财经 18 2025 4 8 月 8 B 金融活水为塞上江南增绿意 巨灾险扩面提质 结构性货币政策工具能够进一步提升金融服务对经济结构调整、经济高质量发展的适配性和精准性， 要坚持"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，进一步提升对 促进经济结构调整、转型升级、新旧动能转换的效能 人民日报 当前，我国服务消费发展空间较大，服务消费市场需求比较旺盛，满足需求的金融支持较为充分，影响 扩大服务消费的短板主要是供给。服务消费与养老再贷款的设立，正在于引导金融机构精准支持住宿餐 饮、文旅体娱、教育养老等服务领域加大高质量供给，补齐短板，更好发挥消费对经济发展的基础性作 用，推动形成"供给创造需求、需求牵引供给"的良性循环，并提升货币政策的精准性和有效性。 建设4栋服务型公寓、1栋护理型公寓、1栋康养服务中心 ...... 在服务消费与养老再贷款政策支持下，河 南中原农谷康养社区项目获得3600万元贷款，成为政策工具设立以来该省首笔养老产业贷款。 作为结构性货币政策工具的创新举措之一，今年5月中国人民银行设立5000亿元服务消费与养老再贷款 以来，多地首批贷款项目已经投放，从厦门酒店升 ...

当前，我国服务消费发展空间较大，服务消费市场需求比较旺盛，满足需求的金融支持较为充分，影响 扩大服务消费的短板主要是供给。服务消费与养老再贷款的设立，正在于引导金融机构精准支持住宿餐 饮、文旅体娱、教育养老等服务领域加大高质量供给，补齐短板，更好发挥消费对经济发展的基础性作 用，推动形成"供给创造需求、需求牵引供给"的良性循环，并提升货币政策的精准性和有效性。 货币如流水，调控得当，就会成为支撑经济稳定运行的源头活水，让实体经济茁壮成长。正如人们修建 水利设施是为了精准调控水流，实现从大水漫灌向精准滴灌的转变。结构性货币政策工具的设立，能够 有效引导金融资源流向经济社会发展的重大战略、重点领域和薄弱环节，进一步提升金融服务对经济结 构调整、经济高质量发展的适配性和精准性。 当前，我国结构性货币政策工具已实现对金融"五篇大文章"各个领域的全覆盖。数据显示，截至6月 末，科技、绿色、普惠小微、养老产业、数字经济产业贷款分别同比增长12.5%、25.5%、12.3%、 43%、11.5%，支持做好金融"五篇大文章"的结构性货币政策工具余额3.8万亿元。 结构性货币政策工具能够进一步提升金融服务对经济结构调整、经济高 ...

出台《关于金融支持提振和扩大消费的指导意见》，推出19条重点举措；设立5000亿元服务消费与养老 再贷款……今年以来，金融管理部门综合施策，加力提振消费，信贷活水精准投向消费领域。专家表 示，后续金融政策将着力从供给侧发力，与其他政策形成合力，加大高品质服务消费供给，以高质量供 给创造有效需求，助力释放消费增长潜能。 加大消费信贷投放 今年以来，信贷活水精准流向消费领域。 人民银行最新数据显示，截至6月末，不含个人住房贷款的全国住户消费贷款余额21.2万亿元，全国住 宿餐饮、文体娱乐、教育、居民服务等服务消费重点领域经营主体的贷款余额2.8万亿元。 5月服务消费与养老再贷款的设立，更是为激活消费市场注入强劲动能。光大银行成都分行的实践颇具 代表性。成都新天府文化旅游发展股份有限公司近期获得的4000万元贷款，正是该行推动服务消费与养 老再贷款政策落地，助力提振消费的生动案例。这笔及时到位的资金也为当地文商旅体融合发展按 下"加速键"。 截至目前，该行已投放对公服务消费类贷款10笔，共计1.4亿元。其中，申报服务消费与养老再贷款5 笔，金额达7550万元，为文旅、住宿餐饮等产业发展提供有力支撑。 记者注意到，多 ...

加大消费信贷投放 今年以来，信贷活水精准流向消费领域。 人民银行最新数据显示，截至6月末，不含个人住房贷款的全国住户消费贷款余额21.2万亿元，全国住 宿餐饮、文体娱乐、教育、居民服务等服务消费重点领域经营主体的贷款余额2.8万亿元。 5月服务消费与养老再贷款的设立，更是为激活消费市场注入强劲动能。光大银行成都分行的实践颇具 代表性。成都新天府文化旅游发展股份有限公司近期获得的4000万元贷款，正是该行推动服务消费与养 老再贷款政策落地，助力提振消费的生动案例。这笔及时到位的资金也为当地文商旅体融合发展按 下"加速键"。 截至目前，该行已投放对公服务消费类贷款10笔，共计1.4亿元。其中，申报服务消费与养老再贷款5 笔，金额达7550万元，为文旅、住宿餐饮等产业发展提供有力支撑。 记者注意到，多地推出的提振消费举措中，加大信贷投放是重点。深圳提出，加大消费信贷投放力度。 引导金融机构增加对批发零售、住宿餐饮、文化旅游、教育培训、健康养老等消费服务行业的信贷投 放。重庆提出，用好再贷款等政策工具，加大消费信贷支持力度。 人民银行各分行也在积极推进提振消费相关工作。人民银行上海总部2025年下半年工作会议明确，优 ...

Economic Situation - The report indicates a more optimistic view on the economic situation, stating that "there is solid support for stable growth in the second half of the year" and emphasizes the need to maintain strategic focus on modernization tasks [2][3] - Confidence in total demand expansion is highlighted, with the service sector showing a production index growth of 5.9% from January to July, surpassing the annual GDP growth target of 5% [3] - The report notes that the macro policy is becoming more proactive, which is expected to continue supporting economic stability [3] Inflation Situation - The report expresses a more positive outlook on domestic inflation, stating that "positive factors for a moderate recovery in price levels are increasing" [4] - Core CPI growth has risen for three consecutive months, reaching a new high since March 2024, indicating a potential start to a moderate recovery in prices [4] - The report emphasizes the importance of expanding effective demand and improving supply chain efficiency to support price recovery [4] Monetary Policy Outlook - The report suggests a shift in monetary policy focus from "discretionary choices" to "precise adjustments," indicating a transition into a "policy consolidation period" [5] - The overall tone of the report has changed from "implementing appropriate monetary policy" to "implementing detailed appropriate monetary policy," reflecting a commitment to maintaining policy stability and predictability [5] - Structural monetary policy tools are expected to play a significant role, with a cautious approach to total quantity tools like rate cuts and reserve requirement ratio adjustments [6][10] Structural Policy Tools - The report emphasizes the use of structural monetary policy tools to support sectors such as technology innovation, consumption, and small enterprises [10] - The central bank plans to enhance coordination with fiscal policies to accelerate the deployment of various loan programs aimed at stimulating consumption and supporting small businesses [10] - The focus on improving financial services for high-quality development areas is highlighted, with a shift in credit allocation towards technology and consumption sectors [12][14] Financial Market Dynamics - The report indicates a need to prevent capital idling and improve the efficiency of fund utilization, which may have limited effects on the bond market [8][9] - The central bank's approach to liquidity management is evolving, with an emphasis on transparency and efficiency in monetary policy operations [11] - The report notes that the financial support structure is shifting towards enhancing the adaptability of financial services to economic structural adjustments, particularly in technology and consumption [12]

Core Viewpoint - The article emphasizes the importance of promoting a reasonable recovery of prices as a key consideration in monetary policy, highlighting the need for a multi-faceted approach to stimulate economic activity and consumer confidence [2][3]. Group 1: Monetary Policy and Economic Conditions - The People's Bank of China (PBOC) has implemented multiple rounds of interest rate cuts and reserve requirement ratio reductions to maintain liquidity and support economic stability, which has positively impacted price stability and helped avoid deflation [3][4]. - The consumer price index (CPI) showed a month-on-month increase of 0.4% in July, indicating a shift from a declining trend, while the government aims for a CPI growth target of around 2% for the year [2][3]. Group 2: Financial Support for Consumption - The PBOC and other government bodies have introduced measures to enhance financial services for consumption, including a 500 billion yuan re-lending program aimed at boosting sectors like hospitality, entertainment, and education [3][5]. - The report stresses the need for financial policies to lower financing costs for market participants, ensuring that social financing scales and money supply growth align with economic growth and price stability targets [4][5]. Group 3: Addressing Consumer and Market Challenges - The article highlights the importance of recognizing the challenges faced by market entities in the consumption sector and the need to enhance consumer willingness and ability to spend [5][6]. - It discusses the necessity of regulating low-price competition among enterprises to foster a healthier market environment, which will contribute to a sustainable recovery of prices [7].

Group 1 - The People's Bank of China (PBOC) has implemented a series of monetary policy measures in the first half of the year, including interest rate cuts and structural adjustments to support economic recovery [1][2] - The report indicates that the PBOC aims to maintain a moderately loose monetary policy, ensuring liquidity is abundant and aligning the growth of social financing and money supply with economic growth targets [1][2] - As of June, key financial indicators such as social financing scale and broad money supply have shown stable growth, with GDP increasing by 5.3% year-on-year, indicating a positive economic trend [2][3] Group 2 - The PBOC has cumulatively reduced the reserve requirement ratio (RRR) 12 times and policy interest rates 9 times since 2020, leading to significant declines in the Loan Prime Rate (LPR) [2] - The report highlights a shift in loan distribution, with a growing proportion directed towards technology, green finance, and small and micro enterprises, reflecting a structural optimization in credit allocation [5][6] - The PBOC is focusing on enhancing direct financing, with the proportion of corporate bonds and stocks in social financing increasing by 4.4 percentage points since the end of 2018 [6] Group 3 - The report emphasizes the importance of supporting high-quality development through financial services, particularly in technology and service consumption sectors [7][8] - The PBOC has introduced new tools to enhance financial support for consumption and has noted the potential for service consumption to drive economic growth as income levels rise [8] - The report also addresses the need to improve the efficiency of financial resource allocation, particularly in light of the ongoing economic transition [4][5] Group 4 - The PBOC is actively addressing issues related to "involution" in competition, which can impact economic balance and pricing [10][11] - Recent policies have been introduced to regulate corporate competition and improve payment terms within supply chains, particularly benefiting small and medium-sized enterprises [11] - The report indicates that these measures are expected to enhance the quality and efficiency of industrial chains and promote more rational competition among enterprises [11]

近日召开的中央政治局会议强调，要落实落细更加积极的财政政策和适度宽松的货币政策，并提出 要"用好各项结构性货币政策工具"，为下半年货币政策走向定下基调。受访专家认为，应继续发挥好货 币政策工具的总量和结构双重功能，并更多采用结构性工具，突出支持科技创新、提振消费等主线，助 力经济结构转型和产业升级，提升新旧动能转换效能。 强化牵引带动作用 近年来，人民银行在实施总量政策的同时，围绕支持重大战略、重点领域和薄弱环节，创设和实施结构 性货币政策工具，以进一步提升金融服务对经济结构调整、经济高质量发展的适配性和精准性。 今年5月份，人民银行创设了服务消费与养老再贷款、科技创新债券风险分担工具。其中，服务消费与 养老再贷款额度5000亿元，用于激励引导金融机构加大对服务消费重点领域和养老产业的金融支持；科 技创新债券风险分担工具支持股权投资机构发行科技创新债券融资。 招联首席研究员董希淼表示，结构性货币政策工具有助于强化对金融机构的政策激励，进一步发挥货币 政策对金融机构的牵引带动作用，激励金融机构加强对重大战略、重点领域和薄弱环节的支持服务。 截至今年一季度末，结构性货币政策工具余额5.9万亿元，已成为人民银行重要 ...

Core Viewpoint - The report on China's monetary policy execution for the second quarter of 2025 highlights the effectiveness of the moderately loose monetary policy implemented in the first half of the year, which has contributed to economic recovery and stability amidst a complex international environment [1][2]. Monetary Policy Effectiveness - The monetary policy's counter-cyclical adjustment has shown significant effects, with stable growth in financial totals, optimized credit structure, low social financing costs, and a stable RMB exchange rate [2]. - A comprehensive set of monetary policy measures was introduced, including interest rate cuts and structural monetary policy tools, all implemented within a month [2]. - The shift in macroeconomic policy focus towards improving people's livelihoods and boosting consumption is evident in recent initiatives like childcare subsidies and loan interest subsidies [2][3]. Economic Structure and Consumption - As income levels rise, the consumption structure is expected to shift from goods to services, with service consumption becoming a key driver of economic growth [3]. - The report emphasizes the importance of addressing low-price competition among enterprises to balance supply and demand, which could positively impact price recovery [3]. Financial Support and Credit Structure - The focus of bank loans aligns with the direction of China's economic transformation, with a significant portion of new loans directed towards new growth areas and domestic demand [5]. - The People's Bank of China (PBOC) has made efforts to enhance the accessibility and sustainability of inclusive finance, particularly for small and micro enterprises [5][6]. - The report indicates a notable increase in medium- and long-term loans, which supports stable funding for high-quality economic development [6]. Direct Financing and Consumption Support - The proportion of direct financing, including corporate bonds and government bonds, has increased, indicating an ongoing optimization of the financing structure [6]. - The report highlights the need for financial support to improve the supply of high-quality services, as the current service consumption share in per capita spending is still below 50%, suggesting significant growth potential [6][7].

Monetary Policy Implementation - The People's Bank of China emphasizes the need for a moderately accommodative monetary policy to align with domestic and international economic conditions, ensuring ample liquidity and matching social financing scale and money supply growth with economic growth and price level expectations [1][2][3] - The report highlights the importance of monitoring the execution of monetary policy measures and maintaining a balance in interest and exchange rates to support economic recovery [3][4] Support for Consumption - The report outlines a focus on enhancing financial support for consumption by improving the supply of high-quality services, which is seen as a critical area for stimulating consumer demand [4][5] - It suggests expanding financing channels for consumption, reinforcing credit support, and increasing financial resources for service consumption supply enterprises [4][5] Real Estate Financial System - The report calls for the improvement of the foundational financial system for real estate, emphasizing the need for stable financing and the implementation of policies to support affordable housing [2][3] Policy Coordination - The report stresses the importance of policy coordination among fiscal, employment, and social security measures to enhance consumer capacity and willingness, particularly for low-income groups [5]