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on the morning of september 24, 2024, the state council information office held a press conference, inviting pan gongsheng, governor of the people's bank of china, li yunze, director of the state financial supervision and administration, and wu qing, chairman of the china securities regulatory commission, to introduce the relevant situation of financial support for high-quality economic development and answer questions from reporters.

pan gongsheng of the people's bank of china said that the people's bank of china has created structural monetary policy tools for the first time to support the capital market. one of them is the securities, funds and insurance companies swap facility, which supports qualified securities, funds and insurance companies to use their own bonds, stock etfs and csi 300 constituent stocks as collateral to exchange for high-liquidity assets such as treasury bonds and central bank bills from the central bank. this policy will greatly increase the funds obtained by relevant institutions and increase their stock holdings. the funds obtained by institutions through this tool can only be used to invest in the stock market.

pan gongsheng revealed that the scale of the first phase of the swap facility operation is 500 billion yuan, and the scale can be expanded in the future depending on the situation. "i told chairman wu qing (of the china securities regulatory commission) that as long as this matter is done well, we can increase it by another 500 billion yuan, or a third 500 billion yuan in the future. we are open to it."

when talking about the establishment of a stabilization fund, pan gongsheng, governor of the people's bank of china, said in response to a question from securities times that it was under study.