At a press conference held by the State Information Office on May 7, Pan Gongsheng, President of the People's Bank of China, said that in order to implement the spirit of the Central Political Bureau meeting on April 25, further implement moderately loose monetary policies, and promote high-quality economic development, the People's Bank of China will increase the intensity of macro-control and introduce a package of monetary policy measures, mainly including three categories and ten policies:

First, quantitative policies, through measures such as lowering the reserve requirement ratio, increase the supply of medium and long-term liquidity and maintain abundant market liquidity. The second is price-based policy, lowering policy interest rates, reducing structural monetary policy tools, and reducing provident fund loan interest rates. The third is structural policies, creating and increasing efforts to implement structural monetary policy tools, supporting scientific and technological innovation, expanding consumption, inclusive finance and other fields.

First, lower the deposit reserve ratio by 0.5 percentage points, and is expected to provide the market with a long-term liquidity of about 1 trillion yuan.

Second, improve the deposit reserve system and reduce the deposit reserve ratio of auto finance companies and financial leasing companies from the current 5% to 0%.

Third, the policy interest rate was lowered by 0.1 percentage point, that is, the open market 7-day reverse repurchase operation interest rate was reduced from the current 1.5% to 1.4%, which is expected to drive the loan market quotation rate (LPR) to decline by about 0.1 percentage point simultaneously.

Fourth, the interest rate of structural monetary policy instruments was lowered by 0.25 percentage points, including: the interest rate of various special structural instruments and the interest rate of re-lending for agriculture and small businesses, both of which were reduced from the current 1.75% to 1.5%; the interest rate of mortgage supplementary loans (PSL) was reduced from the current 2.25% to 2%.

Fifth, lower the interest rate of personal housing provident fund loans by 0.25 percentage points, the interest rate of first-home homes for more than five years has dropped from 2.85% to 2.6%, and the interest rates for other periods are adjusted simultaneously.

Sixth, increase the amount of re-loans of scientific and technological innovation and technological 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.

Seventh, establish a 500 billion yuan "service consumption and pension re-loan" to guide commercial banks to increase credit support for service consumption and pension.

Eighth, increase the re-lending amount of agriculture and small enterprises by 300 billion yuan, forming a synergy with the policy of reducing the interest rates of related instruments, and support banks to expand loans to agricultural, small and micro enterprises and private enterprises.

Ninth, optimize two monetary policy tools to support the capital market, combine the quota of 500 billion yuan of exchange convenience for securities, funds and insurance companies and 300 billion yuan of stock repurchase and increase holdings and re-loans of 300 billion yuan, with a total quota of 800 billion yuan.

Tenth, create a risk sharing tool for technology innovation bonds. The central bank provides low-cost re-lending funds, can purchase technology innovation bonds, and cooperate with local governments, market-oriented credit enhancement institutions, etc., to share some of the risk of default losses of bonds through diversified credit enhancement measures such as joint guarantees, and provide support for technology innovation enterprises and equity investment institutions to issue low-cost and long-term science and technology innovation bond financing.

In the next step, the People's Bank of China will continue to conscientiously implement the deployment of the CPC Central Committee and the State Council, implement a moderately relaxed monetary policy, and continue to regulate monetary policy based on the domestic and international economic and financial situation and the operation of the financial market, and strengthen coordination and cooperation with fiscal policies to promote high-quality economic development.