Wen Bin: The timing of another reserve requirement ratio cut and interest rate cut within the year may be delayed. The timing of the LPR quotation reduction may also be pushed back accordingly.

Chief economist and dean of the Research Institute of China Minsheng Bank, Wen Bin, pointed out that based on recent data, several indicators have shown some setbacks in the recovery of the real economy since July. The growth rate of social consumption has declined, real estate investment is still under pressure, credit demand needs to increase, uncertainties and risks in external demand have not been completely resolved, which to some extent means that there is still a need for macroeconomic policies to continue to be strengthened. In the second half of the year, the focus will be on stabilizing credit, promoting domestic demand, and strengthening coordination, maintaining policy continuity and stability. Monetary policy will continue to maintain a supportive stance. Wen Bin also mentioned that considering the effectiveness of the interest subsidy policies for personal consumption loans and loans for service industry entities in reducing the cost of entity financing, structural policies can more precisely target, avoid idle funds, accelerate the activation of deposits, and trend towards moderate inflation, the timing for further reserve requirement ratio cuts and interest rate cuts may be delayed, and the timing for LPR quotation reductions may also be postponed accordingly.