The central bank clearly outlines the path for the second half of the year: moderately loose policy remains unchanged, and both countercyclical and cross-cyclical adjustments are intensified.

According to the Zhitong Finance and Economics APP, on July 15th, the State Council Information Office held a press conference. People's Bank of China spokesperson and vice president Zou Lan, People's Bank of China Monetary Policy Department director Xie Guangqi, People's Bank of China spokesperson and Director of the Survey and Statistics Department Yan Xiandong introduced the implementation of monetary policy and financial statistics for the first half of 2026, and answered questions from reporters. Deputy Governor of the People's Bank of China Zou Lan stated that the effect of monetary policy support for the real economy in the first half of the year is obvious, with reasonable growth in financial volume. At the end of June, the broad money supply (M2) increased by 8.0% year-on-year, the scale of social financing increased by 7.4% year-on-year, and new RMB loans in the first half of the year totaled 10.72 trillion yuan. The comprehensive social financing cost is at a historically low level, and the credit structure continues to optimize.