The meeting studied the current economic situation and economic work, and gave clear instructions to real estate: adhere to the positioning that houses are used for living, not for speculation, support local governments to improve real estate policies according to local conditions, support rigid and improved housing demand, optimize the supervision of pre-sale funds of commercial housing, and promote the stable and healthy development of the real estate market.
The meeting once again emphasized the insistence on "staying in the house and not speculating", which reflected the central government's unswerving control of the bottom line. At the same time, in terms of policy formulation, since then, from the previous "policy for the city" to "support all localities to improve real estate policies from local realities." Besides, mentioned in previous meetings? "Supporting reasonable housing demand" is more clearly expressed as "supporting rigid and improved housing demand". In addition, the meeting also clearly put forward "optimizing the supervision of pre-sale funds of commercial housing".
The meeting paid little attention to monetary policy and put forward "making good use of various monetary policy tools". The so-called "various tools" include both aggregate policy and structural monetary policy tools. However, many analysts believe that in the early stage, the central bank introduced aggregate policies such as RRR cuts and interest rate cuts to help the economy grow steadily; In the next stage, in order to prevent imported inflationary pressure and maintain price stability, it is expected that there will be limited room for substantial RRR and interest rate cuts, and structural monetary policy tools are expected to exert further efforts.
At present, China is facing enormous downward pressure on its economy. However, the persistently high inflation level and geopolitical conflicts in developed economies such as Europe and America will make China face imported inflationary pressure. Under the complicated internal and external situation, China's monetary policy faces the dilemma of stable growth and stable prices. It is expected that there is little room for the central bank to significantly reduce RRR and cut interest rates this year. It is estimated that the annual RRR interest rate reduction space is 1-2, 25-50 basis points each time, and the interest rate reduction space is about 20 basis points. The total amount of monetary policy will put more emphasis on marketization, continue to play the structural function of monetary policy through refinancing and other means, and meet the financing needs of enterprises more accurately.