At the press conference of the State Council Information Office held today, the heads of the People's Bank of China, the State Administration of Financial Supervision and Administration and the China Securities Regulatory Commission introduced the relevant situation of "a package of financial policies to support stabilizing the market and expectations", and answered questions from reporters. It is reported that the People's Bank of China has introduced three categories and ten measures. One is a quantity based policy, which increases the supply of medium and long-term liquidity through measures such as reserve requirement ratio cuts to maintain sufficient market liquidity. The second is a price based policy, which involves lowering policy interest rates, lowering structural monetary policy tool interest rates, and lowering housing provident fund loan interest rates. The third is structural policies, which create and strengthen the implementation of structural monetary policy tools to support areas such as technological innovation, expanding consumption, and inclusive finance. 1. Lowering the reserve requirement ratio by 0.5 percentage points is expected to provide the market with long-term liquidity of approximately 1 trillion yuan. 2. Improve the reserve requirement system and temporarily reduce the reserve requirement ratio for automotive finance companies and financial leasing companies from the current 5% to 0%. 3. Lowering the policy interest rate by 0.1 percentage points, that is, the 7-day reverse repo operation interest rate in the open market will be reduced from the current 1.5% to 1.4%, which is expected to drive the loan market quotation rate (LPR) down by about 0.1 percentage points simultaneously. 4. Reduce the interest rates of structural monetary policy tools by 0.25 percentage points, including various special structural tool interest rates and the interest rates for supporting agriculture and small loans, all of which will be reduced from the current 1.75% to 1.5%; The mortgage supplementary loan (PSL) interest rate has been reduced from the current 2.25% to 2%. 5. Reduce the personal housing provident fund loan interest rate by 0.25 percentage points, and lower the interest rate for first-time home purchases over five years from 2.85% to 2.6%. The interest rates for other terms will be adjusted accordingly. 6. Increase the amount of re loans for scientific and technological innovation and transformation by 300 billion yuan, from the current 500 billion yuan to 800 billion yuan, and continue to support the implementation of the "two new" policies. 7. Establish a 500 billion yuan "Service Consumption and Pension Re loan" to guide commercial banks to increase credit support for service consumption and pension. 8. Increase the loan quota for supporting agriculture and small businesses by 300 billion yuan, and form a synergistic effect with the policy of lowering the interest rates of related tools, supporting banks to expand their loan investment in agriculture, small and micro enterprises, and private enterprises. 9. Optimize two monetary policy tools that support the capital market, combining securities, funds, and insurance company swap facilities of 500 billion yuan and stock repurchase and increase holdings of 300 billion yuan for a total amount of 800 billion yuan. 10. Establish a risk sharing tool for technology innovation bonds, where the central bank provides low-cost refinancing funds to purchase technology innovation bonds. Cooperate with local governments, market-oriented credit enhancement institutions, and other institutions to share the risk of partial default losses through diversified credit enhancement measures such as joint guarantees, providing support for technology innovation enterprises and equity investment institutions to issue low-cost, long-term limited technology innovation bonds for financing. (New Society)