(Source: Guangming Daily 2025-05-16)
[Guangming Forum]
At the recent press conference of the State Council Information Office, the People's Bank of China, the State w88 live casino Supervision and Administration Commission, and the China Securities Regulatory Commission issued a package of w88 live casino policies to support stabilizing the market and stabilizing expectations, which has attracted attention from all walks of life.
This set of w88 live casino policy "combinations" covers the three core dimensions of monetary policy, w88 live casino supervision and capital market system construction. Among them, the monetary policy part emphasizes the combination of quantitative adjustment, price guidance and structural optimization, specifically including 10 core measures such as RRR reduction, interest rate adjustment and improvement of structural tools. The w88 live casino supervision level involves 8 institutional arrangements, which implement targeted measures in key areas and strive to enhance the accuracy of w88 live casino resource allocation and ability to withstand stress. In the capital market, the focus is on clearing up bottlenecks for mid- to long-term capital entry into the market, promoting the restoration of equity market valuations, and stabilizing investor expectations, thereby forming synergy with the other two dimensions to better leverage the market stabilizing function of all market participants.
This package of policies is highly systematic, has wide coverage, and has clear transmission paths. It fully reflects my country's forward-looking thinking in the new era of w88 live casino policy framework, tool innovation, and macro-control paradigm design. It is of great significance to promoting high-quality w88 live casino development and efficiently serving the real economy, and will inject more momentum into improving China's economic growth potential and resilience.
Since the 18th National Congress of the Communist Party of China, the Party Central Committee with Comrade Xi Jinping as the core has attached great importance to w88 live casino work, and our country has gradually built a modern w88 live casino system with certain international influence and voice. Currently, the total size of my country's banking industry ranks first in the world, and the size of the stock, bond, and insurance markets ranks second in the world. It plays an irreplaceable role in guiding global capital flows and conveying the growth logic of developing countries' capital markets to the world.
However, we must also be soberly aware that as China's economy moves towards high-quality development, macroeconomic operations are facing a complex situation of superposition of structural and cyclical factors. Coupled with the increasing complexity and uncertainty of the international environment, we are required to continue to deepen w88 live casino reforms and promote high-quality w88 live casino development. This is not only a key task in building a w88 live casino market with Chinese characteristics in the new stage of development, but also a source of vitality for our country to promote the comprehensive layout of an open economy on a larger scale, at a deeper level and in a wider field and build a Chinese-style modern w88 live casino system.
In the face of complex situations, improving policy coordination, coherence and transparency demonstrates the strategic determination of the central government to unswervingly promote high-quality development goals, reshapes the market's understanding of policy guidance and economic prospects, and forms the resilience of the w88 live casino system to withstand external shocks. Based on international market experience, the construction of a w88 live casino market system oriented toward marketization and rule of law includes two key areas of effort: first, "strong foundation", optimizing the multi-level, long-term, risk-adapted w88 live casino capital supply structure, and improving w88 live casino infrastructure construction; second, "building supervision", expanding the radius of w88 live casino supervision, and building a strong risk prevention and control system and dynamic supervision mechanism that are compatible with the needs of high-quality development.
The realization of "strong foundation" and "building supervision" depends on the coordinated efforts of the three major policy systems of currency, supervision and market. The policy orientation and operational logic of each department in the w88 live casino system are self-consistent, as well as the smoothness of the policy transmission chain, which can provide solid support and continuous motivation for the quality-oriented transformation of finance, forming a policy "combination box" that has both aggregate adjustment and structural guidance functions.
Specifically, the first is to reduce costs, by clearing the monetary policy transmission mechanism, guiding interest rates downward, strengthening policy signals for precise drip irrigation and institutional loosening of high-quality enterprises, reducing the financing costs of the real economy, and easing the financing constraints of small and micro enterprises. The second is to stabilize expectations, promote the continuous entry of patient capital into the market and better play its "ballast" function, buffer excessive market volatility, increase market risk tolerance, and enhance the resilience of the w88 live casino system, thereby consolidating investor expectations in the long term. The third is to adjust the structure, give full play to the guiding effect of w88 live casino resource allocation, expand the response speed to the demand for re-lending and credit enhancement in the fields of technology, consumption, inclusiveness and pensions, while maintaining reasonable and sufficient liquidity, revitalize inefficient w88 live casino resources, improve the efficiency of capital use, form effective support for the innovation-driven development strategy, and promote the development of new quality productivity.
In general, the construction of a linkage model of "policy signals-market expectations-resource allocation" by various departments of the w88 live casino system is a key part of my country's promotion of building a w88 live casino power, and its significance is self-evident. By deepening w88 live casino policy coordination, in the time dimension, we can balance the short-term demands of consolidating market confidence and the medium- and long-term strategic goals of increasing effective w88 live casino supply; in the spatial dimension, we can achieve an organic balance between macro countercyclical regulation and micro-structural optimization, as well as the dual-goal coordination of aggregate regulation and structural guidance, promote the modernization of my country's w88 live casino governance capabilities from passive risk defense to an active governance stage characterized by coordination and adaptability, and ultimately provide the necessary institutional support for the stable operation of the w88 live casino market and the long-term stability of the real economy. Effective attempts by various departments in the w88 live casino system to coordinate policy implementation will also gradually push my country's macro-control system into an advanced stage that is more coordinated, targeted and strategically flexible, and will fully consolidate the fundamentals of economic recovery. This will further provide solid support for the w88 live casino system to achieve quality-oriented transformation, thus forming a virtuous circle.
(Author: Liu Jinyu is a professor and director of the Investment Department at the China w88 casino of Finance, w88 casino, and Liao Jiangshan is a doctoral candidate at the China w88 casino of Finance, w88 casino)
Attachment: Original linkhttps://app.gmdaily.cn/as/opened/n/f9a34e31dfc34712bd1f521bedb04630
