On January 22, Pan Gongsheng, Party Secretary and Governor of the People's Bank of China, emphasized that guiding Financial Institutions to intensify support for key areas such as expanding domestic demand, technological innovation, and small and micro-enterprises is a strategic move to strengthen the domestic economic cycle and promote high-quality development. The People's Bank of China will increase policy support, refine policy measures, and continuously improve the quality and efficiency of financial services in serving the real economy's high-quality development.

In terms of expanding domestic demand and supporting consumption, comprehensive measures will be implemented to meet the diverse financial needs in the consumption sector. A dedicated 500 billion yuan relending facility for service consumption and elderly care has been established to incentivize and guide Financial Institutions to innovate financial products; efforts to enhance payment service convenience will continue, improving the level of consumer financial services; the one-time personal credit repair policy will be effectively implemented to improve the consumer financial environment; qualified Financial Institutions will be supported in issuing financial bonds to boost funding capacity in the consumption sector.

Regarding support for technological innovation, policy support will be continuously strengthened. Recently, the People's Bank of China increased the quota for relending funds targeting technological innovation and technical transformation, and expanded the scope of support to include privately-owned small and medium-sized enterprises with high R&D investment levels; a merged risk-sharing tool for bonds related to technological innovation and private enterprises has been established, providing relending support to promote the development of a "technology board" within the bond market.

In supporting small and micro-enterprises, efforts to enhance the inclusivity and convenience of financing will be continuously advanced. The quotas for relending and rediscount facilities supporting agriculture and small businesses have been increased, with a separate 1 trillion yuan relending facility established specifically for private enterprises, focusing on supporting small and medium-sized private enterprises. Financial Institutions will be supported in issuing financial bonds for small and micro-enterprises, and the bond financing support tools for private enterprises will be utilized effectively. The credit enhancement system for small and medium-sized private enterprises will be improved, leveraging the role of government-backed financing guarantees and information sharing.

Furthermore, collaboration and information sharing will be strengthened with departments such as the National Development and Reform Commission, Ministry of Commerce, Ministry of Industry and Information Technology, and Ministry of Science and Technology. Financial Institutions will be urged to improve their internal incentive and constraint mechanisms, enhancing the convenience, effectiveness, and coverage of financial services. The coordination between monetary policy and fiscal policy will be intensified, leveraging the incentivizing effects of policies such as fiscal interest subsidies, guarantees, and risk compensation to amplify the impact of financial support.