How to cope with the uncertainty of rapid changes in the external environment with the certainty of high-quality development under the current economic situation? At the press conference held by the State Reform Office on the 7th, the heads of the People's Bank of China, the General Administration of Financial Supervision and the CSRC announced a package of heavy financial policies, releasing a strong signal of stabilizing the market and expectations. Interest rate cuts, reserve requirement ratio cuts, increased macroeconomic regulation intensity, and macroeconomic policies are important driving forces for maintaining stable economic operation. What aspects will moderately loose monetary policy focus on? Reduce the deposit reserve ratio by 0.5 percentage point, the policy interest rate by 0.1 percentage point, the structural monetary policy tool interest rate by 0.25 percentage point, and the personal housing provident fund loan interest rate by 0.25 percentage point... The People's Bank of China President Pan Gongsheng announced a package of monetary policy measures to increase the intensity of macro-control. The above policy measures will provide financial institutions with sizable and low-cost medium - to long-term funds, which is conducive to reducing the debt cost of financial institutions and stabilizing the net interest margin. The policy effect will further be transmitted to the real economy, driving down the overall financing cost of society, boosting market confidence, and effectively supporting stable growth of the real economy. ”Pan Gongsheng said. It is understood that this reserve requirement ratio cut is expected to provide long-term liquidity of about 1 trillion yuan to the financial market; Lowering the policy interest rate is expected to drive down the loan market quoted interest rate (LPR) by about 0.1 percentage points; Lowering the interest rate of personal housing provident fund loans is expected to save over 20 billion yuan in annual interest expenses for residents' provident fund loans. Enterprises are the cells of the economy. Enterprises have vitality, and economic development has momentum. Li Yunze, Director of the State Administration for Financial Regulation, stated that in the context of the increasing impact of external shocks, a series of policy measures will be formulated and implemented to safeguard the development of foreign trade in the banking and insurance industries. In accordance with the principles of marketization and rule of law, support will be continuously increased from the financial aspect. We will extend the mechanism for coordinating financing for small and micro enterprises to all foreign trade enterprises, promote banks to accelerate the implementation of various policies to stabilize foreign trade, and ensure that loans are fully disbursed and renewed. For market entities that are significantly affected by tariffs and temporarily facing operational difficulties, 'one enterprise, one policy' provides precise services. ”Li Yunze said. It is reported that since the launch of the financing coordination mechanism for small and micro enterprises, more than 67 million operating entities have been visited and loans totaling 12.6 trillion yuan have been issued in various regions. Li Yunze stated that in the near future, the State Administration for Financial Regulation will work with relevant departments to further introduce a package of policies to support financing for small and micro enterprises and private enterprises, continue to deepen and implement the financing coordination mechanism, carry out the "Thousand Enterprises and Ten Thousand Households Visit" activity, and increase the investment in initial loans, renewals, and credit loans. Pan Gongsheng said that in the next step, the People's Bank of China will implement a moderately loose monetary policy, continue to do a good job in monetary policy regulation according to the economic and financial situation at home and abroad and the operation of financial markets, and strengthen coordination with fiscal policies to promote high-quality economic development. Promoting the stable entry of medium and long-term funds into the market and activating the capital market is crucial to the overall economic and social situation. How to sustainably stabilize and activate the capital market? The Chairman of the China Securities Regulatory Commission, Wu Qing, stated that he will strengthen market monitoring and comprehensive risk assessment, and dynamically improve work plans to respond to various external risk shocks. Central Huijin Company operates strongly in the front, with the People's Bank of China as the backing, which is one of the most powerful and effective models in the world. We will fully support the Central Huijin Corporation to play a good role as a "stabilization fund", cooperate with the People's Bank of China to improve the long-term mechanism of monetary policy tools to support the capital market, and better play the market stabilizing function of all market participants. Medium - and long-term funds are the "stabilizer" and "ballast" for the healthy operation of the capital market. Wu Qing stated that greater efforts will be made to attract long-term funds and collaborate with all parties to continue increasing the scale and proportion of various medium - and long-term funds entering the market. Issuing and implementing the Action Plan for Promoting the High Quality Development of Public Funds, striving to form a virtuous cycle of "increased returns, capital inflow, and market stability". Supervise fund companies to comprehensively implement long-term assessments, clarify that the weight of assessments for more than three years should not be less than 80%, reduce the phenomenon of fund managers' pursuit of gains and price cuts, and improve long-term product returns. ”Wu Qing said. Listed companies are an important component of the Chinese economy and the cornerstone of the capital market. Wu Qing stated that efforts are currently being made to revise the "Management Measures for Major Asset Restructuring of Listed Companies" and related regulatory guidelines, further improve the supporting measures for the "Six Articles on Mergers and Acquisitions", and provide greater support for listed companies' mergers and acquisitions, continuously enhancing their innovation and risk resistance capabilities. Continuous stability and active capital markets involve multiple departments and require joint efforts. Pan Gongsheng announced that the People's Bank of China will optimize two monetary policy tools to support the capital market, and use the 500 billion yuan swap facility for securities, funds and insurance companies and the 300 billion yuan refinancing line for stock repurchase, with a total line of 800 billion yuan. Li Yunze stated that the State Administration for Financial Regulation will further expand the pilot scope of long-term investment of insurance funds, and plans to approve another 60 billion yuan in the near future to inject more incremental funds into the market. At the same time, regulatory rules for solvency will be adjusted, and the risk factor for stock investment will be further reduced by 10%, encouraging insurance companies to increase their market entry efforts; Promote the improvement of long-term assessment mechanisms, mobilize the enthusiasm of institutions, and promote the realization of 'long-term investment'. More awesome Financial Support to Key Fields Focusing on supporting scientific and technological innovation, boosting consumption, real estate and other key areas, the financial sector launched a series of precise and powerful policy measures. At the press conference, the financial sector "officially announced" multiple policies to support technological innovation, including increasing the amount of 300 billion yuan in technology innovation and technological transformation loans, creating risk sharing tools for technology innovation bonds, formulating high-quality development opinions for technology insurance, promoting the establishment of a special mechanism for credit support for technological innovation, and supporting eligible national commercial banks to establish financial investment companies. We will continue to promote banks and insurance institutions to increase their support for technological innovation and actively explore new paths for technology finance. ”Li Yunze stated that efforts will be made to deepen existing pilot projects, improve the technology finance system that is compatible with technological innovation, and fully serve the development of new quality productive forces. Pan Gongsheng introduced that the policies and preparations related to the "technology board" in the bond market are basically ready, and all parties in the market have responded very positively. Preliminary statistics show that nearly 100 market institutions are planning to issue technology innovation bonds worth over 300 billion yuan, and it is expected that more institutions will participate in the future. To guide commercial banks to increase credit support for service consumption and pension, the People's Bank of China announced the establishment of 500 billion yuan of service consumption and pension refinancing. This tool is an innovative measure supported by the People's Bank of China to boost consumption, incentivizing and guiding financial institutions to increase financial support for key areas of service consumption such as accommodation, catering, cultural and entertainment, education, and the elderly care industry. It is also coordinated with fiscal and other industry policies to better meet the needs of the masses for consumption upgrading. ”Pan Gongsheng said. The real estate industry chain is long and involves a wide range of areas, which is closely related to the vital interests of the people. The reporter learned from the press conference that the financial sector is solidly promoting the expansion and efficiency improvement of the urban real estate financing coordination mechanism, supporting the victory of the battle to ensure the delivery of housing. At present, the approved "whitelist" loans by commercial banks have increased to 6.7 trillion yuan, supporting the construction and delivery of over 16 million residential units. In the first quarter of this year, the balance of real estate loans increased by over 750 billion yuan, with new personal housing loans experiencing the largest quarterly growth since 2022. Li Yunze stated that the next step will be to accelerate the improvement of a series of financing systems that are compatible with the new model of real estate development, including loan management measures for real estate development, personal housing, urban renewal, etc. Guide financial institutions to continue maintaining stability in real estate financing, effectively meeting the demand for rigid and improved housing, strengthening the supply of funds for high-quality housing, and helping to continuously consolidate the stable situation of the real estate market. (New Society)