CCTV News: On May 9, the People's Bank of China released the China Monetary Policy Implementation Report for the first quarter of 2025. The report shows that the countercyclical adjustment effect of monetary policy in the first quarter was obvious, and the RMB exchange rate remained basically stable at a reasonable equilibrium level.

Experts said that from the first quarter monetary policy report, it can be seen that specific policy operations are further optimized, such as adjusting the winning method of medium-term lending facilities (MLF), optimizing two capital market support tools, and combining agricultural re-lending and small-sponsored re-lending into agricultural and small-sponsored re-lending, etc.

Chief Researcher of China Merchants Union said that with the support of various monetary policies, monetary credit has grown reasonably, the cost of social comprehensive financing has steadily declined, the credit structure has been further optimized, and the cumulative effect of many years of reserve requirement ratio cuts and interest rate cuts has continued to appear, and the social financing environment is generally in a relatively relaxed state.

Interpretation of the first quarter monetary policy implementation report: Increase support for the real economy and support the expansion of consumption

Experts said that in the first quarter monetary policy implementation report, new policy signals are constantly being released, including further increasing support for the real economy and supporting the expansion of consumption.

In terms of further increasing support for the real economy, the report has sent out a positive signal, and monetary policy continues to maintain moderate easing. In terms of supporting the expansion of consumption, the report made a special discussion on this, and a 500 billion yuan service consumption and pension re-loan was officially launched on the 9th. The market expects that the consumption potential in the service field is expected to be further stimulated and released in the future.

Experts said that the US tariff policy has brought a significant impact on the global economic and financial order. The report mentioned "tariff policy" many times, indicating that the policy level is paying close attention to this.

Dong Ximiao said that macroeconomic policies have been actively responding and focusing on their efforts, and stabilizing foreign trade will also become an important direction for future policy support. Some time ago, the central bank issued a package of policies, which was very timely and stabilized the market and expectations at critical moments when it was hit by external shocks, reflecting the positive actions of monetary policy.

Interpretation of the first quarter monetary policy implementation report: my country's government debt expansion has corresponding asset support

The first quarter monetary policy implementation report compares the government debt situation of China, the United States and Japan from the perspective of the balance sheet of the government department. Experts said that through the report data, it can be seen that my country's government debt expansion has corresponding asset support.

The total assets of my country's broad government are equivalent to 166% of GDP, total liabilities are equivalent to 75% of GDP, and net assets account for about 91% of GDP, and their assets are mainly equity in state-owned enterprises with good growth.

Dong Ximiao said: "my country's government debt expansion has corresponding asset support, which is of great significance to strengthening people's livelihood security, improving income distribution, promoting economic transformation and dynamic balance."

Since this year, my country's fiscal support has increased significantly, and the issuance of new local special bonds has accelerated. The cumulative issuance volume in the first quarter is nearly 1 trillion yuan, effectively driving investment growth and boosting confidence.

Experts said that the key to the next stage of a positive fiscal policy is to further adjust the expenditure structure, tilt more towards areas with consumption effects, and increase consumption investment in elderly care, child care, and other services. At the same time, we must strengthen basic guarantees, increase the protection of key groups such as rural elderly people and subsistence allowances, further play a leading role in the large-scale consumption field, and better meet the high-quality needs of the people for the renewal of bulk consumption.