What projects will the central bank increase the special re-lending quota of 100 billion yuan to support?

The relevant person in charge of the central bank said that the People's Bank of China will increase the support of prudent monetary policy to the real economy, especially support for industries severely affected by the epidemic, small, medium and micro enterprises, individual industrial and commercial households, and support for agricultural production and energy Guarantee and increase supply, launch re-loans for technological innovation and special re-loans for inclusive pensions, increase re-loans by 100 billion yuan to support the development and use of coal and enhance energy storage, increase re-loans to support agriculture and small businesses and special re-loans for civil aviation, and maintain reasonable liquidity Sufficient, promote the healthy and stable development of the financial market, and create a good monetary and financial environment.

The meeting studied the current economic situation and economic work, and also gave clear instructions on real estate: we must adhere to the positioning that houses are for living in, not for speculation, and support various localities to improve based on local realities. Real estate policies support rigid and improved housing demand, optimize the supervision of pre-sale funds for commercial housing, and promote the stable and healthy development of the real estate market.

This meeting once again emphasized the insistence on "housing is for living, not for speculation", which reflects the central government's unwavering insistence on the bottom line of regulation. At the same time, the statement in terms of policy formulation was changed from the previous "implementing policies according to the city" to "supporting various localities to improve real estate policies based on local realities." In addition, "supporting reasonable housing needs" mentioned in many previous meetings was more clearly stated this time as "supporting rigid and improved housing needs." In addition, the meeting also clearly proposed "optimizing the supervision of pre-sale funds for commercial housing."

The meeting did not dwell much on monetary policy and proposed "making good use of various monetary policy tools." The so-called "various tools" include both aggregate policies and structural monetary policy tools. However, many analysts believe that in the early stage, the central bank introduced aggregate policies such as RRR cuts and interest rates to help stabilize economic growth; in the next stage, in order to prevent imported inflation pressure and maintain price stability, it is expected that there will be limited room for significant RRR cuts and interest rate cuts, and structural monetary policy tools It is expected to further develop.

my country is currently facing greater economic downward pressure, but the continued high inflation levels and geopolitical conflicts in developed economies such as Europe and the United States will cause imported inflationary pressures in China. my country’s monetary policy will be affected by complex internal and external situations. Faced with the dilemma of stabilizing growth and stabilizing prices, it is expected that the central bank will have little room for significant RRR cuts this year. It is expected that there will be room for 1-2 RRR cuts throughout the year, each time by 25-50 basis points, and the room for interest rate cuts is 20 basis points. about. Aggregate monetary policy will put more emphasis on market-oriented approaches, and continue to play the structural function of monetary policy through re-lending and other methods to more accurately meet the financing needs of enterprises.