China's new financial stimulus package reflects policymakers' strong resolve to stabilize the domestic economy and financial markets amid ongoing tariff-related pressures, paving the way for greater monetary and fiscal actions to shore up domestic demand and confidence, economists and analysts said.
China's new financial stimulus package reflects policymakers' strong resolve to stabilize the domestic economy and financial markets amid ongoing tariff-related pressures, paving the way for greater monetary and fiscal actions to shore up domestic demand and confidence, economists and analysts said.
经济学家和分析人士指出，中国新推出的一揽子经济刺激计划彰显了决策层在关税压力持续的背景下稳定国内经济与金融市场的坚定决心，这为后续出台更多货币和财政政策举措，提振内需、巩固市场信心铺平了道路。
The package, unveiled on Wednesday, includes interest rate cuts, liquidity injection and targeted funding for consumption and technological innovation, and is aimed at strengthening credit expansion, anchoring investor expectations and boosting capital market resilience.
周三推出的一揽子政策包含降息、流动性注入及针对消费与科技创新的定向资金支持，旨在强化信贷扩张力度、稳定投资者预期并提升资本市场抗风险能力。
With the measures indicating that policymakers are taking a proactive stance to brace for worst-case scenarios, additional tools are likely to be in the pipeline, including bolder cuts to interest rates, stepped-up fiscal support for consumption and trade-affected businesses, and the potential launch of a formal stock market stabilization fund.
这些措施表明，决策层正以积极主动的姿态未雨绸缪、防范最坏情况，后续可能出台更多政策工具组合，包括更大幅度的降息、针对消费和受贸易冲击行业加大财政支持力度，以及可能正式推出股市平准基金。
The People's Bank of China, the country's central bank, announced on Wednesday that it will cut the seven-day reverse repos—a key policy benchmark for interest rates—by 10 basis points to 1.4 percent from 1.5 percent, effective on Thursday.
中国人民银行周三宣布，自周四起将作为关键政策利率指标的7天期逆回购操作利率下调10个基点，由1.5%降至1.4%。
Pan Gongsheng, governor of the PBOC, said the reserve requirement ratio, or RRR—the proportion of deposits that banks must keep as reserves—will be reduced by 0.5 percentage point, unleashing liquidity of around 1 trillion yuan ($138.5 billion). The cut will take effect on May 15.
中国人民银行行长潘功胜表示，自5月15日起存款准备金率（RRR）——即商业银行需持有的存款准备金比例，将下调0.5个百分点，此次降准预计释放长期流动性约1万亿元人民币（约合1385亿美元）。
Speaking at a news conference, Pan announced a raft of targeted monetary support, including lowering the RRR for auto financing and financial leasing companies to zero from 5 percent and reducing interest rates by 25 basis points on housing provident fund mortgages and various structural monetary instruments.
潘功胜在新闻发布会上宣布了一系列定向货币政策支持措施，包括将汽车金融公司和金融租赁公司的法定存款准备金率从5%全面下调至零，并将住房公积金贷款及各类结构性货币政策工具利率统一下调25个基点。
The central bank will launch two new tools to provide funding for services consumption and eldercare, as well as tech innovation bond investments, Pan added.
潘功胜补充道，中国人民银行将创设两项新工具，分别为服务消费与养老产业、以及科技创新债券投资领域提供专项融资支持。
David Chao, global market strategist for the Asia-Pacific region (excluding Japan) at investment management company Invesco, said, "The rate cuts are likely to reduce borrowing costs in the real economy and give credit growth the boost it needs."
景顺投资管理公司亚太区（除日本外）全球市场策略师赵大卫（David Chao）表示：“此次降息有望降低实体经济融资成本，为信贷增长注入必要动能。”
"The combined package of measures—similar to those in September—demonstrates that policymakers remain committed to prioritizing (economic) growth," Chao said.
“与去年9月类似的一揽子政策表明，决策层仍致力于将经济稳增长置于优先位置。”赵大卫指出。
With the policies coming before the planned China-US trade talks later this week, Wang Qing, chief macroeconomic analyst at Golden Credit Rating International, said the PBOC is likely to continue with interest rate cuts and RRR reductions in the second half, as negotiations may go through a complex process while inflation remains subdued at home.
随着政策即将出台，中美两国计划于本周晚些时候进行贸易谈判，东方金诚国际首席宏观分析师王青表示，由于谈判进程可能面临波折且国内通胀持续低迷，中国人民银行很可能在下半年继续降息和下调存款准备金率。
China's A-share market reacted positively to the measures, with the benchmark Shanghai Composite Index rising 0.8 percent to close at 3,342.67 points on Wednesday.
中国A股市场对此作出积极反应，周三上证综合指数上涨0.8%，收报3,342.67点。
Pan added that the central bank will provide sufficient funding support to Central Huijin Investment, an arm of China's sovereign wealth fund that functions as a quasi-stock market stabilization fund, in increasing share holdings when necessary.
潘功胜补充称，央行将为中央汇金投资有限公司（中国主权财富基金旗下机构，承担准股市平准基金职能）提供充足的资金支持，以便其必要时进一步增持股票。
Zhang Jun, chief economist at China Galaxy Securities, said it is also necessary for China to launch a formal stock market stabilization fund via legislative procedures, especially amid rising global financial market volatility, to further anchor market expectations.
银河证券首席经济学家张军表示，在全球金融市场波动加剧的背景下，中国还需通过立法程序正式设立股市平准基金，以进一步稳定市场预期。
Zhang added that as the RRR for some institutions will be cut to zero—breaking through the previously assumed implicit floor of 5 percent—there is now greater room for reducing the RRR of commercial banks, with a 50-basis-point cut likely in the third quarter to coordinate with incremental fiscal stimulus.
张军进一步指出，由于部分机构存款准备金率将降至零（突破了此前市场普遍认为的5%隐性下限），商业银行存款准备金率下调空间进一步扩大，第三季度可能再降准50个基点，与增量财政刺激政策形成协同效应。
Lu Ting, chief China economist at Nomura, said China needs to take bolder steps—especially on the fiscal front—to clean up debt in the property sector and support consumption by reforming the pension system.
野村证券中国首席经济学家陆挺表示，中国需采取更大胆举措——尤其是在财政政策方面——通过改革养老金制度来化解房地产行业债务问题并提振消费。
Li Yunze, head of the National Financial Regulatory Administration, said that China will accelerate the rollout of financing mechanisms aligned with its new development model of real estate.
国家金融监督管理总局局长李云泽表示，中国将加快推出与房地产发展新模式相匹配的融资机制。
stimulus package
一揽子刺激计划; 经济刺激政策
the reserve requirement ratio (RRR)
存款准备金率
reverse repos
反向回购; 逆回购
benchmark
/ˈbentʃmɑ:k/
n. 基准
PBOC
中国人民银行
stock market stabilization fund
股市平准基金
