CCTV News: On January 14, the State Information Office held a series of press conferences on "The achievements of China's high-quality economic development". Xuan Changneng, Vice President of the People's Bank of China, introduced that in 2024, the People's Bank of China adhered to the supportive monetary policy stance and implemented relatively major monetary policy adjustments four times to help the economy maintain a recovery and positive trend and support high-quality economic development.

According to reports, last year, my country lowered the deposit reserve ratio by 1 percentage point twice, and lowered the central bank's policy interest rate by 0.3 percentage points twice, which are the largest in recent years.

Structurally, increase support for key areas. Establish a 500 billion yuan re-loan for scientific and technological innovation and technological transformation to effectively guide financial institutions to increase financial support for first-time loans for technology-based small and medium-sized enterprises, as well as for technological transformation and equipment renewal projects in key areas. As of the end of 2024, there were 22,000 bank marketing docking projects, and loan contracts have been signed waiting for the company to withdraw money at any time to reach 838.9 billion yuan.

Xuan Changneng, Vice President of the People's Bank of China, said: "There has been launched 300 billion yuan in affordable housing re-loans, abolished the lower limit of mortgage interest rate policy, and promoted the reduction of existing mortgage interest rates again, reducing borrowers' mortgage interest expenses by about 150 billion yuan each year. The supply and demand sides simultaneously support the stable and healthy development of the real estate market."

At the same time, we have strengthened the implementation of interest rate policies, managed idle funds, vigorously rectified manual interest rate replenishment, optimized the self-discipline management of interest rates for corporate deposits and interbank current deposits, saved bank interest expenses, and created conditions for reducing social financing costs and balancing the sustainable development of banks.

People's Bank of China: my country's loan interest rate steadily declined in 2024

At the State Information Office press conference on the 14th, Xuan Changneng, Vice President of the People's Bank of China, also introduced that my country's liquidity remains reasonably abundant in 2024, the scale of social financing and monetary credit grows reasonably, and loan interest rates steadily decline.

Data shows that at the end of December 2024, the broad currency balance was 313.53 trillion yuan, an increase of 7.3% year-on-year. RMB loans increased by 18.09 trillion yuan throughout the year. At the end of 2024, the stock of social financing was 408.34 trillion yuan, an increase of 8% year-on-year. Among them, the balance of RMB loans issued to the real economy was 252.53 trillion yuan, an increase of 7.2% year-on-year.

The credit structure is constantly being optimized, with specialized and specialized enterprise loans increasing by 13% year-on-year, and inclusive small and micro loans increasing by 14.6% year-on-year, continuing to be higher than the growth rate of all loans during the same period.

Xuan Changneng, deputy governor of the People's Bank of China, said: "The loan interest rate has steadily declined. In December, the interest rate of newly issued corporate loans was about 3.43%, a year-on-year decrease of 0.36 percentage points; the interest rate of personal housing loans was about 3.11%, a year-on-year decrease of 0.88 percentage points."