We will increase support for the real economy, have sufficient monetary policy tools, and respond more proactively. At the press conference on financial statistics for the first quarter of 2022 held by the people's Bank of China on April 14, several heads of relevant departments of the people's Bank of China explained in detail the direction of monetary policy in the next step: timely use of reserve requirement reduction and other monetary policy tools; Promote the implementation of the two policy tools of scientific and technological innovation refinancing and inclusive pension special refinancing as soon as possible; The 400 billion yuan refinancing line originally used to support Pratt Whitney small and micro enterprise credit loans can be further increased if necessary. Since the beginning of the year, the financial system has increased financial support for the real economy. Recently, the data released by the people's Bank of China showed that in the first quarter, the scale of social financing increased by 12.06 trillion yuan, an increase of 1.77 trillion yuan over the same period last year. At the same time, RMB loans increased by 8.34 trillion yuan in the first quarter, an increase of 663.6 billion yuan over the same period last year, which is also a statistical high. "On the one hand, the financial system has resolutely implemented the arrangements of the CPC Central Committee and the State Council, and credit expansion has been pushed forward and the pace of credit delivery has accelerated. On the other hand, the reform dividend of quoted interest rate in the loan market has been continuously released, and the loan interest rate has decreased steadily, which has promoted the increase of loan scale. In March, the interest rate of newly issued enterprise loans was 4.37%, 8 basis points lower than that in December last year." Ruan Jianhong, director of the investigation and Statistics Department and spokesman of the people's Bank of China, said that it is expected that credit supply will continue to maintain a stable growth trend in the future to support economic growth. Looking ahead, in the face of new downward pressure on the economy, monetary policy will support the real economy with multiple arrows. At the executive meeting of the State Council held on April 13, it was pointed out that "timely use the RRR reduction and other monetary policy tools to promote banks to enhance their credit extension capacity". Sun Guofeng, director of the Monetary Policy Department of the people's Bank of China, pointed out that the people's Bank of China will timely use monetary policy tools such as RRR reduction to further strengthen financial support for the real economy, especially industries seriously affected by the epidemic, small, medium-sized and micro enterprises and individual industrial and commercial households, make reasonable profits to the real economy and reduce comprehensive financing costs. In the view of insiders, after the RRR reduction in July and December last year, the RRR reduction is now on the line again, releasing a clear signal to the market that finance continues to strengthen its efforts to stabilize growth. Yuan Xiaohui, a researcher at the Bank of China Research Institute, said that under the current complex and changeable situation at home and abroad, some enterprises still face difficulties in operation. Reducing the reserve requirement is conducive to stabilizing the confidence of market subjects and ensuring that the economy operates within a reasonable range. For banks, the RRR reduction is conducive to reducing the capital cost of banks, so as to reduce the financing cost of the real economy. April 15 is the time point of the central bank's routine operation of medium-term lending facility (MLF). "On the one hand, some of the released funds can be used to replace the maturing MLF; on the other hand, the implementation of RRR reduction this month is also in the window period before the Fed raises interest rates and shrinks the table again." Wen bin, chief researcher of China Minsheng Bank, judged that if the RRR reduction is implemented this week, the probability of interest rate reduction this month will be reduced accordingly, but the bank will continue to make reasonable profits to the real economy and reduce the comprehensive financing cost. This month, it is also possible to reduce the loan market quotation rate (LPR) by reducing the point spread. In addition to the RRR reduction, the intensity of targeted support for key areas and weak links of monetary policy will also be increased. The people's Bank of China will promote the implementation of two policy tools, namely, scientific and technological innovation refinancing and inclusive pension special refinancing, as soon as possible. At the press conference on April 14, sun Guofeng disclosed the specific use arrangements of the above two new tools for the first time. It is reported that the people's Bank of China will provide financial institutions with a special re loan of 200 billion yuan for scientific and technological innovation, and support enterprises including high-tech enterprises, "specialized and special new" small and medium-sized enterprises, national technological innovation demonstration enterprises, manufacturing one-way champion enterprises and other scientific and technological enterprises. In addition, the people's Bank of China Guided financial institutions to provide preferential loans to inclusive elderly care institutions through special refinancing for inclusive elderly care, reduced the financing costs of elderly care institutions, and increased the supply of inclusive elderly care services for the general population. At the initial stage, five provinces including Zhejiang, Jiangsu, Henan, Hebei and Jiangxi were selected to carry out the pilot, with a pilot amount of 40 billion yuan. For the above two special re loans, the direct mechanism of first loan and then loan is adopted, that is, after financial institutions issue loans to enterprises, the people's Bank of China provides financial support for the loan principal meeting the requirements in proportion on a quarterly basis, and the re loan interest rate is 1.75%. "Scientific and technological innovation refinancing and Pratt & Whitney pension special refinancing are very new structural tools." Zhou Maohua, a macro researcher in the financial market department of Everbright Bank, said that by setting up two special refinancing, the central bank is equivalent to providing low-cost and stable credit funds to financial institutions to directly support scientific and technological innovation and inclusive pension, so as to alleviate the financing problems of scientific and technological innovation enterprises on the one hand; On the other hand, expand the supply of elderly care services to meet the needs of basic elderly care services. In addition, as a structural monetary policy tool, small refinancing of agricultural expenditure is also expected to "increase" again. According to the data, by the end of March, the balance of small re loans for supporting agriculture in China had reached 1.85 trillion yuan, of which 516.1 billion yuan was re loans for supporting agriculture, an increase of 73.9 billion yuan year-on-year; Small refinancing amounted to 1331.5 billion yuan, an increase of 402 billion yuan year-on-year. "From 2022, the Pratt & Whitney small and micro enterprise credit loan support plan will be included in the management of agricultural small and micro enterprise refinancing. The 400 billion yuan refinancing line originally used to support Pratt & Whitney small and micro enterprise credit loans can be used on a rolling basis and further increased if necessary." Sun Guofeng said. (Xinhua News Agency)