Policy release
The third quarter of 2021 China's monetary policy implementation report of the people's Bank of China points out that a prudent monetary policy should be flexible, accurate, reasonable and appropriate, focus on me, take stability as the head, grasp the strength and rhythm of the policy, handle the relationship between economic development and risk prevention, make cross weekly adjustment, maintain the overall stability of the economy and enhance the resilience of economic development. At the same time, maintain the continuity, consistency and stability of real estate financial policies. (people's Bank of China)
Comments: in the third quarter monetary policy implementation report, the central bank deleted "manage the general monetary gate" and "resolutely do not engage in flood irrigation". Therefore, it can be inferred that the next monetary policy rate of the central bank is stable and wide, and the growth rate of social financing and credit is expected to pick up. The central bank's outlook on the economic outlook is cautious. The third quarter report pointed out that "the world's unprecedented great changes in a century and the global pandemic of covid-19 pneumonia are intertwined, and the external environment is becoming more complex and severe. China's economic recovery and development is restricted by some phased, structural and cyclical factors, making it more difficult to maintain the stable operation of the economy", It is different from the previous statement that "China's economic recovery is still unstable and unbalanced".
Structural monetary policy may become the focus of future monetary policy. In the third quarter, the central bank increased the amount of small re loans by 300 billion yuan and supported the increase of loans to small and micro enterprises and individual industrial and commercial households; Implement carbon emission reduction support tools; Set up 200 billion yuan of refinancing to support clean and efficient utilization of coal. The central bank made full use of structural monetary policy to increase support for small and medium-sized enterprises and promote the vigorous development of clean energy.
Key macro dynamics
1. China Macro Economic Forum (CMF) released a report that China's macro economy continued to recover in 2021, but affected by the base factor and the slowdown of recovery momentum in the second half of the year, the trend from high to low is obvious. It is expected that the real GDP will grow by 3.9% in the fourth quarter and 8.1% in the whole year, so as to achieve the growth target of more than 6% in the whole year. (wind)
2. According to the data released by China information and Communication Research Institute, the scale of global digital economy will reach US $32.6 trillion in 2020. By country, the US digital economy ranks first in the world, with a scale of US $13.6 trillion, and China ranks second in the world, with a scale of US $5.4 trillion. China formally applied to join the digital economy partnership agreement (depa) on November 1. Experts said that joining depa can strive for a favorable development environment for Chinese digital enterprises. (wind)
