元，年利率1.5%，期限1年，可展期2次，最长使用期限不超过3年。 中国邮政储蓄银行研究员娄飞鹏接受《每日经济新闻》记者微信采访时指出，设立服务消费与养老再贷 款，有助于引导金融机构增加对养老领域的支持，更好发展养老金融，服务广大居民。 另有分析人士告诉《每日经济新闻》记者，这项新政策工具将激发服务消费和养老市场活力。 服务消费与养老再贷款额度5000亿元 每经记者｜张寿林 每经编辑｜陈星 5月9日，中国人民银行印发《关于设立服务消费与养老再贷款有关事宜的通知》，设立服务消费与养老 再贷款，激励引导金融机构加大对住宿餐饮、文体娱乐、教育等服务消费重点领域和养老产业的金融支 持。 娄飞鹏接受《每日经济新闻》记者采访时指出，设立服务消费与养老再贷款是落实中央政治局会议决策 部署的具体体现，有助于引导金融机构更好地支持提振消费，稳定和扩大内需，巩固经济回升向好态 势。同时，也引导金融机构增加对养老领域的支持，更好地发展养老金融，服务广大居民。 分析人士告诉《每日经济新闻》记者，这项新政策工具将激发服务消费和养老市场活力。一方面，可进 一步激发国内服务消费潜力，促进扩大服务消费供给、 ...

Core Viewpoint - The Chinese government is introducing a comprehensive financial policy package aimed at stabilizing the market and expectations, including a new relending tool for service consumption and elderly care [1][3]. Group 1: Service Consumption and Elderly Care Relending - The People's Bank of China has established a relending tool for service consumption and elderly care with a total quota of 500 billion yuan, aimed at encouraging commercial banks to increase credit support for these sectors [1][3]. - This new policy tool expands and upgrades the previous inclusive elderly care relending policy, which had a quota of 40 billion yuan and was initially piloted before being rolled out nationwide [3]. Group 2: Impact of New Policy Tool - Experts believe this initiative will invigorate the service consumption and elderly care markets, enhancing domestic service consumption potential and supporting the development of the elderly care industry [3]. - The policy is expected to stimulate both the supply and demand sides of service consumption, ultimately releasing residents' consumption potential over a longer term [3]. Group 3: Insurance Company Investment Regulation - The Financial Regulatory Administration has announced a 10% reduction in the risk factor for insurance companies' solvency regulations regarding stock investments, encouraging them to increase their market participation [4][6]. - The previous adjustment in September 2023 saw the risk factor for investments in the CSI 300 index drop from 0.35 to 0.3, and for stocks listed on the Sci-Tech Innovation Board from 0.45 to 0.4 [6]. Group 4: Bond Market "Technology Board" - The bond market "Technology Board" will focus on financing support for key technology industries such as artificial intelligence, big data, integrated circuits, and biotechnology, aligning with national technology strategies [9]. - The design of the "Technology Board" includes targeted arrangements for the issuance process to meet the needs of issuers, aiming to enhance market investment enthusiasm [11]. - Financial institutions and asset management companies are encouraged to actively participate in investments related to technology innovation bonds, with plans to create indices linked to these bonds to broaden the investor base [11].