新华财经北京1月16日电 15日午后，央行送上包括结构性货币政策工具降息在内的一系列政策大礼包， 债券市场反应强烈，国债期货尾盘十分钟迅速窜高，但收盘前有所回落，30年期主力合约仍以下跌收 盘。银行间现券收益率深V下探，收盘较消息出台时有所上行。以10年期国债为例，当日15:00前收益率 在1.85%附近窄幅震荡，央行发布会开始后直线下落约1.5BP，低点触及1.835%，随后反弹回升至 1.86%，日终收于1.855%。 规模较大的三年期及五年期等长期存款到期重定价，加之此次各项再贷款利率下调，这些都有助于降低 银行付息成本、稳定净息差，为降息创造一定空间。 黄伟平表示，稳增长要求社会综合融资成本下行。综合市场和经济基本面来看，近期呈现出"强预期、 弱现实"的特征，预期与现实的合理收敛仍需政策配合，这奠定了降息的基本环境。结合个人信用修 复、再贷款扩容等政策来看，结构性工具降息也是宽信用前置的标志，后续结构性工具+总量政策均降 息落地后，需更加关注一揽子政策对实体的提振效果。 至于债券市场投资者关注的央行国债买卖操作，预计将更加灵活，同时兼顾配合财政和维护金融市场平 稳。黄伟平判断，从政策沟通和预期引导的角 ...

Core Viewpoint - The People's Bank of China (PBOC) is focusing on implementing a moderately loose monetary policy and enhancing financial services to support the real economy, with an emphasis on key sectors such as technology innovation, consumption, small and micro enterprises, and foreign trade [2][3]. Monetary Policy - The PBOC will execute existing monetary policy measures and explore new policy initiatives to ensure liquidity remains ample, aligning social financing scale and money supply growth with economic growth and price level expectations [2] - There will be a focus on improving the efficiency of fund usage by revitalizing existing funds and effectively utilizing new funds [2] - The PBOC aims to lower the comprehensive financing costs for society and maintain the stability of the RMB exchange rate within a reasonable range [2] Support for the Real Economy - Financial services will be directed towards enhancing the quality of support for the real economy, with a focus on five key areas to improve the specialized and refined capabilities of financial institutions [2] - The PBOC will coordinate fiscal, monetary, and industrial policies to support key industries and address weak links in the economy [2] Financial Supply-Side Reform - The PBOC plans to improve the central bank system and enhance the monetary policy framework to ensure effective transmission of monetary policy [3] - There will be an emphasis on developing the bond market, particularly a "technology board," and promoting the internationalization of the RMB [3] - The PBOC will support the development of the Hainan Free Trade Port and enhance the construction of international financial centers in Shanghai and Hong Kong [3] Financial Risk Management - Monitoring and assessing systemic financial risks will be a priority, with efforts to support the market-oriented transformation of financing platforms and reform small and medium financial institutions [3] - A mechanism for risk disposal that aligns responsibilities and incentives will be established to strengthen the financial safety net [3]

Core Viewpoint - The article emphasizes the importance of financial support, monetary and fiscal policies, and government reforms in achieving sustainable development goals, highlighting their feasibility and expected positive effects [1][15]. Financial Support Policy Framework - The policy framework focuses on innovative tools and structural optimization to support sustainable development [2]. - Structural monetary policy tools, such as "swap convenience" and "repo increase re-lending," are expected to expand operations to over 300 billion yuan in 2025, targeting technology innovation, green transformation, and support for small and micro enterprises [3]. Monetary Policy - The report advocates for a moderately loose monetary policy, with measures like interest rate cuts and reserve requirement ratio reductions to maintain liquidity and align social financing with economic growth [3][5]. - The expected outcome includes a more favorable financing environment for sustainable development projects, reducing costs and attracting investments in green energy and environmental protection [5]. Fiscal Policy - A more proactive fiscal policy is proposed, with a deficit rate set at 4% for 2025, increasing the deficit scale to 5.66 trillion yuan, which will support infrastructure investment and housing projects [6][8]. - Special bonds and local government bonds are emphasized to ensure funds are directed towards significant strategic areas, enhancing the effectiveness of fiscal spending [6][8]. Capital Market Reform - The report suggests deepening capital market reforms to attract long-term funds and optimize market ecology, including easing restrictions on social security and insurance funds in equity markets [4]. - The introduction of digital finance into the financial standard system aims to enhance resource allocation efficiency and guide capital towards high-value-added sectors [4]. Real Estate Financial Strategies - Strategies include lowering mortgage rates and down payment ratios to stabilize the real estate market, with a focus on preventing debt default risks [7][11]. - Investments in new urbanization and high-standard farmland construction are highlighted as crucial for sustainable development [7]. Reform and Market Dynamics - The report calls for breaking down institutional barriers and enhancing market vitality through reforms in tax collection and financial standards [10][12]. - Strengthening financial regulation and promoting a unified national market are essential for risk prevention and resource allocation efficiency [12]. Conclusion - The combination of financial support, policy coordination, and deepened reforms is positioned as a sustainable development pathway, with a focus on achieving a GDP growth target of 5% for 2025 and enhancing the contribution of green and digital industries to the economy [14][15].