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Beijing, August 9 (Xinhua) -- The Economic Information Daily published an article on August 9 written by reporter Xiang Jiaying titled "Multiple departments define financial work priorities to help the real economy, benefit the people's livelihood and promote consumption". The article states that in recent times, financial management departments such as the People's Bank of China and the State Financial Supervision and Administration Bureau have held mid-year work meetings to finalize the work priorities for the second half of the year. According to the signals released by the meeting, financial policies in the second half of the year will continue to focus on promoting economic recovery and further reduce financing costs. At the same time, the focus of policies will shift more to benefiting the people's livelihood and promoting consumption. Focusing on doing a good job in the "five major articles" of finance, supporting policy documents will be issued at a faster pace, and structural monetary policies will also be further fully implemented.

Strengthening financial support for the real economy remains the top priority of financial work in the second half of the year. The meeting of the Political Bureau of the CPC Central Committee pointed out that "it is necessary to comprehensively use a variety of monetary policy tools to increase financial support for the real economy and promote a steady decline in the overall financing cost of society." The People's Bank of China also mentioned that "it is necessary to continue to implement a prudent monetary policy" and "increase financial support for the real economy."

In the view of Li Chao, chief economist of Zheshang Securities, subsequent monetary policy will still focus on the downward trend of financing costs for the real economy, especially real interest rates. It is expected that there will still be reserve requirement ratio cuts in the future, and the probability of a reserve requirement ratio cut in the third quarter is relatively high.