在周二的决策后，中国人民银行（PBOC）并未为中国经济带来亟需的动力推动，反而实施了新一轮信用刺激措施，这很可能会让市场感到失望。
这并非是因为缺乏努力，实际上，宣布的政策是自疫情以来力度最大的刺激尝试之一。中国人民银行决定降低存款准备金率，此举旨在释放数千亿元资金用于增加贷款活动。同时，央行还将下调一系列利率，涉及借款和存款等多个方面。
对于中国经济而言，房地产市场的动荡才是关键所在，政府也正在寻求提供更多的支持。监管机构将对第二套房的首付比例从25%降至15%，并扩大了一项旨在通过国有的企业购买闲置房产转化为社会住房的计划，并为这一过程提供了贷款担保。
此外，还包括了股市领域的信贷注入。一个再融资设施被设立起来，以补贴那些回购股东股份的企业；同时，中央银行也为保险公司、养老金基金等机构投资者提供了新的流动性支持，用于购入股票。政府可能寄希望于更活跃的股市能改善消费者情绪，而交易量较少的上海股市在周二则大涨逾4%。
新闻来源：www.wsj.com
原文地址：China Pushes on a Stimulus String
新闻日期：2024-09-24
原文摘要：
Maybe someday President Xi Jinping will offer the Chinese economy the stimulus it needs, but Tuesday wasn’t that day. Instead, Chinese households and businesses are getting another credit stimulus that’s likely to disappoint. That’s not for lack of trying, since the policies announced Tuesday are among the most aggressive attempts at stimulus since the pandemic. The People’s Bank of China is cutting the reserves banks must deposit at the central bank to free up hundreds of billions of yuan—or more—for new lending. The PBOC will reduce a bevy of interest rates, including on lending and deposits. What really matters for the Chinese economy is the discombobulated property market, and here too Beijing wants to offer more support. Regulators will reduce the required down payment on second homes to 15% from 25%. The PBOC is expanding its loan guarantees for a program that subsidizes state-owned enterprises to buy vacant homes for conversion to social housing. There’s also credit for the stock market. A relending facility will subsidize companies that buy back shares from investors, and there’s new central-bank liquidity for institutional investors such as insurers and pension funds to buy equities. Beijing may hope a frothier stock market will improve dour consumer sentiment, and the thinly traded Shanghai stock market soared more than 4% Tuesday.
