Dong Ximiao: Let policy adjustments lead the market curve.

On December 13, Dong Ximiao, chief researcher of Zhaolian and part-time researcher of the Institute of Financial Research of Fudan University, wrote an article in Xinhua Finance and Economics that looking forward to the follow-up, in 2025, the moderately loose monetary policy can continue to exert force in three aspects, which is more forward-looking, effective and targeted. First, it is necessary to increase the intensity of counter-cyclical and cross-cyclical adjustment, carry out pre-adjustment beyond the norm, let the policy adjustment go ahead of the market curve, help the macroeconomic ironing cycle Fluctuation and external shocks, and highlight the forward-looking; The second is to continue to cut the RRR and interest rates, which can be reduced by 0.5 percentage points in 2025, reduce the policy Intrerest Rate by 50 basis points, and guide the LPR to drop by 25 basis points, so as to ensure that the total amount of Liquidity is more abundant, and the price is moderately reduced to enhance the effectiveness; The third is to make good use of the existing structural monetary policy tools, create new tools when necessary, enrich the “eighteen martial arts” in the toolbox, guide and support the Financial Institution to do a good job in the “five major articles”, especially increase support for scientific and technological innovation, green development, consumer finance, etc., to reflect pertinence.