To implement the spirit of the Central Political Bureau meeting and the arrangements of the State Council executive meeting, and to carry out a moderately loose monetary policy, the People's Bank of China, on the basis of fully leveraging the effectiveness of existing policies, has decided to further adjust and improve several monetary policy tools. This aims to create an appropriate monetary and financial environment for stable economic growth, high-quality development, and the stable operation of financial markets, promote the economy's continuous improvement and development toward new and better directions, and support a good start for the "15th Five-Year Plan."

First, the interest rate on the Pledged Supplementary Lending (PSL) will be lowered by 0.25 percentage points. The one-year PSL interest rate will be reduced from 1.75% to 1.5%, better incentivizing policy banks to support the real economy and serve national strategies. Second, the scope of PSL support will be expanded. The construction of the "six networks"—water networks, new-type power grids, computing power networks, next-generation communication networks, urban underground pipeline networks, and logistics networks—will be included in the PSL support scope, guiding policy banks to increase financial support for the construction of the "six networks," helping to expand effective investment and deeply tap the potential of domestic demand. Third, the quota for the re-lending facility for technological innovation and technological upgrading will be increased by 200 billion yuan, and the support ratio for this re-lending facility will be uniformly raised from 60% to 100%. After the increase, the quota for the re-lending facility for technological innovation and technological upgrading will rise from 1.2 trillion yuan to 1.4 trillion yuan, with a higher support ratio, which will help guide banks to increase lending to small and medium-sized technology enterprises and better support enterprises in expanding investment in equipment upgrading in key areas. Fourth, the quota for re-lending to support agriculture and small businesses will be increased by 500 billion yuan, of which the re-lending quota for private enterprises will be increased by 300 billion yuan. After the increase, the quotas for re-lending to support agriculture and small businesses and for rediscounting will rise from 4.35 trillion yuan to 4.85 trillion yuan, with the re-lending quota for private enterprises increasing from 1 trillion yuan to 1.3 trillion yuan. This will further incentivize local legal-person banks to increase credit support for agriculture-related and small and micro enterprises, especially small, medium, and micro private enterprises. The People's Bank of China will continue to comprehensively use various monetary policy tools based on macroeconomic conditions, price trends, and macroeconomic regulation needs, maintain ample liquidity, guide and regulate interest rate levels well, and serve the high-quality development of the real economy.