As the first year of the “15th Five-Year Plan”, the direction of financial support for high-quality economic development has become increasingly clear. At the recently held Central Bank Work Conference, key signals were released, clarifying the continuation of a moderately accommodative monetary policy, strengthening counter-cyclical adjustment efforts, and flexibly using tools such as reserve requirement ratio cuts and interest rate cuts to maintain sufficient liquidity.

Structural support has become a focus. The conference emphasized improving the policy framework for the financial “five major articles” and strengthening financial empowerment in areas such as expanding domestic demand and technological innovation. Among them, the “Technology Board” in the bond market performed brilliantly. Last year, more than 700 entities issued over 1.5 trillion yuan of sci-tech innovation bonds, with private enterprises accounting for more than 20% of participation. In terms of risk prevention and control, it will steadily promote the resolution of debts of financing platforms and establish a liquidity support mechanism for non-bank institutions.

At the policy coordination level, the central bank will improve the market-oriented interest rate transmission mechanism, strengthen coordination and cooperation with fiscal and industrial policies, and at the same time steadily expand high-level financial opening up and optimize the “Bond Connect” and “Swap Connect” mechanisms. A series of arrangements form a policy synergy, creating a favorable monetary and financial environment for stable economic growth.