Zhong Xinming: Use total quantity tools like lowering reserve requirements and interest rates to maintain stable macro liquidity.

Ming Ming, chief economist of CITIC Securities, believes that since the establishment of convenient swaps, stock repurchases, and increasing loans, the liquidity of China's equity market has remained abundant, and the effect of boosting market confidence is significant, with investors' risk appetite remaining at a high level. "From the perspective of policy practice, these two capital market support tools have a strong impact on boosting market performance and strengthening investor confidence," Ming Ming said. Ming Ming believes that in the future, the People's Bank of China can further increase its focus on the liquidity of the equity market, stabilize the market trend through new tools, and implement a monetary policy of "moderate loosening" to maintain stable macro liquidity using tools such as reserve requirement ratio reductions and interest rate cuts.