The central bank will increase the implementation of stable monetary policy implementation. The industry is expected to be structural policy tools in the second half of the year.

A few days ago, Yi Gang, President of the People's Bank of China (hereinafter referred to as "central bank"), attended the Tenth Group Finance Minister and the Central Bank President Meeting. In his speech, Yi Gang said that China ’s inflation is low, and it is expected to remain stable. Affected by the epidemic and external shocks, the Chinese economy is facing a certain downward pressure. The central bank will increase the implementation of stable monetary policy and provide more strong support for the real economy.

"Since the second quarter, the country has further launched an incremental increase in incremental and stable growth policies on the basis of previous counter -cycle and cross -cycle policy support. In June, financial data showed that domestic currencies remained steady growth, and market liquidity remained reasonable. Pinded, the demand for the real economy's financing is obviously recovered, the credit structure is optimized, reflecting the performance of the policy. "Zhou Maohua, a macro researcher of the Financial Market Department of Everbright Bank, said in an interview with the Securities Daily reporter that in the second half of the year, the policy foundation was promulgated in China in the second half of the year. In the end, the support of macro policy needs to be appropriately increased, and it is expected that the stable monetary policy is expected to maintain a slightly loose pattern.

On July 15, the National Bureau of Statistics released the national economic operation in the first half of 2022. Data show that the GDP in the first half of the year was 56264.2 billion yuan, which was calculated at an unchanged price, a year -on -year increase of 2.5%.

Zhou Maohua said that the recently announced macroeconomic data shows that the pace of domestic economic recovery in May and June has accelerated. However, the domestic demand has not been restored, the industry's recovery is not balanced, and the existence of the external demand environment is certain uncertain. Economic recovery is still required to support macro policies.

Wu Chaoming, deputy dean of the Caixin Research Institute, told a reporter from the Securities Daily that due to the impact of the high expectations at home and abroad, the GDP increased by 0.4%year -on -year in the second quarter, but the monthly economic indicators showed that "the decline in May narrowed in May, and the stable recovery in June" rose in June " For trend, the economy has entered the upward repair channel.

Ruan Jianhong, spokesman for central bank reporters and director of the Department of Investigation and Statistics, said at a press conference on the National New Office on July 13 that the central bank will use a variety of monetary policy tools to better play the dual functions and structural dual functions in a timely manner. Great support for the real economy, maintaining economic operation in a reasonable range, and promoting high -quality economic development.

For how to further increase the implementation of the stable monetary policy, Zhou Maohua believes that the monetary policy will maintain the cooperation of the total amount+structural tools, strengthen the cooperation with the policies such as fiscal and industry and other departments, and ensure the financing guarantee of key infrastructure projects. At the same time, stabilize bank financial institutions In debt costs, continue to tap the potential for reform of LPR (loan market quotation interest rate), reduce the cost of financing in the real economy, and guide financial institutions to increase support for small and micro enterprises, manufacturing, green development and other emerging fields to protect market entities and stable employment. At the same time, give full play to the accurate orientation advantages of structural tools, and continue to provide necessary support for individuals and service industry enterprises that have greater influences such as epidemics, and promote the domestic economy to accelerate the return on track.

Wu Chaoming said that in the second half of the year, it is necessary to balance the multiple goals of employment, stabilizing prices, and stable exchange rates. It is expected that the general tone of monetary policy will maintain stability and looseness, and the core focuses on broad credit. Cooperate with fiscal force to support credit expansion. It does not rule out the possibility of continuing reduction and asymmetric decrease of more than 5 years, but the probability of comprehensive interest rate cuts is small.

[Editor in charge: Yan Yuxin]

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