The central bank's competent media: "Dilute the total amount and pay attention to quality and efficiency" is more meaningful for financial support for the real economy

On September 13, the China Financial Times commented that at the current stage, simply observing the growth rate of financial aggregates can no longer fully and truly reflect the effectiveness of financial support for the real economy. As our country's economy is undergoing transformation and upgrading and moving towards a high-quality development stage, the growth of money and credit required by the real economy has changed from supply constraints to demand constraints. It is difficult to blindly pursue the growth of financial aggregates, and may also produce "side effects" such as idling funds. In contrast, "diluting the total amount and paying attention to quality and efficiency" is more meaningful for financial support for the real economy. Only by revitalizing the existing capital stock, improving the market-oriented interest rate regulation mechanism, and improving the transmission efficiency of monetary policy can we better support the high-quality development of the real economy.