CCTV News (News Network): On May 7, the State Council Information Office held a press conference, and the People's Bank of China, the State Administration for Financial Regulation, and the China Securities Regulatory Commission introduced the relevant situation of "a package of financial policies to support stabilizing markets and expectations."
The People's Bank of China announced the introduction of ten policy measures. In terms of quantitative policies, starting from May 15, the deposit reserve ratio of financial institutions will be lowered by 0.5 percentage points, and it is expected to release about 1 trillion yuan of long-term liquidity. At the same time, the deposit reserve ratio of automobile finance companies and financial leasing companies will be reduced from 5% to 0%. In terms of price-based policies, the policy interest rate will be lowered by 0.1 percentage point from May 8, the personal housing provident fund loan interest rate will be reduced by 0.25 percentage points, and the interest rate for first homes for more than 5 years will be reduced to 2.6%. In terms of structural policies, a 500 billion yuan "service consumption and elderly care re-loan" will be established, and credit support for service consumption and elderly care will be increased, and the re-loan quota for scientific and technological innovation and technological transformation will be increased, and the re-loan quota for agricultural and primary schools will be 300 billion yuan each.
The State Administration for Financial Regulation will introduce eight incremental policies in the near future. In terms of real estate, it will accelerate the introduction of financing systems that adapt to the new model of real estate development; expand the pilot scope of long-term investment in insurance funds, and plan to approve another 60 billion yuan to inject more incremental funds into the market; launch financing policies to support small and micro enterprises and private enterprises to help stabilize enterprises and the economy.
The China Securities Regulatory Commission stated that it will dynamically improve the work plan for responding to various external risks and shocks, and fully support the Central Huijin Company to play a good role as a "leveling fund". At the same time, it issued policies and measures to deepen the reform of the Science and Technology Innovation Board and the GEM, and issued the "Action Plan for Promoting the High-Quality Development of Public Funds".
