CCTV News: The People's Bank of China released the China Monetary Policy Implementation Report for the first quarter of 2025 on the 9th. The report shows that the countercyclical adjustment effect of monetary policy in the first quarter was obvious, and the RMB exchange rate remained basically stable at a reasonable equilibrium level.

Experts said that from the first quarter monetary policy report, it can be seen that specific policy operations are further optimized, such as adjusting the winning method of medium-term lending facilities (MLF), optimizing two capital market support tools, and combining agricultural re-lending and small-sponsored re-lending into agricultural and small-sponsored re-lending, etc.

Chief Researcher of China Merchants Union Dong Ximiao: With the support of various monetary policies, monetary credit has grown reasonably, the cost of social comprehensive financing has steadily declined, the credit structure has been further optimized, and the cumulative effect of many years of reserve requirement ratio cuts and interest rate cuts has continued to appear, and the social financing environment is generally in a relatively relaxed state.

In terms of further increasing support for the real economy, the report has sent a positive signal, and monetary policy continues to maintain moderate easing. In terms of supporting the expansion of consumption, the report made a special discussion on this, and a 500 billion yuan service consumption and pension re-loan was officially launched on the 9th. The market expects that the consumption potential in the service field is expected to be further stimulated and released in the future. Experts said that the US tariff policy has brought a significant impact on the global economic and financial order. The report mentioned "tariff policy" many times, indicating that the policy level is highly concerned about this.

Chief Researcher of China Merchants Union Dong Ximiao: The central bank issued a package of policies some time ago, which was very timely. At the critical moment of external shocks, it stabilized the market and maintained expectations, reflecting the positive actions of monetary policy.

Since this year, my country's fiscal support has increased significantly, and the issuance of new local special bonds has accelerated. The cumulative issuance volume in the first quarter was nearly 1 trillion yuan, effectively driving investment growth and boosting confidence. Experts said that the key to the next stage of a proactive fiscal policy is to further adjust the expenditure structure, tilt more towards areas with consumption effects, and increase investment in consumption of services such as elderly care, child care, and medical care. At the same time, we must strengthen basic guarantees, increase the protection of key groups such as rural elderly people and subsistence allowances, further play a leading role in the large-scale consumption field, and better meet the high-quality needs of the people for the renewal of bulk consumption.