Core Viewpoint - The People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission have introduced a series of financial policies termed "10+8+3" to address market concerns, demonstrating a swift and decisive response to external economic changes, thereby boosting market confidence and stabilizing social expectations [1] Short-term Impact - The incremental policies are expected to promote consumption, expand investment, and stabilize foreign trade, enhancing the role of these three drivers in economic growth [2] - Timely monetary policies such as interest rate cuts will lower borrowing costs for businesses and households, stimulating consumer demand [2] - A significant reduction in housing loan rates will alleviate home-buying pressure and stabilize market expectations, promoting housing consumption [2] - The policies will activate investment demand by improving market liquidity and financing conditions for small and medium-sized enterprises [2] - Upcoming measures to support foreign trade will help stabilize operations and expand markets for foreign trade enterprises [2] Medium-term Impact - The incremental policies will support the development of new productive forces as a new driver for stable economic growth, particularly in the context of deep economic transformation [3] - A focus on "technological innovation" is central to the policies, with initiatives like re-loans for technology innovation and the establishment of a comprehensive technology finance support system [3] - This three-dimensional system of "indirect financing + direct financing + insurance protection" aims to address the financing challenges faced by innovative enterprises and stimulate social capital participation [3] - The release of policy dividends is expected to shift technological innovation from "single breakthroughs" to "ecological prosperity," driving steady economic growth [3] Long-term Impact - The establishment of long-term mechanisms will provide a solid foundation for sustained macroeconomic growth [4] - Key measures include enhancing the long-term mechanisms for monetary policy tools supporting capital markets and reforming the Sci-Tech Innovation Board and the Growth Enterprise Market [4] - The upcoming eight incremental policies from the National Financial Regulatory Administration will support the real estate market, small and micro enterprises, and foreign trade development, contributing to industrial transformation and upgrading [4] Conclusion - The combination of policies released by the regulatory bodies reflects a balance between short-term responses to external shocks and the cultivation of internal growth drivers, showcasing a unified approach to problem-solving and systemic thinking [5] - As the effectiveness of these policies is gradually realized, the economy is expected to solidify its recovery foundation while opening up growth opportunities through structural adjustments and transformations [5]