Legal analysis: The People's Bank of China will co-ordinate the macro-policy convergence this year and next, maintain the stability of monetary policy, enhance predictability and effectiveness, not only vigorously support the real economy, but also resolutely not "flood irrigation", support high-quality economic development with moderate monetary growth, help small and medium-sized enterprises and difficult industries to continue to recover, and keep the economy running in a reasonable range.

Legal basis: People's Republic of China (PRC) China Bank Law.

Article 31 The People's Bank of China shall monitor the operation of financial markets according to law, implement macro-control on financial markets, and promote the coordinated development of financial markets.

Article 32 The People's Bank of China has the right to inspect and supervise the following acts of financial institutions and other units and individuals:

(a) the implementation of the relevant provisions of the deposit reserve management;

(2) Acts related to special loans of the People's Bank of China.

(three) the implementation of the relevant provisions on the administration of RMB;

(four) the implementation of the provisions on the management of the interbank lending market and the interbank bond market;

(five) the implementation of the relevant provisions on foreign exchange management;

(six) the implementation of the relevant provisions of the gold management behavior;

(7) Acting for the People's Bank of China to manage the national treasury;

(eight) the implementation of the relevant provisions of liquidation management;

(nine) the implementation of the relevant provisions of anti-money laundering behavior.

The special loan of the People's Bank of China mentioned in the preceding paragraph refers to the loan granted by the People's Bank of China to a special-purpose financial institution decided by the State Council.