2024-09-26
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in the beautiful season of autumn with cool breeze and abundant harvest, pan gongsheng, governor of the people's bank of china, drew a magnificent blueprint for the high-quality development of the a-share market and the entire chinese economy with a series of precise and powerful financial policy "combination punches" at a press conference held by the state council information office. this series of measures not only demonstrated the wisdom and determination of the country's macro-control, but also responded to market concerns with practical actions, injecting strong impetus into the stable growth of the economy.
1. the precise drip irrigation of monetary policy has activated the market
the policy announcement on september 24 was like a timely rain, nourishing the economic soil that was in urgent need of nourishment. the reduction of the deposit reserve ratio and the policy interest rate was the first drop of nectar in this financial spring rain. the 0.5 percentage point reduction in the deposit reserve ratio may seem small, but it actually has far-reaching impacts. it directly released about 1 trillion yuan of long-term liquidity to the market, just like adding a powerful engine to the economic giant. this not only helps to maintain a reasonable abundance of market liquidity, but also provides solid support for the stable growth of social financing scale and total monetary credit.
the reduction in policy interest rates is another heavy blow. it has led the market benchmark interest rate downward and opened the door to low-cost financing for enterprises, especially small and micro enterprises. difficult and expensive financing, a problem that has long plagued the development of enterprises, has gradually disappeared under the policy. as the source of economic vitality, small and micro enterprises will gain more "blood" and thrive, contributing more to the high-quality development of china's economy.
2. the action of reducing the interest rate of existing mortgage loans warms people's hearts and promotes consumption
in the real estate market, the adjustment of the interest rate of existing mortgage loans is undoubtedly a shot in the arm. the policy adjustment since last year has already achieved initial results, and this year, the interest rate of existing mortgage loans has been lowered to near the interest rate of new loans, which is expected to benefit tens of millions of families and reduce their repayment pressure. this is not only a real care for home buyers, but also a deep exploration of the potential of domestic demand. when the burden on families is reduced, the consumption potential will naturally be released, and the prosperity of the consumer market will drive the activity of the entire economic chain, forming a virtuous circle.
3. innovate monetary policy tools to build a solid backing for the stock market
what is particularly noteworthy is that the people's bank of china innovatively used structural monetary policy tools to support the capital market for the first time. this move is not only a milestone in the history of the people's bank of china, but also a strong endorsement of the stable development of the a-share market. the creation of tools such as securities, funds, and insurance company swap facilities and stock repurchase and special re-loans for share purchases and share purchases has not only greatly improved the ability of financial institutions to obtain funds and increase their shareholdings, but also injected a shot in the arm to the stock market by encouraging banks to provide loans to listed companies and major shareholders to support their repurchase and increase of stock holdings.
the stock market, as a barometer of the macro economy, is directly related to market expectations and investor confidence. in the current complex and volatile global economic environment, the a-share market faces many challenges. the introduction of this series of innovative policies has undoubtedly injected confidence into the market and reassured investors. the stability of the stock market will effectively boost the confidence of micro-entities and provide a strong guarantee for the realization of the economic and social development goals for the whole year.
4. the three departments work together to draw a blueprint for high-quality development
at the press conference, li yunze, director of the financial supervision administration, and wu qing, chairman of the china securities regulatory commission, spoke simultaneously, pushing the battle of financial support for high-quality economic development to a climax. the three departments worked together to provide all-round and multi-level financial support for economic recovery and high-quality development. this cross-departmental and cross-field collaborative combat mode not only reflects the systematic and holistic nature of the country's macro-control, but also demonstrates the strong resilience and adaptability of my country's financial system.
5. financial blood vessels are flowing smoothly and the economy is strong and healthy
finance, as the lifeblood of the national economy, is of self-evident importance. the precise implementation and effective implementation of financial policies will directly affect the stable growth and high-quality development of the economy. the launch of this "combination punch" of financial policies is a vivid practice of the country using finance as a lever to promote high-quality economic development. with the continued efforts of these policies, the chinese economy will be like being injected with a strong "source of living water", and will continue to move forward steadily on the road of high-quality development.
looking into the future, i believe that we have reason to believe that under the strong leadership of the country and with the precise support of various financial policies, the chinese economy will continue to be rejuvenated and vigorous. the a-share market will also take advantage of this opportunity to usher in a broader development space and a brighter development prospect. let us work together to witness the brilliant future of the chinese economy!