Moving forward steadily, opening a new round of structural monetary policy tools to actively "addition" the


　　central bank releases positive signals to benefit the real economy

　　On the basis of the continuation of the Central Economic Work Conference's "sound monetary policy should be flexible and appropriate", the People's Bank of China Monetary Policy Committee announced on December 25th on the website of the People's Bank of China in the fourth quarter of 2021 regular meeting, releasing a more positive signal— -We must give full play to the dual functions of monetary policy tools in terms of total volume and structure, and increase support for the real economy. Structural monetary policy tools must actively "addition".

　　Guo Lei, chief economist and managing director of GF Securities, judged that the meeting proposed for the first time to "play the dual functions of monetary policy tools in total and structure", which may point to the use of reserves and policy interest rates, "the first and second quarters of next year" The first half will be a more appropriate window period for loose monetary policy to stabilize growth."

　　Prior to this, the regular meeting of the Monetary Policy Committee in the third quarter had turned a little more cautious on economic research and judgment, emphasizing that the economic recovery was "unstable and unbalanced."

This requires monetary policy to be "stable" and "more proactive".

　　Huang Wentao, chief economist of China Securities Securities, combed and compared the statements of the four quarters of this year’s regular meetings. He believes that in the second and third quarter monetary policy meetings, external environmental impacts have received more attention. For example, the third quarter monetary policy regular meeting mentioned " Strengthen international macroeconomic policy coordination and prevent external shocks.” The deletion of this statement in the fourth quarter regular meeting may mean that the current monetary policy is not easily affected by the tightening of the external environment and pay more attention to the pressure of domestic economic growth.

　　Therefore, the meeting proposed that structural monetary policy tools should actively "addition" and make precise efforts to transform the two monetary policy tools that directly reach the real economy into market-oriented policy tools that support inclusive small and micro enterprises and individual industrial and commercial households, and implement them. Good carbon emission reduction support tools and special refinancing to support the clean and efficient use of coal, comprehensively implement policies to support coordinated regional development, and guide financial institutions to increase support for small and micro enterprises, technological innovation, and green development.

　　In recent years, two monetary policy tools that directly reach the real economy have been effective in supporting small, medium and micro enterprises.

According to data disclosed by Zou Lan, Director of the Financial Markets Department of the Central Bank, at the State Council’s policy briefing, from 2020 to October this year, banks have accumulatively deferred the repayment of the principal and interest of 14.4 trillion yuan of loans. The principal and interest payments were 11.8 trillion yuan; a total of 9.1 trillion yuan of inclusive small and micro credit loans were issued.

　　On December 15, the executive meeting of the State Council made the latest arrangements for two monetary policy tools that directly reach the real economy, and converted the inclusive small and micro enterprise loan deferred principal and interest support tool into an inclusive small and micro loan support tool.

From 2022 to the end of June 2023, the People's Bank of China will provide funds for inclusive small and micro enterprises and individual industrial and commercial households issued by local corporate banks at a rate of 1% of the balance increase to encourage the increase in inclusive small and micro loans.

　　At the same time, starting from 2022, inclusive small and micro-credit loans will be included in the management of the re-lending support plan for supporting agriculture and small-scale micro-credit. The 400 billion yuan re-loan line originally used to support inclusive small- and micro-credit loans can be used on a rolling basis, and further if necessary. Increase the amount of refinancing.

Qualified local corporate banks can issue inclusive small and micro credit loans to the People's Bank of China for re-loan preferential funding support.

　　Yang Delong, chief economist of Qianhai Kaiyuan Fund, pointed out that promoting the reduction of corporate financing costs and maintaining a low interest rate environment is conducive to economic recovery.

Accurately supporting the weak links of the real economy such as small and micro enterprises, providing low-cost funds for small and micro enterprises, and stimulating the vitality of micro entities can ensure market entities, stabilize employment, and promote domestic demand.

　　He believes that stabilizing growth is an important policy goal of the central bank. In 2022, counter-cyclical adjustments will be strengthened and growth stabilization measures will be introduced one after another.

　　China Youth Daily · China Youth Daily reporter Zhang Junbin Source: China Youth Daily