在过去的那一周里，中国政府迅速出台了刺激经济的一系列措施。这些措施从货币政策到对房地产市场的支持应有尽有，显示了北京为使增长率接近5%的年度目标而加速行动的决心，此举也为金融市场注入了信心。
以下是目前公布的关键政策：
中国人民银行在周五宣布降低七天期逆回购利率至1.5%，之前这一利率是1.7%。行长潘鹏在周二的会议上表示，此举将伴随其他贷款和存款利率下调。随后一天，中国央行对一年期政策性借款利率进行了同等幅度的下调，这为企业的信贷成本提供了显著的减负空间。
中国政治局于本周四强调了降息措施的紧迫性和重要性，这一迹象表明可能会有进一步的宽松政策出台。此外，中国人民银行周五还降低了银行必须保留的资金比例0.5个百分点，此举释放了银行更多的贷款资金，并暗示年内可能还会进行更多此类的储备金比率调整。
在潘鹏宣布后，中国政府将全国平均房贷利率下调一半的计划也得到了推进。对于第二套房购买者的首付比例从25%降至15%，与首套房保持一致。同时允许房主与现有贷款人重新谈判条款，并考虑首次允许购房者转向其他银行进行再融资，以促进市场的竞争性价格降低。
中国央行还扩大了对国有企业收购滞销房产的支持力度，将为此类购买提供全额信贷本金支持，较之前宣布的60%显著增加。这些举措是在上周末一系列声明后采取的。
政治局承诺将房地产市场“止跌”，这是中国政府对稳定占多数家庭财富的大头行业最有力的呼吁。此外，在之前的措施未能刺激房地产业回暖的情况下，中国正在考虑取消剩余的一些购房限制，特别是在广州成为首个解除所有购房限制的一线城市之后。
监管机构也正在进行讨论，以调整特大型城市的限购政策，如上海和北京等地方对非户籍居民（即没有该地区户口的人）的购买限制，从而放宽他们的购房条件。这意味着在经历过全球金融危机以来类似的措施后，此次可能是首次允许购房者在不同银行进行再融资，这将促进市场竞争并可能降低购房者的借贷成本。
在支持股市方面，中国央行已宣布了新的稳定市场基金计划，并将在其网站上公布更多详情。此外，在证监会主席吴清表示即将推出鼓励并购的新措施之后，这一消息已被正式确认。据报道，中央政府将向六大主要商业银行注入数万亿的额外核心一级资本（Tier 1 Capital），以增强银行实力。
政治局还呼吁各级官员积极发行并使用超长期特别主权债券和地方特殊债务票据来促进投资。自8月以来加速发行的地方政府债券在寻找高质量项目进行投资与降低负债风险的挑战中，步伐已有所加快。有消息称财政部计划今年发行2万亿元人民币的特别国债，其中资金将均分为刺激消费和帮助地方政府解决债务问题两部分。
最后，去年全国人大授权在年内增发1万亿元人民币的专项政府债券用于应对经济下行压力，并提供支持给面临风险的地方政府，这显示出中国政府对稳定经济的决心与行动。
新闻来源：www.bloomberg.com
原文地址：China’s Stimulus Blitz: What We Know So Far and What to Expect
新闻日期：2024-09-27
原文摘要：
China gave its economy a shot in the arm with an extraordinary flurry of stimulus measures in the past week. The moves range from monetary easing to support for the struggling real estate sector. While some details are missing, the unusual pace and intensity of the signaled a sense of urgency in Beijing to put growth on track for the around 5% target, buoying .Here are the key measures unveiled and reported so far — and what more to expect. The People’s Bank of China cut its seven-day policy rate on Friday, three days after Governor announced steps to lower borrowing costs to spur growth at a press conference.The cut in the seven-day reverse repurchase rate, to 1.5% from 1.7%, will be accompanied by a reduction in the loan prime rates and deposit rates, Pan said at the briefing on Tuesday.The next day, China’s central bank delivered the decrease to the interest rate charged on its one-year policy loans, known as the medium-term lending facility.The one-year LPR, which is a benchmark for corporate and household credit like mortgages, is scheduled to be announced on Oct. 21.The Politburo, China’s top decision-making body, called for a “forceful” implementation of rate cuts on Thursday. That signals further easing could be on the table.Read More: The Chinese central bank also cut the amount of cash banks must keep in reserve on Friday, a move Pan telegraphed earlier this week.The monetary authority reduced the reserve requirement ratios by 0.5 percentage point, freeing up money for banks to make more loans.Further RRR cuts are still possible by the end of the year, according to Pan. Pan announced plans for a cut to outstanding mortgage rates by an average of half a percentage point. The minimum down-payment ratio on second-home purchases will also be lowered to 15% from 25%, matching the requirement for first homes.Homeowners will be able to renegotiate terms with their current lenders, Pan said. Regulators will consider whether to allow borrowers to refinance with a different bank for the first time since the global financial crisis. The resulting competition may lower borrowing costs for home-buyers. Separately, the PBOC will ramp up its for state-owned firms to acquire unsold property inventory. It will now provide 100% of the principal of bank loans for such purchases, up from 60% announced in May, Pan said.Those measures were enacted when the PBOC issued a flurry of statements on Sunday.The Politburo pledged action to make the real estate market “stop declining,” its strongest vow yet to stabilize a sector that makes up the bulk of household wealth.China is also considering removing some of the largest remaining restrictions on home purchases after previous measures failed to revive a moribund housing market, Bloomberg News last week. Regulators are working on a proposal that would allow mega cities such as Shanghai and Beijing to relax restrictions for non-local buyers — those who don’t have a so-called Hukou residence permit for that location — according to people familiar with the matter. While Guangzhou became the first tier-1 city to remove all restrictions on Sunday, Shanghai and Shenzhen only allowed more people to purchase residences in suburban areas, as well as allow others to buy more homes. Read More: Pan promised several measures to support the stock market:Pan said details for the first two facilities will be released on the PBOC website, and that the stock stabilization fund is under consideration.After China Securities Regulatory Commission Chairman Wu Qing said at the press conference that new measures to encourage mergers and acquisitions were about to be unveiled, it became official with an on Tuesday night.Read More: Authorities will add the core tier 1 capital to six major commercial banks, Li Yunze, minister of the National Financial Regulatory Administration, said at the press conference alongside Pan, without elaborating.Those would be the Industrial & Commercial Bank of China Ltd., Bank of China Ltd., Agricultural Bank of China Ltd., China Construction Bank Corp., Bank of Communications Co., and Postal Savings Bank of China Co. Bloomberg News later reported that the injection could be up to 1 trillion yuan of capital, with the funding mainly coming from the issuance of new special sovereign bonds.The move still hasn’t been officially announced. When it comes, it will be the first time since the global financial crisis in 2008 that Beijing has injected capital into its big banks. Read More: The Politburo urged officials to “issue and make good use” of the ultra-long special sovereign bonds and local special notes to drive investment. Local governments have accelerated bond issuance since August after keeping the pace slow, as they struggled to find quality projects to invest in while trying to reduce debt risks.Reuters reported late Thursday that the Ministry of Finance is planning to issue 2 trillion yuan of special sovereign bonds this year. That funding will be evenly split between stimulating consumption and helping local governments tackle debt problems, Reuters said, citing two people familiar with the matter. The government has made no official announcement on this yet. Last year, China’s top legislative body used its October session to authorize the issuance of 1 trillion yuan in additional special government bonds.Read More:
