The central bank recently announced that it decided to reduce the deposit reserve ratio of financial institutions by 0.25 percentage points on April 25 (excluding financial institutions that have implemented the 5% deposit reserve ratio). In addition, in order to increase the support for small and micro enterprises and "agriculture, rural areas and farmers", for urban commercial banks that do not operate across provinces and agricultural commercial banks with a deposit reserve ratio higher than 5%, an additional 0.25 percentage point will be reduced on the basis of reducing the deposit reserve ratio by 0.25 percentage point. It is estimated that after the reduction, the weighted average deposit reserve ratio of financial institutions is 8.1%, releasing a total of about 530 billion yuan of long-term funds. As the first RRR reduction in the year, people from all walks of life looked forward to it in the early stage. After the announcement, it can be seen that, on the one hand, the central bank's move reflects the firm attitude of the state to support and care for the real economy, especially small, medium and micro enterprises. By pushing forward to launch policies to reduce the social comprehensive financing cost, it has laid a better financial foundation for the stable and healthy operation of the macro economy; On the other hand, it also reflects the adherence to the principles of stability, flexibility and rationality. While avoiding "flood irrigation", it tries its best to stabilize market confidence. In answering reporters' questions, the central bank said more clearly and directly that the background of the RRR reduction is that "the current liquidity is at a reasonable and sufficient level", and monetary policy needs to comprehensively consider "changes in price trend" and "give consideration to internal and external balance". Another financial management institution has also intensively issued many emergency policies. At the "Conference on the operation and development of the banking and insurance industry in the first quarter" held by the Information Office of the State Council, the cbcirc said that it would continue to implement the original rescue policy. On this basis, it required banks not to take out or cut off loans to small and micro enterprises and individual industrial and commercial households with temporary financial difficulties affected by the epidemic, and encouraged banks to support them by extending loans and adjusting repayment arrangements, Small and micro enterprises and individual industrial and commercial households that meet the loan renewal conditions should also actively give loan renewal support. A considerable number of small, medium-sized and micro enterprises are experiencing operating difficulties due to the impact of the epidemic. The continuous and intensive introduction of the "blood transfusion" policy is indeed positive, beneficial and exciting. However, in the view of some market participants, the actual effect they can produce seems to have gradually entered the stage of marginal decline. For example, in the process of practical operation, monetary policy needs to take financial institutions as the medium to produce regulation effect, and the burden reduction effect on microeconomic subjects often has a long time lag. Moreover, the risk management and control difficulties caused by information asymmetry always exist. Many small and micro enterprises do not go through financial institutions for financing, and they have been separated from the scope of benefits of financial policies for a long time. The strong contrast between "full of macro Qi and blood and poor micro meridians" reminds us that we need to further improve the corresponding governance system to prevent sudden and accidental risks from having an irreversible and far-reaching impact on the economic operation and the economic development goal of adjusting structure and promoting transformation. Not long ago, the joint prevention and control mechanism of the State Council issued the notice on doing a good job in ensuring the smooth flow of freight logistics, which clearly prohibits all localities from blocking or closing expressways, ordinary roads and channel ship locks without authorization, setting epidemic prevention checkpoints in the main line and service area of Expressways, let alone restricting the passage of freight vehicles and drivers and passengers at will. For many ordinary operators and many small and micro enterprises, the rotation of blood transfusion has delayed the occurrence of the crisis, and the implementation of unblocked policies and the real coordination of epidemic prevention and control and economic and social development are the more critical link to maintain the endogenous driving force of economic growth. (Xinhua News Agency)