On July 15, financial news reported on a press conference held by the State Council Information Office. Zou Lan, a spokesperson and Deputy Governor of the People's Bank of China, stated that monetary policy has shown a relatively clear effect in supporting the real economy based on financial data from the first half of the year.

First, there has been reasonable growth in financial aggregates. By the end of June, the broad money supply M2 increased by 8.0% year-on-year, and the stock of aggregate financing to the real economy grew by 7.4% year-on-year. The growth rates of both indicators continued to outpace nominal GDP growth. In the first half of the year, new yuan-denominated loans reached 10.72 trillion yuan, while new bond financing amounted to 8.51 trillion yuan, with the proportion of bond financing rising, indicating stable financial system support for the real economy.

Second, the overall financing cost in society remains at historically low levels. In June, the weighted average interest rate for newly issued corporate loans was approximately 3.0%, about 20 basis points lower than the same period last year. The interest rate for newly issued personal housing loans was around 3.1%, essentially unchanged from the previous year.

Third, the credit structure continues to improve. By the end of June, the balance of inclusive loans to micro and small enterprises grew by 8.3% year-on-year. The balance of medium- and long-term loans to the industrial sector increased by 5.9% year-on-year. The balance of medium- and long-term loans to the service sector, excluding real estate, rose by 9.2% year-on-year, all exceeding the growth rate of total loans.

Fourth, financial markets are operating smoothly. The capital market remains active. The bond market is stable, with the current yield on 10-year government bonds around 1.73%. The yuan exchange rate is stable with an appreciating trend. By the end of June, the yuan had appreciated by 4.7% against a basket of currencies and by 3% against the U.S. dollar compared to the end of last year.

Zou Lan indicated that in the next stage, the People's Bank of China will continue to implement a moderately accommodative monetary policy. It will adjust the intensity, pace, and timing of monetary policy implementation based on domestic and international economic and financial conditions and financial market operations. Efforts will be intensified for counter-cyclical and cross-cyclical adjustments, focusing on expanding domestic demand, optimizing supply, enhancing the endogenous driving force of economic development, continuously consolidating and expanding the momentum of stable and improving economic performance, and effectively supporting a good start to the "15th Five-Year Plan."