today’s perspective: stable growth policies support the real economy and capital market
2024-09-27
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su xianggao
the political bureau of the cpc central committee held a meeting on september 26 and pointed out that we must seize key points and take proactive actions to effectively implement existing policies, step up efforts to launch incremental policies, further improve the pertinence and effectiveness of policy measures, and strive to complete the economic and social progress throughout the year. development goals and tasks. on september 24, "one bank, one bureau, one meeting" concentratedly released and "announced" a batch of incremental policies, and launched a set of policy "combination punches." in the past two days, relevant policy details have been released one after another. overall, the policy intention and path to support the real economy and capital market are becoming increasingly clear.
at present, my country's macroeconomic operations are generally stable and high-quality development is solidly advanced. however, it should also be noted that the adverse effects of changes in my country's external environment are increasing, domestic effective demand is still insufficient, and the economy still faces many difficulties and challenges as it continues to rebound. on this occasion, the financial regulatory authorities assessed the situation, responded to the situation, and took timely measures to stabilize growth, stabilize the property market, and boost the stock market. this not only sent multiple positive signals to the market, but also demonstrated the courage and determination to promote development through reform.
the market felt the strong warmth conveyed by the policy. in the past three trading days, the three major a-share indexes have risen continuously, with the shanghai composite index once again reaching 3,000 points on september 26; chinese assets in overseas markets also rose broadly; related products in the domestic futures market also rose in response; the rmb against the us dollar the exchange rate once rose above "7".
in the author's opinion, in the future, the above-mentioned policy "combination" will continue to work hard and continue to activate macroeconomic growth momentum from three dimensions.
first, comprehensively support the steady development of the real economy.
comprehensive support for the steady development of the real economy through a variety of monetary policy tools is a highlight of this round of financial policy. on september 24, the central bank announced that it would lower the deposit reserve ratio by 0.5 percentage points and provide long-term liquidity to the financial market of approximately 1 trillion yuan. the 7-day reverse repurchase operation interest rate was lowered by 0.2 percentage points to guide the market interest rate downward. on september 25, the winning rate for the medium-term lending facility fell by 30 basis points. these monetary policy tools create a good monetary and financial environment for future economic development.
the state administration of financial supervision has also issued a number of documents to support the development of the real economy, including the "notice on doing a good job in renewing loans to improve the level of financial services for small and micro enterprises", "notice on doing a good job in piloting the expansion of equity investments in financial asset investment companies", and "on notice on expanding the pilot scope of equity investment in financial asset investment companies, etc., and also announced the increase in the core tier-one capital of six state-owned banks. these new policies are conducive to promoting my country's economic transformation, upgrading and high-quality development.
the second is to fully support the rebound of the property market.
the new property market policy is also the focus of this round of policy "combination". the central bank, together with the state administration of financial supervision, issued five new policies for real estate finance, including guiding banks to lower existing mortgage interest rates, unifying the minimum down payment ratio for mortgages to 15%, extending the deadlines of two real estate finance policy documents, and optimizing refinancing policies for affordable housing. support the acquisition of existing land from real estate companies. these policies are comprehensively implemented from both the supply and demand ends to further reduce borrowers' mortgage interest payments, help promote the expansion of consumption and investment, accelerate the destocking process of commercial housing, revitalize existing land, ease the financial pressure on real estate companies, resolve real estate market risks, and promote the real estate market stable and healthy development.
the third is to adopt a multi-pronged approach to boost the capital market.
at the level of incremental funds, the central financial office and the china securities regulatory commission jointly issued the "guiding opinions on promoting medium- and long-term funds to enter the market"; the central bank innovated structural monetary policy tools for the first time to support the capital market; the general administration of financial supervision mentioned that it will expand long-term insurance funds investment reform pilot. these measures will further guide incremental funds and long-term funds into the market.
the basic system of the capital market is also being improved at an accelerated pace. the "opinions on deepening the reform of the m&a and reorganization market of listed companies" issued by the china securities regulatory commission further promotes the effective allocation of resources, assists industrial integration, and improves quality and efficiency. the "supervisory guidelines for listed companies no. 10 - market value management (draft for comments)" promotes listed companies to improve quality and enhance investment value. in the medium to long term, these new policies are expected to further enhance the inherent stability of the capital market, enhance the capital market's ability to serve the real economy, and strengthen the protection of the legitimate rights and interests of small and medium-sized investors.
whatever you do if you accumulate strength, you will be victorious. this round of stabilizing growth policies has realized the joint efforts of financial regulatory authorities in the financial governance system, focused on the real economy, real estate market, and capital market, and played a role in restoring market expectations and supporting the macro economy. we also expect that subsequent financial policies can work in conjunction with other supportive policies such as fiscal policies to form a resonance and jointly promote the high-quality development of our country's economy.
source: securities daily
