CCTV News: The reporter learned from the People's Bank of China on January 4 that the tone of China's monetary policy in 2025 is "moderate easing", and a variety of monetary policy tools will be comprehensively used, including a timely reduction of reserve requirement ratio and interest rate cuts, so as to maintain abundant liquidity and a stable growth in total financial volume. How will the "moderately loose" monetary policy support the real economy? Let’s listen to the interpretation of the relevant person in charge.

In 2025, China will further improve the market-oriented interest rate regulation mechanism, continue to strengthen the implementation of interest rate policies, strengthen interest rate self-discipline management, improve banks' independent and rational pricing capabilities, take into account the stable operation of the banking industry and the social comprehensive financing costs have been steadily reduced, creating a favorable interest rate environment for promoting consumption and expanding investment.

Zou Lan, Director of the Monetary Policy Department of the People's Bank of China, said: "Maintain reasonable growth in total financial volume, comprehensively use a variety of monetary policy tools, maintain a sufficient liquidity, and guide financial institutions to deeply explore effective financing needs, so that the scale of social financing and the growth of money supply are matched with the expected targets of economic growth and total price level."

In 2025, we must give full play to the dual functions of monetary policy tools, guide more investment in urgently needed areas, and continuously improve the efficiency of financial support for economic structural adjustment, transformation and upgrading, and transformation of new and old kinetic energy.

Zou Lan said: "Deepen the market-oriented reform of exchange rate, strengthen expectations, effectively respond to external shocks, resolutely prevent the risk of exchange rate overshoot, and maintain the basic stability of the RMB exchange rate at a reasonable equilibrium level."

In 2025, China will pay more attention to supporting the expansion of consumption and effective investment, improve the overall efficiency of policies, and further smooth policy transmission.

Jin Penghui, director of the Shanghai Headquarters of the People's Bank of China, said that the country will implement a moderately relaxed monetary policy, focus on expanding domestic demand, stabilizing expectations, stimulating vitality, attach more importance to consumption, support stabilizing foreign trade and foreign investment, and help Shanghai better play its role in "taking the lead".

In 2025, China will actively promote the "five major articles" including science and technology finance, green finance, and inclusive finance. In terms of science and technology finance, we will continue to optimize the re-lending policies for scientific and technological innovation and technological transformation, and increase tool support. Innovate products such as loans in the field of science and technology, and actively cultivate a financial market ecology that supports science and technology innovation.

In terms of inclusive finance, we will continue to implement five special actions to support the comprehensive revitalization of rural areas, improve the credit enhancement system of private small and medium-sized enterprises and the evaluation mechanism for financial services, promote the implementation of entrepreneurial guarantee loans and student loan policies, and improve the availability, convenience and coverage of financial services in the inclusive field.

Peng Lifeng, Director of the Credit Market Department of the People's Bank of China, said: "In terms of pension finance, we will focus on improving the pension financial support system and exploring the characteristic products and service models of pension finance. Improve the efficiency of the use of pension re-lending funds, and guide financial institutions to increase support for the health industry, pension industry and the silver economy."

In terms of digital finance, we will optimize digital economy financial services, formulate policy measures to support new industrialization, cultivate a high-level financial data market, and improve the digital and intelligent level of financial services.