Today's editorial
looks at the RRR cut with a normal mind, and promotes development with "healthy body"
Fan Dayu, a commentator of this newspaper
Quickly and effectively controlling the epidemic is the basic support for protecting people's lives and health to the greatest extent possible.
"The body is the capital of the revolution", health is the foundation of development, and the losses caused by the "slow life" in the fight against the epidemic can be recovered with the support of various policies and a proper "rush to work".
Looking at the RRR cut with a normal mind and promoting development with "healthy body", this spring is still here. Plant the "seeds" of hope and recover the losses caused by the epidemic. The confident and resilient growth curve of the Chinese economy will not change.
In order to support the development of the real economy and promote the stability of comprehensive financing costs, the People's Bank of China announced a few days ago that it has decided to reduce the deposit reserve ratio of financial institutions by 0.25 percentage points on April 25.
According to reports, this RRR cut has released a total of about 530 billion yuan of long-term funds.
The relevant person in charge of the People's Bank of China said that they will continue to implement a prudent monetary policy, do not engage in flooding, take into account internal and external balance, better play the dual functions of monetary policy tools in terms of total volume and structure, and maintain reasonable and sufficient liquidity.
Since the beginning of this year, my country's consumer market has been running smoothly. Basic living consumption has maintained steady and rapid growth, and upgraded consumer demand has continued to release. The growth momentum of household consumption has improved. From January to February, the total retail sales of consumer goods increased by 6.7% year-on-year.
The import and export of foreign trade started smoothly. In the first quarter, the total value of my country's import and export of goods trade increased by 10.7% year-on-year.
In the first quarter, industrial production continued to recover and exports were strong, which also drove manufacturing investment to maintain high growth.
However, the world situation is complex and evolving, domestic epidemics have frequently occurred recently, and some unexpected factors have exceeded expectations, bringing greater uncertainty and challenges to the smooth operation of the economy.
Affected by changes in the domestic and foreign environment and the impact of the epidemic, the recovery of economic growth will be dragged down.
To stabilize the macroeconomic market, the first thing is to stabilize market expectations and do everything possible to expand household consumption and effective investment.
Since April, all localities have promptly implemented the spirit of the Central Economic Work Conference and the deployment of the State Council's "Government Work Report" this year, and actively implemented tax rebates, tax reductions and fee reductions, financial support for the real economy, issuance and use of special bonds, construction of key projects, and support for enterprises to stabilize jobs, etc. policies to ensure that the economy operates within a reasonable range.
As an expansionary monetary policy, reducing the statutory deposit reserve ratio, increasing the scale of credit, and increasing the money supply can release liquidity and stimulate economic growth.
This RRR cut is a continuation of the steady growth path, and also a positive response to the recent State Council executive meeting requiring monetary policy tools to increase support for the real economy.
At present, the market is generally highly concerned about the benefits of RRR cuts, which is completely understandable.
The RRR cut is an important monetary policy and monetary tool, which is not only conducive to maintaining sufficient market liquidity and driving down the financing cost of the real economy, but also has a certain positive impact on the capital market.
For the real estate market, the RRR cut can ease bank liquidity and promote the growth of new loans. Both personal mortgage loans and real estate development loans will benefit, which is conducive to boosting market confidence.
However, the impact of good news on the stock market and the property market should not be exaggerated, and the RRR cut should be viewed with normality.
In terms of the capital market, because the market has long expected, and historical data show that the stock market has risen and fallen after the RRR cut, the impact of this RRR cut on the stock market should be limited.
In the real estate market, although RRR cuts can play a positive role, under the rigid constraints of "housing, not speculating," the benefits will help maintain a virtuous cycle and stable development of the market, but it is impossible to change the trend of housing prices.
The RRR cut this time will not change the direction of monetary policy. Stability and progress while maintaining stability will remain the main tone of my country's monetary policy.
In fact, what really makes people look forward to is the timing of this RRR cut.
Now is the most strenuous time in the fight against the epidemic, and it is also a time of hope.
After arduous efforts, most parts of the country, including Shandong, Guangdong, Jilin, etc., have successfully achieved the goal of clearing the social dimension of epidemic prevention and control.
At present, the epidemic situation in Shanghai has also made positive changes. Shanghai is making every effort to clear the social face of the epidemic. At the same time, under the premise of strict epidemic prevention, it is promoting the resumption of work and production of enterprises in an orderly manner to ensure the safety and stability of the industrial chain and supply chain.
"Dynamic reset will not affect the general trend of China's economic development." This sentence is by no means a slogan, but a fully achievable economic development expectation supported by specific policies.
The relevant persons in charge of the Office of the Central Financial and Economic Commission and the Ministry of Finance recently pointed out that to coordinate the epidemic situation and economic and social development, and to promote the maintenance of economic operation within a reasonable range, various measures are currently being advanced in accordance with the requirements of early efforts and precise policy implementation. More policies Combinations are also under study and reserves.
This RRR cut is a measure of the "policy mix", and its effectiveness is undoubtedly worth looking forward to.
Quickly and effectively controlling the epidemic is the basic support for protecting people's lives and health to the greatest extent possible.
"The body is the capital of the revolution", health is the foundation of development, and the losses caused by the "slow life" in the fight against the epidemic can be recovered with the support of various policies and a proper "rush to work".
Looking at the RRR cut with a normal mind and promoting development with "healthy body", this spring is still here. Plant the "seeds" of hope and recover the losses caused by the epidemic. The confident and resilient growth curve of the Chinese economy will not change.