Press Conference Overview by the State Council Information Office

Key points of speech by Pan Gongsheng, Governor of the People's Bank of China:
1. Monetary policy adjustment:
o Since the beginning of this year, three important monetary policy adjustments have been implemented to support the real economy.
o Tools used include lowering the reserve requirement ratio, reducing the policy interest rates, and promoting the downward trend of loan market quotes.
2. Policy measures:
o Lowering the reserve requirement ratio by 0.5 percentage points is expected to release approximately 1 trillion yuan in liquidity.
o Lowering the policy interest rate from 1.7% to 1.5%.
o Lowering the interest rates on existing housing loans and unifying the minimum down payment ratio for housing loans to 15%.
o Establishing new policy tools to support the stable development of the stock market.
3. Economic Data:
o At the end of August, the scale of social financing increased by 8.1% year-on-year, RMB loans grew by 8.5%, and financing costs remained at historically low levels.
Director Li Yunze of the financial regulatory bureau key points in his speech:
1. Risk Prevention and Strengthened Supervision:
o Focus on high-risk areas, promote reforms in small and medium financial institutions, and prevent risk contagion.
o Promote the return of financial institutions to their essence, enhance the industry's sustainable development capabilities.
2. Promoting Development:
o Increase support for the financing of 'dual' and 'new' industries, and enhance financing support for small and micro enterprises as well as private enterprises.
China Securities Regulatory Commission Chairman Wu Qing's key points in his speech:
1. Capital markets reform:
o Emphasizing the stability of the market and improving the quality of listed companies.
o Continuing to promote the entry of medium and long-term funds into the market, supporting the development of equity public funds.
2. Optimizing the investment environment:
o Promoting regulatory inclusiveness for medium and long-term fund investments, encouraging value investing.
Summary:
This meeting emphasized the continued support and adjustment of financial policies, aiming to promote stable economic growth, reduce financing costs, support the healthy development of the real estate market and stock market, and strengthen supervision to prevent financial risks.

This speech transcript clearly conveys China's current monetary policy direction and financial regulatory attitude through the speeches of three senior financial officials. Firstly, President Pan Gongsheng's speech emphasizes the flexibility and targeting of monetary policy, aiming to stimulate economic growth by lowering interest rates and releasing liquidity, especially important in the context of economic slowdown. In addition, the policies of lowering mortgage rates and down payment ratios are intended to promote the real estate market recovery and enhance residents' homebuying abilities.
Director Li Yunze focuses on the stability and risk control of the financial system, emphasizing the reform and risk prevention of small and medium-sized financial institutions. This indicates a cautious balance, showing that while supporting economic growth, regulatory authorities do not overlook the hidden risks in the financial system.
Chairman Wu Qing's speech further emphasizes the reform of the capital market and the establishment of long-term mechanisms, pointing out the importance of introducing medium to long-term funds for market stability. This series of measures demonstrates the multi-dimensional and systematic nature of China's financial policy, aiming to both promote economic growth and maintain the health and stability of the financial market.
Overall, this press conference reflects the comprehensive measures China has taken during the economic recovery process, showcasing the government's flexibility and foresight in addressing challenges.