Editor's note: The third plenary session of the 20th Central Committee of the Communist Party of China has unveiled a road map for further comprehensively deepening reform in various sectors to advance Chinese modernization in the new era. China Daily is running a series of stories focused on specific reform measures and the implementation of the measures in different sectors and localities.
Editor's note: The third plenary session of the 20th Central Committee of the Communist Party of China has unveiled a road map for further comprehensively deepening reform in various sectors to advance Chinese modernization in the new era. China Daily is running a series of stories focused on specific reform measures and the implementation of the measures in different sectors and localities.
编者的话：中国共产党第二十届三中全会公布了对进一步全面深化改革作出系统谋划和部署。《中国日报》将重点关注具体改革措施及这些措施在不同部门、地区的实施情况。
China cut key interest rate benchmarks on Monday, demonstrating policymakers' strong commitment to strengthening macroeconomic policy support and putting into effect the measures outlined last week at a key meeting of the central leadership of the Communist Party of China, economists and analysts said.
经济学家、分析人士表示，我国7月22日将多个关键利率下调，展现出货币政策呵护经济回升的决心，是对二十届三中全会“坚定不移实现全年经济社会发展目标”要求的积极响应。
With the top-level meeting having mapped out reforms to bolster financial support for the real economy, they said China will likely take more action soon to enhance the effectiveness of interest rate adjustments and strengthen the capital market's ability to serve innovative enterprises as well as investors.
通过我国高层政治制定，目前已加强对实体经济支持的改革方案，将提高利率调整的有效性，并加强资本市场为创新企业和投资者服务的能力。
On Monday, the People's Bank of China, the nation's central bank, lowered the interest rate on seven-day reverse repurchase agreements or reverse repos — which serves as the short-term policy benchmark of interest rates — from 1.8 percent to 1.7 percent. The seven-day reverse repo is a central bank tool to inject liquidity.
根据央行7月22日公告，公开市场7天期逆回购操作采用固定利率、数量招标，操作利率由1.8%调整为1.7%。
Loan prime rates, China's market-based lending rate benchmarks, also dropped on Monday. The one-year LPR came in at 3.35 percent, after staying at 3.45 percent for 11 months. The over-five-year LPR, on which lenders base their mortgage rates, was lowered by 10 basis points to 3.85 percent.
贷款市场报价利率也有所下降。中国人民银行7月22日授权全国银行间同业拆借中心公布，1年期LPR下调为3.35%，5年期以上LPR下调为3.85%。
Analysts said the move will help boost investment and consumption by easing financing costs, as basic calculations indicate that Monday's cut can save about 55 yuan ($7.55) in monthly payments for a new homebuyer taking out a 30-year, 1-million-yuan mortgage and thus help improve homebuying demand.
分析师表示，此举将有助于通过降低融资成本来提振投资和消费。此次降息后购房者月供大约可减少55元，帮助改善购房需求。
The cut aligned with the call from the third plenary session of the 20th CPC Central Committee, which concluded on Thursday, to remain firmly committed to accomplishing the goals for this year's economic and social development.
此次减息呼应了7月18日结束的中共二十届三中全会，即努力实现全年经济社会发展目标。
To achieve this year's fiscal spending target, Zhang Bin, a senior researcher at China Finance 40 Forum, a top think tank, said that China needs to issue additional government bonds in the second half beyond its initial plan, either as central or local government bonds.
CF40资深研究员、中国社科院世界经济与政治研究所副所长张斌表示，广义财政政策应该更加积极一些，下半年需要额外新增发债才能实现目标。
This is because local governments' difficulties in generating adequate revenue have impeded the country's fiscal spending, which has in turn exacerbated the challenge of insufficient demand, said Zhang, who is also a national political adviser.
特别是今年要尽一切可能完成年初制定的政府支出目标，由于税收收入、地方政府卖地收入下降，完成年初目标面临很大困难。
Guo Kai, executive president of the CF40 Institute, a research institute affiliated with the think tank, said there remains more scope for interest rate cuts to counter slowing economic momentum, adding that Monday's cut also marks a step forward in market-oriented monetary policy transmission.
中国金融四十人研究院（CF40）执行院长郭凯表示，为应对经济势头放缓，降息仍有更多空间，此次降息也标志着以市场为导向的货币政策向前迈进一步。
The resolution adopted by the plenary session called for accelerated efforts to improve the central bank system and the monetary policy transmission mechanism, as part of wider financial system reform.
本次全会通过的《中共中央关于进一步全面深化改革、推进中国式现代化的决定》（以下简称《决定》）提出要完善货币政策传导机制，提高资金使用效率，为经济持续回升向好和高质量发展营造良好的货币金融环境。
Lou Feipeng, a researcher at Postal Savings Bank of China, said future reforms in monetary policy are needed to clarify the short-term interest rate corridor and its mechanism for transmission to long-term rates.
"Central bank transactions in treasury bonds are also likely to start and expand in response to market conditions to manage the treasury bond yield," Lou said.
中国邮政储蓄银行研究员娄飞鹏表示：“各国国债的央行交易也可能根据市场状况开始并扩大，以限制美国国债收益率。”。未来需要对货币政策进行改革，以明确短期利率及其向长期利率传导的机制。
Capital market reform would also be a focus of the upcoming financial system reform, analysts said, especially as the resolution has called for improving the functions of the capital market to give balanced weight to investment and financing.
分析人士表示，资本市场改革也将是即将到来的金融体制改革的重点，全金融消费者保护和打击非法金融活动机制，构建产业资本和金融资本“防火墙”。
Yan Xiang, chief economist at Huafu Securities, said that it can be learned from the resolution that reform will be deepened in the capital market, aiming to boost investors' confidence, enhance market efficiency and lower risks in the entire economic system.
"The capital market plays a significant role in serving the real economy, nurturing technology innovation and supporting new quality productive forces. It is for these reasons that the resolution has stressed the need to complete the capital market's basic mechanisms," he said.
华福证券首席经济学家燕翔指出，资本市场是支持科技创新、推动加快发展新质生产力的重要力量。《决定》提出要“防风险、强监管，促进资本市场健康稳定发展”以及“建立增强资本市场内在稳定性长效机制”，目的就是要通过改革，建立中国资本市场长远稳定发展的内在制度根基。
Liu Tao, deputy head of the Guangkai Chief Industry Research Institute, said that, specifically, bars may be raised for floating on the A-share market's main board and ChiNext at the Shenzhen bourse. Meanwhile, differentiated delisting rules may be introduced for different boards.
广开首席产业研究院副院长刘涛认为，在A股市场主板上市和在深圳证券交易所上市的创业板可能会上调柱线，不同的董事会也将出台差异化的退市规则。
Guangkai Chief Industry Research Institute
n.广开首席产业研究院
Postal Savings Bank of China
n.中国邮政储蓄银行
