The People's Bank of China releases the fourth quarter report on the implementation of China's monetary policy in 2025.

In 2025, the year when the "Fourteenth Five-Year Plan" finishes, under the strong leadership of the Party Central Committee with Comrade Xi Jinping at its core, the national economy continues to develop steadily with progress. The main goals of economic and social development are successfully achieved. The gross domestic product (GDP) grows by 5% year-on-year. The People's Bank of China adheres to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, resolutely implements the decisions and deployments of the Party Central Committee and the State Council, and implements a moderately loose monetary policy. In addition to implementing existing monetary policies, a package of monetary and financial policy combinations is introduced to strengthen counter-cyclical adjustments and effectively support stable growth of the real economy and smooth operation of financial markets. First, maintaining reasonable growth of monetary credit. A variety of monetary policy tools are comprehensively used to maintain sufficient liquidity, guiding financial institutions to strengthen project reserves and credit issuance to meet effective credit demands of the real economy. Second, pushing down the overall social financing costs. Lowering policy interest rates, structural monetary policy tool rates, and individual housing provident fund loan rates effectively support the reduction of overall social financing costs. Strengthening the execution and supervision of monetary policies, refining interest rate self-discipline management. Third, increasing support for major strategic areas and weak links. Enriching and improving the system of structural monetary policy tools, adjusting and optimizing credit structures, and supporting the implementation of important financial "key tasks." Increasing the quota for technology innovation and technological transformation refinancing loans, agriculture-related refinancing loans by 300 billion each, creating a 500 billion service consumption and elderly care refinancing loan, and a 200 billion technology innovation bond risk-sharing tool. Fourth, maintaining the basic stability of exchange rates. Upholding the decisive role of the market in the formation of exchange rates, utilizing the function of exchange rates in regulating macroeconomic and international balance of payments, adopting comprehensive measures to maintain the basic stability of the renminbi exchange rate at a reasonable and balanced level. Fifth, continued convergence of financial risks in key areas. Integrating the establishment of the People's Bank of China Macro-Prudential and Financial Stability Committee, further improving the macroprudential management and financial stability guarantee system. Optimizing two monetary policy tools to support capital markets and utilizing the role of the China Investment Corporation as a "quasi-sovereign fund." Steadily advancing the disposal of financial risks in key institutions and regions.