Against the background of slowing global economic growth, escalating uncertainty of trade frictions and increasing downward pressure of domestic economy, increasing counter-cyclical adjustment is the timely response of policy makers to the current macroeconomic situation. Compared with the previous one, this counter-cyclical adjustment has a distinct feature, that is, insisting on promoting structural reform.
Real estate, which used to cushion the economic downturn, is still under strict control. Compared with traditional driving forces such as real estate and foreign trade, greater expectations fall on the real economy, especially private and small enterprises, new technologies and new formats.
However, in practice, the effect of counter-cyclical adjustment policies is often not immediate. First, manufacturing enterprises have strong pro-cyclicality, and the high expectations of new technology and new economic development also need a certain amount of time to accumulate. In this case, counter-cyclical adjustment does not mean forcible stimulus. Optimizing financial support also requires choices and methods. Second, counter-cyclical adjustment policies often need to be in line with the situation. The prediction is balanced between the positive stimulation of economic development, the realization of steady growth and over easy policies that may enlarge the risk of bubbles.
Therefore, in order to ensure the effectiveness of counter-cyclical regulation, the decision-making level has put forward a number of targeted countermeasures and preventive models for potential risk points.
First, we should strengthen the counter-cyclical adjustment of monetary policy, taking into account the dual requirements of supporting entities and risk prevention.
Recently, the People's Bank of China announced that the comprehensive reduction and superimposed structural reduction. Among them, the comprehensive reduction and hedging of the September tax period will help to guarantee the basic stability of the liquidity of the banking system, while the additional directional reduction criteria will help to promote the city commercial banks at the grass-roots level to increase their support for small and private enterprises.
As to what kind of enterprises to support, the meeting of the Financial Stability and Development Committee of the State Council (hereinafter referred to as the "Finance Committee") held on the 5th put forward a clear standard: "Enterprises with market-oriented products, effective benefits, well-managed but short of funds should actively give credit support." It is difficult to understand that market, effective benefit and good management are the criteria for financial institutions to select high-quality investment targets, as well as the need for high-quality development. It is noteworthy that financial institutions should strengthen their understanding of the standard of "capital shortage".
One of the characteristics of this round of counter-cyclical adjustment is that we should take risk prevention into account while increasing our efforts to support the real economy. With several policies to alleviate liquidity pressure, liquidity should be reasonable and abundant at present. The financing pattern of different market players has been differentiated. Some high-quality enterprises have received widespread attention from financial institutions, and many financial institutions have relieved their worries about the "shortage of high-quality assets".
